The Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, has announced a bold new initiative aimed at transforming Nigeria’s insurance landscape. Speaking recently, Mr. Ahmed disclosed that the NIA will soon invite fintech companies to pitch innovative solutions designed to revolutionize the insurance claims process—a move positioned as a key strategy to rebuild public trust and boost insurance penetration nationwide.
Highlighting the urgency of this initiative, Mr. Ahmed emphasized that improving the ease and timeliness of claims settlements is critical for the sector’s sustainability and for restoring public confidence. This comes even after the industry paid out a substantial N536.5 billion in claims during 2023. According to him, the future viability of the insurance sector depends largely on its ability to make claims settlement seamless, transparent, and faster for policyholders.
In a swift reaction, Insurance Meets Tech (IMT), West Africa’s leading platform dedicated to promoting innovation at the intersection of insurance and technology, commended the NIA’s fintech-driven strategy. The organization praised the move as a decisive step toward deepening insurance penetration and embedding customer-centric innovation in the industry.
For the past four years, IMT has brought together leaders from insurance, insurtech, cybersecurity, fintech, and financial sectors to drive critical conversations around collaboration and technology adoption. The inaugural IMT conference in 2022 drew over 300 C-suite executives who called for urgent partnerships to expand Nigeria’s insurance market. IMT 2023 advanced these conversations by connecting early-stage insurtech startups with investors and mentors, while the 2024 edition themed “Insurance and Tech: Beyond Collaborations” continued pushing boundaries by focusing on innovation that resonates with tech-savvy Millennials and Gen Z audiences.
According to IMT, the NIA’s fintech collaboration initiative perfectly aligns with the platform’s core mission to inspire synergetic action, foster transformative narratives, and drive meaningful impact within the West African insurance ecosystem.
Commenting on the development, Mr. Odion Aleobua, CEO of Modion Communications and Convener of Insurance Meets Tech, hailed the NIA’s leadership. “The NIA’s commitment to leveraging fintech to fast-track claims payment is precisely the kind of decisive action the industry needs,” Aleobua stated. “Claims are the ultimate moment of truth for policyholders. Injecting convenience, speed, technology, and transparency into this process isn’t just an operational upgrade—it’s a vital step towards rebuilding trust and making insurance more relevant and accessible to everyday Nigerians.”
Aleobua further noted that this bold initiative validates the vision IMT has been championing, moving discussions “Beyond Collaborations” into real-world technological integrations that offer tangible benefits to both insurers and insured parties.
As preparations for the 4th edition of the Insurance Meets Tech Conference in 2025 gather momentum, IMT announced plans to delve deeper into how predictive technologies can be leveraged to unlock new growth frontiers for the insurance industry. IMT also expressed enthusiasm about the potential for future partnerships with the NIA, reaffirming its dedication to being the premier platform for dialogue, knowledge exchange, and transformative collaborations that will shape the future of insurance across West Africa.
Through such visionary initiatives, the future of insurance in Nigeria looks set for a dynamic and technologically empowered era—one where trust, innovation, and customer satisfaction take center stage.
Stay informed, Stay ahead with The Ameh News
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
