Joy Agwunobi
The Nigerian Insurers Association (NIA) has reinforced its push for a more technology-driven and inclusive insurance market with the unveiling of four start-ups selected as finalists for the 2025 NIA Innovation Lab Demo Day, a platform designed to bridge the gap between insurance operators and emerging digital solutions.
The shortlisted firms:Bunce, Mycover.ai, Riwe Technologies and SEAMFIX, were presented as innovators with practical tools capable of reshaping how insurance products are designed, distributed and delivered in Nigeria. At the Demo Day held at the Insurers House in Lagos, the start-ups demonstrated their solutions before insurers, investors and other industry stakeholders, opening discussions around adoption, strategic partnerships and possible funding.
Speaking at the event, Kunle Ahmed, the chairman of the NIA,described the initiative as a deliberate effort to future-proof the insurance industry in the face of rapid technological change and shifting consumer expectations. Represented by Ebelechukwu Nwachukwu, the association’s deputy chairperson and managing director of REX Insurance Limited, Ahmed said the sector must move beyond traditional operating models if it is to remain relevant in a fast-changing digital economy.
According to him, insurance has always been anchored on trust and protection, but these values must now be delivered through smarter systems, innovative platforms and a stronger customer focus.
He stressed that innovation has become central to industry survival, encompassing technology adoption, data-driven insights and products that respond more directly to the needs of today’s consumers.
Ahmed explained that the 2025 NIA Innovation Lab was established as a structured environment where ideas can be tested, partnerships formed and solutions scaled. The Lab, he said, brings insurers and start-ups into closer collaboration, supports talent development and encourages experimentation with real-world impact.
“Our commitment to innovation goes beyond words. It is reflected in our willingness to invest in research and development, support regulatory frameworks that allow experimentation while protecting policyholders, and build resilience against emerging risks such as climate change and cyber threats,” Ahmed said.
He added that the long-term vision is to create an insurance industry that is digitally enabled, inclusive and adaptable, one that supports individuals and businesses to better manage uncertainty and risk.
The initiative also drew commendation from the regulator. Ahmed Abba Metteden of the Innovation Hub at the National Insurance Commission (NAICOM) said the programme aligns with NAICOM’s own focus on innovation as a driver of market development. He noted that the commission’s collaboration with FSD Africa and the United Nations Development Programme (UNDP) on Insurtech guidelines and a regulatory sandbox underscores its commitment to responsible innovation in the sector.
Providing further insight into the Innovation Lab, Babatunde Fajemirokun, chairman of the 2025 NIA Innovation Lab Committee and managing director of AIICO Insurance Plc, said the platform was designed to fast-track industry transformation through collaboration. He explained that the Lab serves as a safe space where insurers and innovators can co-create, refine ideas and develop solutions that address industry pain points.
Fajemirokun disclosed that findings from the 2025 Insurance Innovation Survey conducted by the NIA showed growing digital adoption across the industry. Insurers, he said, are increasingly leveraging online channels, exploring microinsurance offerings and using data analytics to gain deeper insight into customer behaviour.
Despite this progress, he acknowledged that the survey also highlighted enduring challenges, including low insurance penetration, trust gaps and limited availability of customer-focused products. These issues, he said, underline the need for sustained innovation to unlock insurance’s full potential as a tool for financial inclusion and economic stability.
He noted that since its inception, the Innovation Lab has hosted ideation sessions, hackathons and capacity-building programmes, leading to the development of promising solutions. These include the use of artificial intelligence to streamline claims processing, blockchain technology to improve policy authentication, and mobile-first platforms designed to reach underserved and informal segments of the population.
“These outcomes show that the Nigerian insurance ecosystem has both the creativity and resilience required to evolve,” Fajemirokun said, urging industry players to actively support innovators and remain open to new approaches.
In her remarks, Bola Odukale,the director general of the NIA, emphasised that innovation should be viewed as a people-centred process rather than a purely technological one. She said the Innovation Lab was created to build trust, expand access and ensure that insurance solutions remain relevant to everyday Nigerians.
Odukale added that by sustaining collaboration among insurers, regulators, technology partners and start-ups, the NIA aims to ensure that innovation translates into affordable and accessible insurance products. According to her, such efforts are critical to positioning the Nigerian insurance industry as a resilient and forward-looking sector capable of supporting national economic growth.
