The National Insurance Commission has called on professionals in the sector to collaborate with the Commission to provide avenues for new growth opportunities, improve risk management and deliver Insurance solutions that will impact on customers needs through the use of technology.

This was part of the Keynote address delivered by the Commissioner For Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, at the Chartered Insurance Institute of Nigeria (CIIN) annual forum, Thursday in Abeokuta, Ogun State.

Omosehin stated that, “the insurance industry is undergoing a profound transformation driven by technological advancements. Digital innovations are redefining the way insurance products are designed, distributed, and consumed. AI-driven Solutions
Advanced underwriting and risk assessment capabilities powered by artificial intelligence Block chain Technology enabled claims processing and smart contracts
for greater efficiency and transparency.

“By embracing digital transformation and innovation, we can unlock new growth opportunities, improve risk management, and deliver more personalized and responsive insurance solutions that meet the evolving needs of our customers. Let us leverage technology to drive industry progress and shape a more sustainable and customer-centric future.

“The theme of this year’s forum, ‘Nurturing the Insurance Industry for Sustainable Growth,’ is particularly apt and timely. As we operate in an era characterized by rapid technological advancements, evolving economic landscapes, and heightened expectations for adaptability and resilience, the need to develop a robust, sustainable, and inclusive insurance industry has become increasingly paramount.

“Ensure the adoption of Predictive modeling to enhance decision-making and risk management Digital Channels
Distribution platforms that improve accessibility and customer engagement. To remain competitive, we must harness the power of digital technologies to: Enhance operational efficiency and reduce costs Improve, customer experience and engagement”, he stated.

He said the goal of the regulator
is to position insurance as a pillar of national development, safeguarding lives, assets, and livelihoods while fostering economic resilience.

On Strengthening Regulatory framework, Omosehin stated that the National Insurance Commission remains committed to fostering a robust regulatory environment that promotes stability, protects policyholders, and encourages healthy competition. “We will continue to work with stakeholders to refine policies that support growth while ensuring compliance and accountability.

Speaking On the legislative framework to guide the proper conduct of the sector, the Commissioner For Insurance lauded the NIIRA 2025 for bringing several segments of laws into one legal framework, which has paved the way for recapitalisation and sound capital base thereby enabling the needed growth.

“A pivotal milestone in our journey toward sustainable growth is the recent enactment of the Nigerian Insurance Industry Reform Act 2025, signed into law by His Excellency, President Bola Ahmed Tinubu. This landmark legislation
consolidates various fragmented insurance laws into a single, comprehensive legal framework.

“Risk-Based Capital Introduces a Risk-Based Capital (RBC) framework, which fundamentally transforms how insurer financial adequacy is assessed NIIRA 2025 strengthens the capital base of insurance institutions and replaces previous one-size-fits-all requirements, evaluating capital needs based on each insurer’s specific risk profile, business model, and product offerings.

“Through the enactment of NIIRA 2025, we have been mandated to intensify the enforcement of compulsory insurance compliance and strengthen the protection of policyholders through the newly introduced Policyholder Protection Fund.

“The Act also promotes digital transformation, supports microinsurance and financial, and aligns our regulatory standards with global best practices. This reform is not just regulatory, it is transformational. It lays the foundation for a more resilient, transparent, and competitive insurance ecosystem. It enhances investor confidence, encourages innovation, and positions our industry as a strategic to Nigeria’s broader economic aspirations, including the vision of a $1 trillion economy”, he said.

Mr. Omosehin further called on all the professionals in the sector to embrace this new era with readiness and resolve. “The success of this reform depends on our collective commitment to implementation, compliance, and continuous improvement.

“This forum represents a pivotal moment for collective action. As we convene to discuss the future of our industry, I am optimistic that we would not only be inspired but also empowered with actionable insights and strategies for
sustainable growth.

He enjoined them to forge strategic alliances that foster collaboration, knowledge-sharing, and collective problems solving.

He said, “I urge every professional in this room to embrace the principles of change leadership, excellence, and trust-building. Let us collectively strive to create an insurance industry that is not only financially sustainable but also socially responsible, serving the needs of people, supporting economic development, and demonstrating enduring value”.

The seasoned insurer said Sustainable growth demands that professionals reach underserved populations through tailored products, simplified processes, and strategic partnerships. Microinsurance, parametric solutions, and mobile platforms offer promising pathways.