Business Economy News Nigeria

Finance Minister inaugurates Governing Board of NAICOM

The Minister of Finance, Budget and National Planning, Hajya Zainab Ahmed, and the newly inaugurated Governing Board of the National Insurance Commission (NAICOM)

The Minister of Finance, Budget and National Planning, Hajya Zainab Ahmed has called on the National Insurance Commission (NAICOM) to ensure the linkage of its database with other critical national databases.

Hajiya Ahmed was speaking while inaugurating the NAICOM portal in Abuja.

She said the database should be linked with the National Identity Management Commission (NIN) Database, Nigeria Immigration Service Passport Database, Nigeria Integrated Customs Information system, FRSC’s National Vehicle Identification System, the National Vehicle Registry, and State Licensing Databases for improved service and revenue generation.

The minister also called on the Commission to improve public education on the importance of Insurance as well as ensure better claims settlement, in order to improve the Industry’s acceptance.

She commended the NAICOM management for the development of the portal which she said would facilitate Insurance business in the country and enable it to improve its contribution to the GDP, which currently stands at 0.8%.

The Commissioner for Insurance, Olorundare Thomas described the NAICOM portal as a comprehensive computerization effort meant to transform its operational procedures and the conduct of its regulatory responsibilities by providing a robust, ICT Infrastructure to help implement an automated business process internally.

Mr Thomas said the portal comprised four components, namely, the Policy Licensing, Complaints Management, and Financial Analysis Systems.

The Minister had earlier inaugurated the Governing Board of NAICOM, chaired by Dr Abubakar Sani.

Reporting by Biodun Dare; Editing by Daniel Adejo and Tony Okerafor