NIA launches 2025 Innovation Lab to drive digital transformation in insurance

The Nigerian Insurers Association (NIA) on Monday unveiled its 2025 Innovation Lab in Lagos, a facility designed to accelerate digital transformation and reshape insurance practice in the country.

Speaking at the inauguration, NIA Chairman, Mr. Kunle Ahmed, described the initiative as a major milestone in repositioning the sector for a technology-driven future. He recalled that upon assuming office in October 2024, he had pledged to push for greater adoption of digital tools and to create a platform for developing innovative 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,” Ahmed said.

He explained that the lab would serve as a hub for nurturing ideas, testing technologies, and developing scalable solutions tailored to the Nigerian market. With Nigeria’s median age at 18 years, Ahmed stressed the need for insurers to embrace artificial intelligence, blockchain, data analytics, and digital platforms to enhance 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 noted, urging regulators, technology partners, and member companies to collaborate in making the lab a success.

Ahmed described the initiative as both a symbol of collective purpose and a platform for continuous learning in a rapidly changing world. “To our innovators, this is your launchpad. 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.

Mr. Babatunde Fajemirokun, Chairman of the NIA Advisory Committee on Digital Innovation and IT, presented findings from a survey that shaped the lab’s design. The survey engaged 45 senior executives—including 22 CEOs, 10 CTOs, and 13 heads of strategy—across life, general, and micro-insurance segments.

According to him, 87% of respondents expressed willingness to collaborate on shared solutions, while 69% confirmed readiness to commit resources in 2025. Customer experience, acquisition, KYC, and distribution emerged as top priorities for innovation, while fraud management, eKYC, and claims exchange were identified as the most promising areas for industry-wide collaboration.

Outlining the programme structure, Innovation Lead Mr. Damola Oloko said innovators would participate in a six-week accelerator designed to identify and support startups and scale-ups working on solutions in critical areas.

The process will feature a pitch day where shortlisted applicants will present to a panel of jurors, insurance executives, and regulators. Five finalists will then be selected to showcase their solutions at a demo day, which will conclude the programme.