NAICOM, FintechNGR Partner on Insurance Policy Project

In a bid to deepen its impacts on the policy landscape and make innovation more entrenched in Nigeria, FintechNGR has partnered the National Insurance Commission (NAICOM) to develop a Fintech Adoption Roadmap Policy for the Insurance Sector.

In 2019, FintechNGR collaborated with the Security and Exchange Commission (SEC) to develop The Fintech Adoption Roadmap Policy in the Capital Market.

Similarly, FintechNGR is partnering with Galaxy Backbone, an agency of the federal government in charge of Satellite, Cloud and ICT management to develop a Nigerian Domestic Cloud initiative that will domesticate cloud businesses in Nigeria.

The inauguration of the Insurance Roadmap Committee by the Insurance Commissioner, Mr. Sunday Thomas, is a significant step towards driving digital transformation in the insurance sector.

According to Thomas, “the policy will further help the sector to leverage technology to enhance transparency, speed, and efficiency in insurance services, ultimately making insurance more accessible and affordable in the overall interest of driving financial inclusion.”

Vice President of FintechNGR, Dr. Stanley Jacob, said: “The policy will drive digital presence, and aid insurance penetration.” His comments highlight the potential impact of the policy in expanding market opportunities and increasing the accessibility of insurance services.

In addition, the Galaxy Backbone initiative would promote indigenous cloud services, develop cloud adoption frameworks, and make cloud infrastructure available to startups and Nigerians at affordable rates.

FintechNGR also has collaborations with other cloud providers such as AWS, Huawei and Rack Center.