The Nigerian Insurers Association (NIA) has inaugurated its 2025 Innovation Lab, a facility designed to accelerate digital solutions and reshape the insurance industry in the country.
The Innovation Lab is conceived as a hub where insurers and startups can bring ideas to life. Built as an intensive six-week accelerator, the programme will support startups from concept through to scale, guiding them in developing solutions tailored to the needs of the Nigerian market.
Speaking at the launch, NIA Chairman, Mr Kunle Ahmed, described the initiative as a turning point for the industry. He recalled that at his inauguration in October 2024, he pledged to introduce an innovation challenge that would drive the adoption of technology in the sector.
“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 added that the lab would serve as a space where ideas are nurtured, technologies tested, and scalable solutions developed specifically for Nigeria’s insurance needs.
He emphasized that Nigeria’s youthful population, with a median age of 18 years, makes it imperative for insurers to embrace 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.
The NIA Chairman called on regulators, technology partners, and member companies to collaborate 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 said.
Earlier, Mr Babatunde Fajemirokun, Chairman of the NIA Advisory Committee on Digital Innovation and IT, presented insights from an industry survey that guided the design of the programme. He said the survey, which engaged 45 senior industry leaders including 22 CEOs, 10 CTOs, and 13 heads of strategy, revealed strong enthusiasm for innovation.
“The data show 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 emerged as the top priorities, while fraud management, eKYC, and claims exchange stood out as areas for industry-wide collaboration,” he said.
Providing further details, Mr Damola Oloko, the Innovation Lead, explained that the accelerator programme will conclude with a demo day where selected startups will present their solutions to insurers, regulators, and investors. From there, the most promising solutions will be taken to the pilot phase.
Applications for the accelerator are open from August 18 to September 28, with pitch day scheduled for October 7. The six-week programme begins on October 13 and will close on November 20 with the demo day presentations.
