The National Insurance Commission (NAICOM) says it is adopting Objectives and Key Results (ORK) framework, a globally recognized performance management approach to promote alignment and transparency across teams.
Dr Usman Jankara, Deputy Commissioner, Technical, at NAICOM, disclosed this while speaking on Monday at the Performance Management Workshop held at Ikot-Epkene, Akwa Ibom State.
The strategic workshop was organised towards building a culture of accountability, excellence, and measurable impact within the Commission.
Speaking, the Deputy Commissioner explained that the OKR model is a goal-setting system that links qualitative objectives with quantifiable key results.
According to him, the model would enable the teams focus on outcomes, not activities, adding that it was ideal for mission-driven, non-profit organizations like NAICOM as it emphasizes impact over profit.
“Every staff member will have clear, measurable key results aligned with Directorate and Commission-wide objectives. To this end, you might decide to use SMART principles: (Specific, Measurable, Achievable, Relevant, Time-bound), and ensure that scoring follow global best practice,” he noted.
Speaking on the expected results from the workshop, he said “from this workshop and subsequent implementation, Management expects full alignment of Directorate and Departmental goals with NAICOM’s strategic priorities, improved regulatory efficiency through risk-based supervision and digital transformation and enhanced consumer confidence via prompt claims settlement and transparency as well as greater insurance penetration, supporting Nigeria’s economic aspirations.”
He mentioned that the Commission’s strategic plan was built on five key goals to: Protect policyholders and restore confidence in the insurance industry, strengthen supervisory capacity and organizational effectiveness, ensure financial soundness and stability of the insurance sector, promote innovation and sustainability in products and processes, Expand insurance penetration and accessibility across Nigeria.
“Supporting these goals are strategic objectives such as risk-based supervision, digital transformation, governance excellence, and effective claims management, etc,” he added.
He said the Management would not rest until the reforms brought about by the Nigerian Insurance Industry Reform Act (NIIRA), 2025 reposition the industry as a pillar of Nigeria’s financial system.
While stating that reforms alone cannot deliver results, the Deputy Commissioner urged his colleagues to enthrone a culture of excellence and accountability.
He also appealed to them to support the Management, drive change, and ensure that NAICOM becomes a benchmark for regulatory excellence in Africa.
