The Commissioner for Insurance, Mr Sunday Thomas, on Tuesday urged operators in the insurance sector in Africa to adopt measures and technology that would fast track the payment of claims.
Thomas said this at the ongoing 47th African Insurance Organisation (AIO) Conference and Annual General Assembly in Lagos.
The theme of the conference is: “Rebuilding Africa’s Economy: An Insurance Perspective.’’
He said that insurers must leverage the advancement of technology and deploy it in their operations for efficient service delivery and added value, which includes claims payment.
“Insurance operators no longer need to wait for 90 days or years to settle claims.
“It is an unfortunate incident in the African insurance market that needs to stop, as early claims settlement can be driven by the speed of technology application,” Thomas said.
Reflecting on the theme of the conference, the commissioner said that building Africa’s economy for the future would require collaboration by operators and regulators.
He said that compliance-based ticking of market operations is no longer a working tool in the current phase of market development across the continent.
According to him, the new direction should be principle-based, and that is the current and future for the insurance industry.
The News Agency of Nigeria (NAN) reports that more than 600 local and foreign delegates of insurance sector in Africa are attending the conference physically, while other participants are doing so virtually.