In a bid to reshape insurance practice in the country, the Nigerian Insurers Association (NIA) has inaugurated its 2025 Innovation Lab, a facility designed to accelerate digital solutions.
The Innovation Lab is designed to serve as a hub where insurers and startups can bring ideas to life.
Built as an intensive six-week accelerator, the lab supports startups from concept through to scale, guiding them in developing solutions that resonate with the needs of the Nigerian market.
NIA Chairman, Mr. Kunle Ahmed, while speaking at the launch, said the initiative marked a new phase in repositioning the industry for a technology-driven future.
He recalled that at his inauguration in October 2024, he pledged to introduce an innovation challenge to foster solutions that would advance the sector.
He said, “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.”
Ahmed stated that the lab would function as a hub where ideas are nurtured, technologies tested, and scalable solutions developed specifically for the Nigerian market.
According to Ahmed, Nigeria’s youthful population, with a median age of 18 years, makes it crucial for insurers to adopt digital platforms, artificial intelligence, blockchain, and data analytics to improve efficiency, expand access, and build trust.
“Innovation is not a luxury. It is a necessity. The future of our industry depends on agility, inclusiveness, and digital empowerment,” he said.
NIA Chairman further 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,” Ahmed said.
Earlier in a remark, Chairman of the NIA Advisory Committee on Digital Innovation and IT, Mr. Babatunde Fajemirokun, presented insights from an industry survey that guided the program’s design.
The survey 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 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.
“Customer experience, acquisition, KYC, and distribution rank as the top priorities for innovation.
“Fraud management, eKYC, and claims exchange emerged as the most promising areas for industry-wide collaboration,” he said.
Also speaking, the Innovation Lead, Mr. Damola Oloko, said innovators would go through a six-week accelerator program where startups and scale-ups developing solutions in critical areas would be supported.
“The demo day will close out the program with presentations from each of the startups regarding their solution and learnings from the program.
“Solutions to be taken to the pilot phase will also be selected on the demo day.
“Individuals can apply from today August 18 to September 28 to be one of the accelerators. October 7 will be the pitch day, and the program will commence from October 13 while the demo day will be on November 20,” Oloko said.