The National Insurance Commission (NAICOM) has called on insurance operators to adopt more customer-focused practices as part of efforts to rebuild public trust and expand insurance penetration across Nigeria.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, made the appeal at the opening ceremony of the 2026 Insurance Week held in Lagos.
Represented by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, Omosehin emphasised the need for a strategic shift from product-driven approaches to solutions tailored to the real needs of customers.
He noted that a persistent criticism of the insurance sector is its tendency to prioritise the sale of existing products over the development of offerings that reflect customers’ realities and expectations.
“Insurers must deliberately transition from a product-centric approach to a customer-centric model,” he said, stressing the importance of engaging clients in product design and incorporating their feedback into service delivery.
According to him, such an approach would result in more relevant products, improved pricing structures, and enhanced customer trust and ownership.
Omosehin further underscored the need for improved transparency, increased public awareness, and simplified claims processes to strengthen confidence in the industry. He described claims settlement as the “moment of truth” in insurance, warning that delays and unclear procedures could erode trust among policyholders.
He also called for the simplification of insurance documentation and communication, noting that insurance services should be accessible and easily understood by the public.
The NAICOM chief reaffirmed the commission’s commitment to advancing financial literacy, consumer education, and transparency through strategic partnerships and innovative communication channels.
He added that the recently enacted Nigerian Insurance Industry Reform Act 2025 (NIIRA) would play a key role in strengthening policyholder protection, improving governance, and supporting sustainable growth within the insurance industry.
