The National Insurance Commission (NAICOM) has directed Chief Executive Officers (CEOs) of insurance companies to invite policyholders with outstanding claims with their firms, through advert placement, to come forward to present their claims for settlements.
Mr Ben Ujoatuonu, Sub-committee member, Committee on Publicity of the Insurers Committee, said this at a news conference on outcome of the 14th Insurers Committee meeting held on Thursday in Lagos.
Insurers Committee is a body consisting of NAICOM and CEOs of all underwriting insurance companies in Nigeria.
It operates under a mandate to activate the industry’s change agenda and strategically reposition the industry.
Ujoatuonu, also Managing Director, Universal Insurance Plc, said that the regulator was optimistic that the implementation of the directive would boost the confidence of the public in the insurance market.
“One of the critical issues discussed at the meeting is the issue of claims. NAICOM has directed underwriters to advertise for people to come forward to present their unpaid claims so that they can be paid,” he said.
According to him, the insurers committee have also begun discussions on effort to harmonise the documentation of claims to make it more seamless.
Ujoatuonu spoke further: “The harmonisation will be in terms of documents relating to claims. We want to minimise demand for too many documents that are not related to a claim; we need to eradicate delayed or long outstanding claims payment”.
On the International Financial Reporting Standard (IFRS 17), the insurer said that NAICOM was making effort to assist operators to comply accordingly.
Ujoatuonu stated that the commission had given the insurance operators a latitude to submit their 2022 account of IFRS 17 and not necessarily the details by June, which was magnanimous enough.
He disclosed that NAICOM had sent letters to another set of insurance companies for the risk-based supervision monitoring visitation, hence, the concerned companies were preparing as such.
On customer service and engagement, the Universal Insurance CEO said the regulator advised the underwriters to design policies that would enhance customer relationship that attracts and retain customers.
In terms of the revised Third Party Motor Insurance Policy, Ujoatuonu stated that compliance by the insuring public had been encouraging, while the market would continue to sensitise the public on the benefits attached to the revised policy.