The Nigerian Insurers Association (NIA) has inaugurated its 2025 Innovation Lab, a facility designed to accelerate digital solutions and reposition the insurance industry for a technology-driven future.
Conceived as an intensive six-week accelerator, the Innovation Lab will serve as a hub where insurers and startups collaborate to develop scalable solutions tailored to the Nigerian market. From idea to execution, innovators will receive guidance in building products that address pressing challenges in the sector, from customer acquisition to fraud management.
Speaking at the launch, NIA Chairman Kunle Ahmed described the initiative as more than just a facility. He said it signaled the beginning of a new era of collaboration and creativity within 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 remarked.
Ahmed emphasized the urgency of adopting digital tools in a country where the median age is 18, noting that artificial intelligence, blockchain, and data analytics must become central to insurance practice. “Innovation is not a luxury. It is a necessity. The future of our industry depends on agility, inclusiveness, and digital empowerment,” he said, while calling on regulators, technology partners, and member companies to invest in the lab and its vision.
The Innovation Lab is the fulfillment of a pledge Ahmed made at his inauguration in October 2024, where he committed to introducing an innovation challenge that would foster digital solutions for the sector.
Insights from an industry survey also informed the programme’s design. Presenting the findings, Babatunde Fajemirokun, Chairman of the NIA Advisory Committee on Digital Innovation and IT, explained that the survey engaged 45 senior leaders—including 22 CEOs, 10 CTOs, and 13 heads of strategy across life, general, and micro-insurance. The results showed strong appetite for change, with 87 percent of executives willing to collaborate on shared solutions and 69 percent prepared to commit resources in 2025.
According to the survey, improving customer experience, streamlining acquisition, and enhancing Know-Your-Customer (KYC) and distribution processes are top priorities. Fraud management, electronic KYC, and claims exchange also emerged as promising areas for industry-wide collaboration.
Providing further details, NIA’s Innovation Lead, Damola Oloko, outlined the structure of the six-week programme. Applications are open from August 18 to September 28, after which shortlisted startups will participate in a pitch day on October 7. The accelerator officially begins on October 13 and will culminate in a demo day on November 20, where the final cohort of innovators will present their solutions. Selected ideas will move into a pilot phase for industry testing.
Oloko explained that a jury comprising insurance companies, regulators, and industry representatives will evaluate applications, with only five startups making it into the accelerator.
By creating a platform that connects insurance companies with innovators, the NIA Innovation Lab is expected to catalyse new technologies that improve efficiency, expand access, and build trust within Nigeria’s insurance industry. Stakeholders say the initiative is a vital step toward closing the digital gap and aligning the sector with global best practices.
