The Nigerian Insurers Association (NIA) has officially launched its 2025 Innovation Lab, a dedicated hub designed to accelerate digital transformation in Nigeria’s insurance sector. The lab aims to support startups, scale-ups, and insurers in developing innovative solutions that will redefine customer experience, fraud management, claims processing, and distribution in the Nigerian insurance market.
A Hub for Innovation in Insurance
The Innovation Lab will serve as a collaborative platform where insurers, startups, and technology partners can develop and scale digital insurance solutions. Built as an intensive six-week accelerator programme, the lab guides startups from concept through to pilot stage, ensuring solutions are tailored to the Nigerian market.
Speaking at the launch, NIA Chairman, Mr. Kunle Ahmed, described the initiative as a turning point for the industry:
“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 emphasised that Nigeria’s youthful population—with a median age of just 18 years—makes digital transformation critical. He highlighted the importance of artificial intelligence, blockchain, and data analytics in expanding access, improving efficiency, and building trust in the insurance sector.
Survey Reveals Industry Priorities
Insights from an industry-wide survey conducted by the NIA Advisory Committee on Digital Innovation and IT, led by Mr. Babatunde Fajemirokun, revealed key focus areas for digital transformation:
- Customer experience, acquisition, and KYC ranked as top priorities.
- Fraud management, eKYC, and claims exchange emerged as the most promising areas for collaboration.
- 87% of executives expressed willingness to collaborate on shared solutions.
- 69% confirmed readiness to commit resources to digital innovation in 2025.
Programme Details and Timelines
According to Mr. Damola Oloko, Innovation Lead at NIA, the 2025 Innovation Lab programme will include:
- Application Period: Aug. 18 – Sept. 28, 2025
- Pitch Day: Oct. 7, 2025
- Programme Start: Oct. 13, 2025
- Demo Day: Nov. 20, 2025
During Pitch Day, shortlisted applicants will present their ideas to a jury of insurers, regulators, and industry leaders. The final five startups will then enter the six-week accelerator, culminating in Demo Day, where pilot-ready solutions will be unveiled.
Driving Digital Transformation in Insurance
The 2025 Innovation Lab signals a bold step by the NIA toward repositioning Nigeria’s insurance industry for a technology-driven future. By creating a platform for collaboration between regulators, insurers, and innovators, the lab is expected to accelerate the adoption of digital platforms, AI, blockchain, and data-driven solutions that will transform insurance services in Nigeria.
