NAICOM Tech Key to Efficiency

The Commissioner for (INAICOM), insurance and Chief Executive Officer of the National Insurance Commission Olusegun Omosehin, has called on operators in the insurance industry to embrace technological innovations as a pathway to enhanced efficiency, competitiveness, and growth.

Speaking at the 2025 Chartered Insurance Institute of Nigeria (CIIN) Professionals’ Forum in Abeokuta, Ogun State, Omosehin stressed that digital transformation is central to repositioning the industry. He noted that NAICOM had recently issued fresh guidelines to regulate insurtech operations and provide clarity on how insurers can engage with technology-driven platforms.

According to him, the industry is undergoing a major shift powered by rapid advancements in technology. These changes, he explained, are reshaping how insurance products are designed, marketed, and consumed. To remain competitive, he urged industry stakeholders to adopt digital solutions that enhance efficiency, cut costs, improve customer service, and drive trust through data-driven decision-making.

Omosehin stated, “By embracing digital transformation, we can unlock new opportunities, strengthen risk management, and deliver tailored insurance solutions that meet the dynamic needs of customers. Technology offers us the chance to build a more sustainable, responsive, and customer-centric industry.”

Addressing the forum’s theme, “Nurturing the Insurance Industry for Sustainable Growth,” Omosehin pointed out that the sector is operating in a period marked by technological disruption, shifting economic realities, and growing demands for resilience and adaptability. In this context, he said, building a strong, inclusive, and forward-looking insurance market has become more critical than ever.

He reaffirmed NAICOM’s commitment to providing a regulatory environment that promotes innovation, stability, and inclusiveness, enabling the sector to contribute meaningfully to Nigeria’s economic development.

Omosehin also highlighted the impact of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as a transformative law that will reshape the industry’s foundations. Unlike the previous one-size-fits-all framework, NIIRA 2025 introduces risk-based capital requirements that consider each insurer’s business model, product line, and overall risk exposure.

The new Act, he explained, also enhances the enforcement of compulsory insurance, introduces a Policyholder Protection Fund to safeguard consumer interests, and advances digitalisation, microinsurance, and financial inclusion. Furthermore, it aligns Nigeria’s insurance regulations with global best practices, strengthening investor confidence and encouraging innovation.

“NIIRA 2025 is not just a regulatory change but a transformational reform. It establishes a resilient, transparent, and competitive insurance system that will support innovation and position the sector as a strategic contributor to Nigeria’s ambition of achieving a $1 trillion economy,” Omosehin said.

As part of implementing the reform, NAICOM has set up three dedicated working groups focused on financial inclusion, digitisation, and reinsurance. These groups are expected to provide recommendations that will ensure the effective rollout of NIIRA 2025 and support the Commission’s drive to strengthen the industry.

Omosehin concluded by urging all stakeholders to seize the opportunities presented by digital innovation and the reform Act to build a stronger, more sustainable industry that meets customer expectations and drives national economic growth.