Business

May 17, 2023

NAICOM’s regulatory sandbox guideline will boost innovations- GOXI Microinsurance CEO

NAICOM moves to shut insurance firms over claims failures

NAICOM

By Babajide Komolafe, Economy Editor

National Insurance Commission (NAICOM) Regulatory Sandbox Guideline will promote innovation and drive insurance inclusion at the grassroots.

Managing Director of GOXI Microinsurance, Nigeria’s first licensed microinsurance institution, stated this in a media interview noting that regulatory sandboxes are guidelines that allow operators to seek a relaxed regulatory environment to test innovative ideas such as products, services, business models, or distribution channels.

These guidelines set parameters that have the potential to improve inclusion and efficiency. He believes that this initiative by NAICOM will go a long way in promoting innovation and driving insurance at the grassroots, especially by licensed specialized microinsurers in Nigeria.

GOXI Microinsurance has invested significantly in technology since its inception, collaborating with various aggregators such as microfinance banks, cooperatives, fintechs, and community-based associations to drive insurance inclusion in Nigeria. The company sees the new initiative by NAICOM as an opportunity to further embrace technology innovation and drive all aspects of its operations.

The Managing Director expressed optimism that the Regulatory Sandbox Guideline would inspire insurance companies to be more innovative in their approach to driving insurance inclusion in the country. He urged the insurance industry to take advantage of the opportunity provided by the guidelines to enhance their operations and improve the industry’s overall efficiency.

“The Regulatory Sandbox Guideline by NAICOM is a commendable initiative that will promote innovation and drive insurance inclusion at the grassroots,” he said.