Barbara Bako, Abuja.
NETAPPS has received a Partnering Insurtech licence from the National Insurance Commission (NAICOM), paving the way for the company to expand digital insurance services and support efforts to improve insurance penetration in Nigeria.
The licence was presented by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, during a ceremony where he reiterated the Commission’s commitment to promoting innovation while ensuring effective regulation of the insurance industry.
Omosehin said technology and alternative distribution channels remain critical to increasing insurance uptake, especially among underserved populations and younger Nigerians who rely heavily on digital platforms.
He explained that NAICOM’s regulatory agenda is focused on consumer protection, strengthening regulatory capacity, maintaining the financial soundness of the industry, promoting innovation and sustainability, and broadening access to insurance products.
According to the Commissioner, the Commission will continue to work closely with licensed insurtech firms to drive innovation without compromising consumer protection or financial system stability.
With the new licence, NETAPPS is expected to collaborate with licensed insurers and intermediaries to deploy digital solutions that make insurance more accessible, affordable and transparent while complying with NAICOM’s regulatory framework.
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