FG Urges Improved Innovation in Insurance Sector

L-R, CEO NAICOM, Mr. Olusegun Ayo Omosehin, Hon. Minister of Interior, Dr. Olubunmi Tunji Ojo, The Permanent Secretary, Ministry of Interior, Dr. Magdalene Ajani at the Working visit of NAICOM Management to the Ministry on Thursday.

.... As Tunji-Ojo advised NAICOM, as the regulator of this critical sector, to encourage insurance companies operating in Nigeria to develop more innovative products for Nigerians. 

Key players and regulators in the insurance industry have been called upon to intensify efforts toward improving service delivery to Nigerian policyholders.

Making this call is the Honourable Minister of Interior, Dr. Olubunmi Tunji-Ojo, when he received in audience, the management team of the National Insurance Commission (NAICOM), led by its Chief Executive Officer (CEO), Mr. Ayo Omosehin, during a working visit to his office on Thursday.

Dr. Tunji-Ojo advised NAICOM, as the regulator of this critical sector, to encourage insurance companies operating in Nigeria to develop more innovative products for Nigerians. He added that adopting cutting-edge innovations would stimulate growth in both the national economy and the insurance industry.

According to the Minister, the current management of NAICOM has demonstrated innovation and proactiveness in regulating the sector. He further noted that these qualities have enhanced stakeholders’ confidence in the industry.

Earlier, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Ayo Omosehin, stated that the purpose of the visit was to explore areas of active collaboration with the Ministry.

Mr. Omosehin explained that NAICOM’s effectiveness would be strengthened through access to the national data bank, which would assist in verifying the profiles of insurance policyholders. He also noted that the Commission is intensifying its efforts to sensitize Nigerians on the benefits of insurance

This is contained in a statement issued and signed by Mary Ali, Head, Press and Public Relations of the Federal Ministry of Interior and made available to Naij News Alert in Abuja