The Nigerian insurance industry have signalled its determination to embrace innovation through shared collaboration that will not only expand market opportunity, but also bolster customer experience. This is as data from Industry’s Inaugural Innovation Survey shows that 87 percent executives are willing to collaborate on shared solutions, while another 69 percent are ready to commit resources in 2025.
The growing openness expressed at the formal launch of 2025 NIA Innovation Lab by the Nigerian Insurers Association marks a pivotal moment for the sector as it looks to modernise and meet emerging challenges. The Nigerian Insurers Association (NIA) has initiated its 2025 Innovation Lab, a six-week accelerator programme designed to transform Nigeria’s insurance sector through cutting-edge technology, strategic partnerships and startup-driven solutions. Unveiled in Lagos, the initiative aims to serve as a collaborative hub where insurers, startups and fintech partners co-create scalable solutions tailored to the Nigerian market. The lab will focus on digital tools that improve customer acquisition, fraud prevention, electronic KYC and claims management. Speaking at the launch, NIA Chairman Kunle Ahmed said the project marked a turning point in positioning the industry for a technology-led future. “We are not just opening a facility, we are igniting a movement rooted in innovation, driven by collaboration and destined to transform how we protect lives and assets,” he said.
Ahmed highlighted the urgency of digital adoption, noting Nigeria’s median age of 18 and the need for insurers to leverage artificial intelligence, blockchain and advanced data analytics to 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 stressed. The programme’s design followed an extensive industry survey that engaged 45 senior executives across life, general and micro-insurance segments. Its findings revealed a strong appetite for innovation, with 87 per cent of executives willing to collaborate on shared solutions and 69 per cent ready to commit resources this year.