The Nigerian Insurers Association (NIA) has unveiled
its 2025 Innovation Lab, a facility designed to accelerate digital solutions
and reshape insurance practice in Nigeria.
The Innovation Lab, built as an intensive six-week
accelerator programme, will serve as a hub where insurers and startups
collaborate to develop, test, and scale solutions tailored to the Nigerian
market.
Speaking at the launch in Lagos, NIA Chairman, Mr.
Kunle Ahmed, said the initiative marked a new phase in repositioning the
insurance industry for a technology-driven future.
Ahmed, who had pledged to introduce an innovation
challenge at his inauguration in October 2024, described the launch as the
fulfilment of that promise.
“Today, we are not just opening a facility, we are
igniting a movement—rooted in innovation, driven by collaboration, and destined
to transform the way we protect lives, assets, and futures,” he said.
He explained that the lab would function as a
launchpad for ideas, a space where technologies are tested, and scalable
solutions developed to address sector-wide challenges.
Embracing Digital Tools for Growth
Highlighting the importance of technology, Ahmed noted
that Nigeria’s youthful population—with a median age of 18 years—made it
imperative for insurers to adopt digital platforms, artificial intelligence,
blockchain, and data analytics to improve efficiency, expand access, and build
public trust.
“Innovation is not a luxury. It is a necessity. The
future of our industry depends on agility, inclusiveness, and digital
empowerment,” Ahmed said.
He called on regulators, technology partners, and
member companies to collaborate with the NIA in making the innovation lab a
success.
“To our innovators, this is your launchpad, your
opportunity to shape the future. To our member companies, invest in this
future. And to every Nigerian, believe in the power of innovation to protect
assets and sustain standards of living,” he added.
Industry Survey Reveals Focus Areas
Earlier, Mr. Babatunde Fajemirokun, Chairman of the
NIA Advisory Committee on Digital Innovation and IT, shared insights from an
industry-wide survey that shaped the programme.
The survey engaged 45 senior executives, including 22
Chief Executive Officers, 10 Chief Technology Officers, and 13 heads of
strategy across life, general, and micro-insurance.
According to Fajemirokun, “The data reveal a sector
ready to embrace innovation, with 87 per cent of executives expressing
willingness to collaborate on shared solutions, and 69 per cent confirming
readiness to commit resources in 2025.”
He further noted that customer experience,
acquisition, KYC, and distribution ranked as the top priorities for innovation,
while fraud management, eKYC, and claims exchange were identified as promising
areas for collaboration.
Programme Details and Timelines
Providing details of the programme, Mr. Damola Oloko,
the Innovation Lead, said the six-week accelerator would support startups and
scale-ups working on solutions in critical focus areas.
“The demo day will close out the programme with
presentations from each of the startups on their solutions and learnings.
Selected projects will then move to the pilot phase,” Oloko explained.
He added that applications open from August 18 to
September 28, while the pitch day is scheduled for October 7. The
accelerator will officially commence on October 13, with the demo day
set for November 20.
During the pitch day, shortlisted applicants will
present their ideas to a jury of insurers, regulators, and industry
representatives, after which the final five startups will be selected for
acceleration.
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