Lagos: The Nigerian Insurers Association (NIA) on Monday inaugurated its 2025 Innovation Lab, a facility designed to accelerate digital solutions and reshape insurance practice in the country. Speaking at the launch in Lagos, NIA Chairman, Mr. Kunle Ahmed, stated that the initiative marked a milestone in repositioning the industry for a technology-driven future.
According to News Agency of Nigeria, Ahmed recalled that at his inauguration in October 2024, he had emphasized the need for insurers to embrace digital innovations and pledged to establish an innovation challenge to foster new solutions. “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.
Ahmed explained that the lab would serve as a hub where ideas would be nurtured, technologies tested, and scalable solutions developed for the Nigerian market. He highlighted the youthful demographics of Nigeria, with a median age of 18 years, making it imperative for insurers to adopt digital platforms, artificial intelligence, blockchain, and data analytics to improve efficiency, expand access, and deepen trust.
Innovation, Ahmed asserted, is a necessity. The future of the insurance industry depends on agility, inclusiveness, and digital empowerment. He urged regulators, technology partners, and member companies to collaborate with the association in making the innovation lab a success, describing the lab as a symbol of unity of purpose and diversity of thought.
Earlier, Mr. Babatunde Fajemirokun, Chairman of the NIA Advisory Committee on Digital Innovation and IT, presented insights from a survey conducted, which engaged 45 senior leaders, including 22 Chief Executive Officers, 10 Chief Technology Officers, and 13 heads of strategy across life, general, and micro-insurance. The survey revealed areas where the industry must channel its focus, with customer experience, acquisition, KYC, and distribution ranking as top priorities for innovation.
Mr. Damola Oloko, Innovation lead for the project, detailed the programme overview, noting that interested innovators would be engaged in a 6-week accelerator programme. The initiative seeks to identify and support startups and scale-ups developing solutions in critical areas identified by the industry. The process will feature a pitch day for shortlisted applicants to present their propositions to a panel jury. The final five startups will be selected, and the programme will culminate in a demo day, where solutions will be presented and taken to the pilot phase if selected.