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NAICOM’s Unwavering Dedication to Technological Advancement Fuels Explosive Growth in Insurance Sector

NAICOM’s Unwavering Dedication to Technological Advancement Fuels Explosive Growth in Insurance Sector

The National Insurance Commission (NAICOM) in Nigeria has emphasized the importance of technology in driving growth and transformation in the insurance sector. The commission aims to increase access to insurance products across the country through the deployment of technology. The use of technology not only enhances service delivery but also promotes creative thinking and innovation in the industry. NAICOM recognizes that education and infrastructure are crucial in driving technology adoption and creating an enabling environment for the insurance sector to thrive. The commission has set minimum operating standards for technology in the industry and is pushing for operators to align with technological advancements. The adoption of technology has already brought about positive changes, such as the introduction of online portals for document submission and renewal processes. However, there is still a need for awareness creation to boost insurance penetration in the country. With the right technology and awareness initiatives, the insurance sector in Nigeria has the potential to become a strong and vibrant sector in the financial services industry.

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Nayan Kumar
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