The National Insurance Commission (NAICOM) has met with the FinTech Association of Nigeria to chart strategies for accelerating digital transformation in the country’s insurance industry.
At the meeting, both parties agreed on the need for deeper collaboration and strategic partnerships to revolutionise the insurance landscape through innovation, transparency, and enhanced consumer protection.
NAICOM reaffirmed its commitment to rebuilding public trust in the industry by deploying transparent digital solutions while safeguarding policyholders’ interests. The FinTech Association also pledged to support the Commission’s drive to modernise and expand insurance access through technology.
The Commissioner for Insurance stressed the importance of digital adoption across the sector, noting that the industry must be repositioned to play a more significant role in Nigeria’s evolving digital economy. He added that continuous engagement with stakeholders would be key to achieving the Commission’s objectives under the new administration.
As part of its regulatory reforms, NAICOM recently introduced fresh guidelines for insurtech operations, effective August 1, 2025. The new rules set clear boundaries on activities insurtech firms cannot undertake, such as engaging in specialised insurance lines including oil and gas, marine and aviation, retirement annuities, and government asset coverage for ministries, departments, and agencies.
Other restricted activities include launching products or using dynamic pricing models without actuarial support or prior regulatory approval, relying solely on artificial intelligence systems to reject claims, and handling crypto-based transactions without clearance from the Commission.
The guidelines also prohibit data privacy breaches, manipulative interface designs that mislead customers into policy purchases, cross-border sales without approval, and physical marketing of insurance products — a practice reserved for conventional insurers.
By tightening regulation while promoting digital adoption, NAICOM aims to balance innovation with consumer protection, ensuring that insurtech solutions enhance trust and expand insurance penetration
