Insurers unveil innovators to pitch solutions for market growth

The Nigerian Insurers Association (NIA) has unveiled four Innovators, namely: Bunce, Mycover.ai, Riwe Technologies and SEAMFIX as finalists to pitch their improved solutions for market growth.

Designed for the 2025 NIA Innovation Lab Demo-Day, the start-ups showcased their solutions to insurers, investors, and industry leaders for potential adoption, partnership and investment at the Insurers House, in Lagos.

In his welcome address, the NIA Chairman, Kunle Ahmed, NIA chairman in his address said the gathering was not only to showcase ground breaking ideas but also to reaffirm the insurance industry’s unwavering commitment to innovation as the cornerstone of our future.

Ahmed, also managing director of AXA Mansard Insurance Plc, represented by Ebelechukwu Nwachukwu, deputy chairperson of NIA and MD of REX Insurance Ltd. stated that though insurance has always been about trust, resilience, and protection, in today’s rapidly evolving world, these values must be delivered through new channels, technologies, and mindsets.

He noted that innovation is no longer optional; it is the lifeblood of relevance in a digital economy, encompassing Technology integration, Customer-centric solution, and Data-driven insights.

According to him, the 2025 NIA Innovation Lab was established as a hub for creativity, collaboration, and experimentation. It is a space where ideas are tested, partnerships are forged, and solutions are scaled for startups and insurers collaborating, talent development, and practical impact.

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The NIA Chairman said, “Our commitment to innovation is not a slogan; it is a pledge. A pledge to invest in research and development that keeps us ahead of global trends, champion regulatory frameworks that encourage experimentation while protecting consumers.

“Build resilience in the face of climate change, cyber risks, and emerging global challenges. We envision an insurance industry that is inclusive, digital, and adaptive. One that empowers individuals, businesses, and communities to thrive in the face of uncertainty.

Commenting, Ahmed Abba Metteden of the Innovation Hub, National Insurance Commission (NAICOM) lauded the NIA for the feat, noting that NAICOM takes innovation very seriously, hence its collaboration with FSD Africa and UNDP to create the Insuretech guideline and soundbox.

Babatunde Fajemirokun, chairman of the 2025 NIA Innovation Lab Committee, explained that the NIA Innovation Lab was established as a collaborative platform to accelerate transformation of the insurance industry.

Fajemirokun, also managing director of AIICO Insurance Plc, said the Lab is designed to nurture ideas, incubate solutions, and provide a safe space for experimentation.

He expressed that the NIA conducted the 2025 Insurance Innovation Survey, which provided valuable insights into the current state of the industry and revealed encouraging progress that insurers are increasingly adopting digital channels, exploring microinsurance solutions, and leveraging data analytics to better understand customer needs.

“Yet, the survey also highlighted persistent challenges: low penetration, trust deficits, and the need for more customer-centric products. These findings remind us that while we have made strides, much work remains to be done to fully unlock the potential of insurance as a driver of financial inclusion and economic resilience.

“By bringing together insurers, regulators, technology partners, and startups, the Lab fosters co-creation and ensures that innovation is not just a buzzword, but a practical pathway to delivering affordable, accessible, and relevant insurance products to Nigerians.

“Since its inception, the Lab has hosted ideation sessions, hackathons, and capacity-building workshops. We have seen promising prototypes emerge, solutions that leverage artificial intelligence for claims processing, blockchain for policy authentication, and mobile-first platforms for reaching underserved communities.

“These initiatives demonstrate the creativity and resilience of our ecosystem, and they affirm that Nigerian insurance can indeed be reimagined to meet the demands of the digital age,” he said.

Fajemirokun urged all insurance stakeholders to engage with open minds, challenge assumptions, and support the innovators who are daring to chart new paths, adding that together, we can ensure that insurance in Nigeria evolves into a sector that is dynamic, trusted, and indispensable to our nation’s prosperity.

Bola Odukale, director general, NIA in her remark, said that innovation is not about technology alone, but about people. It is about building trust, expanding access, and creating solutions that matter.

Odukale noted that the NIA Innovation Lab was established as a collaborative platform to accelerate transformation of the insurance industry.

“By bringing together insurers, regulators, technology partners, and startups, the Lab fosters co-creation and ensures that innovation is not just a buzzword, but a practical pathway to delivering affordable, accessible, and relevant insurance products to Nigerians.

“Together, we will ensure that the Nigerian insurance industry remains a beacon of progress, resilience, and innovation,” the DG said.

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd.

A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia.

Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.

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