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.

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TECH DIGEST – The federal government has earmarked N4.8 billion for the National Intelligence Agency (NIA) to monitor WhatsApp, an encrypted messaging application, and Thuraya, a satellite telephone.

The provision seen by TheCable is contained in the supplementary 2021 budget passed by the national assembly.

On Wednesday, the national assembly approved the sum of N982 billion as the supplementary budget for 2021. While N123 billion was approved for recurrent (non-debt) expenditure, N895 billion was earmarked for capital expenditure.

The budget is meant to boost military operations and to facilitate the procurement of COVID-19 vaccine.

The line items of the budget showed that police “commands and formation” got N33.6 billion for a number of projects, including the fumigation of 19 training institutes at N200 million.

While N936 million was earmarked for the police for the purchase of uniform and kits, N910 million was voted for allowances and salaries of trainees.

Under the ministry of defence, N1.6 billion was set aside for “additional 2,700 troops”. The army got N675 million for operation allowance for the troops.

The Nigeria Air Force got a total sum of N239 billion, of which N266 million was budgeted for small arms and ammunition, N1.5 billion for upgrade of barracks “through direct labour” and N84 billion for the payment of “defence equipment”.

The Department of State Services (DSS) got a total of N17.5 billion for the purchase of vehicles, arms and upgrading of its six training institutes across the country, among other line items.

Under health, the National Agency for the Control of AIDS (NACA) got N1.6 billion for a “treatment programme”.

While N20.6 billion was voted for the “delivery” of vaccines to every ward/primary health centre, N60.7 billion was earmarked for purchase of COVID vaccines.

The sum of N6.7 billion was earmarked for the procurement and installation of oxygen plants nationwide.

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