By David Akinmola
The National Insurance Commission (NAICOM) has called on underwriting firms to resolve outstanding claims as new guidelines are being implemented.
The commission urged underwriting firms to exploit and embrace innovation to step up fast market transformation alongside consumer preference, taste and changing lifestyle,
This formed major industry challenges discussed at the Insurers’ Committee Meeting held in Lagos.
At the meeting, the Head of the Communication and Stakeholders Management Sub-committee, Ebelechukwu Nwachukwu, said that the commission has called on insurance operators to operate ethically and live up to their claims payment responsibilities.
Nwachukwu, who is also the Managing Director of Rex Insurance Limited, noted that the commission is set to sanitise the insurance industry through such new measures and that the decision would help to reduce complaints from policyholders and promote accountability among insurance companies.
She expressed concern over the high number of unresolved insurance claims, despite efforts to improve settlement processes.
According to her, NAICOM has directed insurance companies to engage their brokers and customers to reduce outstanding claims.
She added that the regulator stressed compliance with Nigeria’s Data Protection Regulations and urged practitioners to undergo training on data protection.
