Quality of service to determine insurance firms’ rating –NAICOM

Chiamaka Ajeamo 

The National Insurance Commission (NAICOM), has said that henceforth, insurance companies will be assessed and ranked on the quality of their service delivery to customers and such ranking of companies will be made public to provoke healthy competition among insurers.

Acting Commissioner of Insurance, Sunday Thomas, who said this yesterday at the 2019 interactive session with consumers of insurance products in Lagos, added that aside the Commission’s desire to ensure that insurance consumers are served right, this move will also favour the industry as it will boost customers choices and confidence in insurance.

Thomas, who was represented by the Director, Head Office Branch, NAICOM, Adamu Balanti, stated that from the regulatory perspective, policyholders remains a key component of its primary constituency and therefore must ensure they are treated fairly and protected as enshrine in the relevant laws; while at the same time balancing the supervisory role of ensuring financial soundness and reliability of insurance institutions in the country.

“Suffice it to say that consumers are faced with challenges that may vary from one individual or entity’s experience to another while the provider is faced with constraints that may also differ from one company to the other. But there is no doubt that regular interactions such as this will amongst others foster better understanding and synergy that will result to improved services to the consumer.“NAICOM is well positioned to ensure adequate protection of policyholders at all times. As you may all be aware, the topic on consumer protection has become central to regulators around the globe and the insurance sector is not an exception. Continuing efforts and new reforms are being put in place by NAICOM to ensure prompt payment of genuine claims by insurers.”