Efforts to deepen insurance penetration through digital innovation received a boost yesterday as industry stakeholders projected that the National Insurance Commission (NAICOM) Insurtech initiative could expand insurance access to over 200 million Nigerians by 2030.
First Insurtech Licence Issued
The projection followed the issuance of Nigeria’s first Partnering Insurtech licence to CBI Partnering Insurtech Limited under NAICOM’s revised regulatory framework for technology-driven insurance services. This development is seen as a major step towards modernising insurance distribution and improving financial inclusion.
Industry Leaders Speak
Founder and Executive Vice Chairman of Baywood Group, Chris Baywood Ibe, who spoke in Lagos, said the initiative could replicate the success of fintech in the banking sector by dismantling barriers that have constrained insurance adoption for decades. Ibe emphasised that technology would play a critical role in addressing these challenges by simplifying policy purchases, improving claims administration and extending insurance services to underserved communities.
According to him, the emergence of licensed Insurtech operators could mark a turning point for the industry as digital platforms make insurance more accessible and affordable to millions of Nigerians. “The true test of insurance is not when a policy is purchased but when a claim is made. People trust insurance when claims are processed quickly, transparently and seamlessly,” he said.
Collaboration and Ecosystem Building
Meanwhile, CBI Partnering Insurtech said it would collaborate with insurers, brokers, Health Maintenance Organisations (HMOs), fintech companies and software developers to build a broader insurance ecosystem capable of reaching retail customers and underserved segments.
CIIN President's Perspective
Speaking on the development, President of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, said digital innovation offers one of the most effective pathways for expanding insurance coverage in a market where traditional distribution channels have struggled to reach the informal sector. She noted that technology could help to reduce operating costs, improve customer experience and support the development of products tailored to low-income earners and small businesses.
