NAICOM to unveil sandbox for innovative expansion of insurance reach out.

The National Insurance Commission (NAICOM) has said it would soon unveil its sandbox to give room for innovative expansion of insurance reach out.
The commission also said its web aggregators’ guideline is aimed at opening access to insurance and also a means of creating a convenient market for insurance.

Commissioner for Insurance and CEO of NAICOM, Mr. Sunday Thomas made this known recently in his keynote address at the retreat for financial journalist held in Uyo, Akwa Ibom state.

“As you can see so far, the Commission is focusing on using technology to boost access to insurance as that seems the way to go under the prevailing circumstance. We are exploring ways to take insurance to where the other financial sectors are or even surpass that mark. Financial transactions are more of a one-stop shop for everything and is either we key in or we lose the business to more innovative outlets that will seize it from us.Claims payment has always been one aspect the industry is battling to balance.

“We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.

“We had before now agreed to start ranking companies on the number of claims received and settled on annual basis and we intend to publish such ranking for the insurance consumers. It is always an issue that put the entire industry on the edge.

The Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector..I must commend you people for the wonderful job of promoting insurance in every opportunity you have. Indeed information is key to the success of governance and business and thus you formed an integral part of the industry,” he said.