13th September 2025
The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, has urged players in the industry to adopt technical innovations to boost their operational efficiency and make better decisions.
Omosehin made the call at the 2025 CIIN Professionals’ Forum held in Abeokuta, capital of Ogun State. NAICOM recently unveiled guidelines for insurtech operations in Nigeria and how insurance companies are to engage with them.
The CFI in his keynote address said, “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. To remain competitive, we must harness the power of digital technologies to enhance operational efficiency and reduce costs. Improve customer experience and engagement. Increase transparency and trust through data-driven decision-making.
“By embracing digital transformation and innovation, we can unlock new growth opportunities, improve risk management, and deliver more personalised 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.”
Speaking on the theme of the conference ‘Nurturing the Insurance Industry for Sustainable Growth,’ Omosehin said, “As we operate in an era characterised 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.
As an agency of government, the Commission is dedicated to creating an environment that promotes stability, innovation, and inclusivity, empowering the insurance industry to thrive and contribute to the nation’s economic growth and development.”
On the newly signed Nigerian Insurance Industry Reform Act 2025, Omosehin said, “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.
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