The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, has called on insurers to embrace technology as a catalyst for efficiency, customer engagement, and long-term growth.
Omosehin made the appeal at the 2025 Chartered Insurance Institute of Nigeria (CIIN) Professionals’ Forum in Abeokuta, Ogun State, where he stressed that digital innovation was reshaping the insurance landscape.
“The industry is undergoing a profound transformation driven by technology. Digital tools are redefining how products are designed, distributed, and consumed. To stay competitive, we must leverage these technologies to cut costs, improve customer experience, and strengthen trust through data-driven decisions,” he said.
He urged operators to view digital transformation not just as an efficiency tool but as a gateway to unlocking growth opportunities, improving risk management, and delivering more personalised services.
Speaking on the conference theme, “Nurturing the Insurance Industry for Sustainable Growth,” Omosehin said the Commission was committed to fostering stability, innovation, and inclusivity, to position the industry as a stronger contributor to Nigeria’s economic development.
Highlighting the newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025, he explained that the law introduces risk-based capital requirements, strengthens compulsory insurance enforcement, and establishes a Policyholder Protection Fund. It also supports digital transformation, microinsurance, and financial inclusion, while aligning regulations with global standards.
“This reform is transformational. It provides a stronger foundation for resilience, transparency, and competitiveness. It will boost investor confidence, encourage innovation, and position insurance as a strategic driver of Nigeria’s economic aspirations, including the $1 trillion economy target,” Omosehin added.
NAICOM has also set up three working groups to oversee financial inclusion, digitisation, and reinsurance under the NIIRA framework.
