Digital portal to provide data on Insurance industry

National Insurance Commission (NAICOM) has said that the insurance industry digital platform will provide access to statistical data of the Insurance Industry.

The commission disclosed this at the just-concluded 2020 NAICOM Seminar for Insurance Journalists, at Uyo, Akwa Ibom that the Platform will also help to streamlined approval processes for registration and renewal of Licenses and others.

The Deputy Director, Information Technology, NAICOM, Abiodun Aribike, said this in a paper entitled: Digital Transformation of NAICOM’s Processes and Procedures, said the platform will not only deepen Insurance penetration but will also provide a single point of Contact between NAICOM and the Insurance Industry.

The NAICOM Portal comprises the Insurance Policy System, the Licensing System and the Regulatory and Financial Returns system.

The Insurance Policy System captures all insurance policies issued in Nigeria.

The Licensing System automates the Core Business Processes of Registration/Renewal of Licenses, New Product, AIP & Attestation Approvals.

He said also that the platform will generate a unique policy identification number for all issued policies necessary to ensure fidelity and validity of all policies in the country and also obtains and manages information on all insurance policies, and premiums sold by insurers, brokers and agents.

“The platform will provides information on policies to members of the public and provides management information to NAICOM regarding summary and/or details of all policies by company, broker, and agents.

“Ensure proper accountability of all premium returns by insurance companies, captures all businesses done by every broker through the underwriter, ensures proper accountability of all insurance levies received from brokers.

“Provide easy access to data regarding policies issued, to support analysis and policy based decision making, provides a means for members of the public to validate the Insurance Policy issued by the appropriate Insurance stakeholder and allow Law Enforcement personnel to verify any insurance instrument tendered to them in the course of performing their function.”

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