The Nigerian Insurers Association has unveiled four innovators selected as finalists to pitch their solutions to insurers, investors and industry leaders, as the industry intensifies efforts to modernise insurance delivery and expand access for businesses and households.
The association said the shortlisted innovators, Bunce, Mycover.ai, Riwe Technologies and SEAMFIX, presented solutions developed for the 2025 NIA Innovation Lab Demo Day, with a focus on practical tools that can be adopted, scaled or partnered with across the insurance value chain.
At the event, the NIA reaffirmed that innovation has evolved from being a strategic option to a necessity for relevance in a rapidly evolving digital economy. Industry leaders emphasized that while insurance has traditionally been built on trust and protection, these values must now be delivered through technology-driven channels, customer-focused products, and data-driven decision-making.
According to the association, the 2025 NIA Innovation Lab was created as a collaborative space where insurers, startups, and technology partners can test ideas, build partnerships, and scale solutions with real market impact. The initiative is positioned as a response to persistent challenges in the sector, including low insurance penetration, trust gap,s and limited reach among small businesses and informal operators.
Insights from the 2025 Insurance Innovation Survey conducted by the NIA showed growing adoption of digital platforms, rising interest in microinsurance products, and increased use of data analytics to better understand customer behaviour. However, the survey also highlighted the need for more affordable, accessible, and customer-centric insurance products, particularly for micro, small, and medium-sized enterprises that remain largely uninsured despite their critical role in the economy.
The Innovation Lab is designed to bridge this gap by encouraging co-creation between insurers, regulators, and technology firms. Since its launch, it has hosted ideation sessions, hackathons, and capacity-building workshops, producing prototypes that apply artificial intelligence to claims processing, blockchain to policy verification, and mobile-first platforms to reach underserved markets. These solutions are seen as key to reducing costs, improving claims efficiency, and building trust among MSMEs and low-income customers.
Regulators at the event reiterated their support for responsible innovation, pointing to ongoing collaborations that provide guidelines and sandbox environments to allow new insurance technologies to be tested while safeguarding consumers. They noted that innovation is essential to positioning insurance as a driver of financial inclusion, business resilience, and economic stability, especially for small enterprises exposed to climate risks, cyber threats, and operational shocks.
The NIA said innovation in insurance goes beyond technology, emphasising the need to build trust, expand access, and design products that reflect the realities of Nigerian consumers and businesses. By connecting insurers with innovators and investors, the association aims to ensure that new solutions translate into practical insurance products that support MSMEs, protect livelihoods, and strengthen the wider economy.
Industry stakeholders at the demo day agreed that sustained collaboration and openness to new ideas will be critical to transforming the insurance sector into one that is more digital, inclusive, and responsive to Nigeria’s development needs.
