As Nigeria’s insurance industry prepares for a new regulatory era under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, Capital Express Life Assurance Limited is emerging as one of the frontrunners redefining what insurance means for Nigerians simple, transparent, and accessible.
The company’s Managing Director and Chief Executive Officer, Mr. Mathew Ogelenya Ogwezhi, is steering a digital and cultural transformation aimed at positioning Capital Express Life Assurance as a customer-first, technology-driven life insurer in a market long plagued by mistrust and low penetration.
Positioning for the Future
The NIIRA 2025, signed into law by President Bola Ahmed Tinubu on August 5, 2025, ushers in sweeping reforms, including tougher capital requirements ₦10 billion for life insurers, ₦15 billion for general, ₦25 billion for composites, and ₦35 billion for reinsurers within a 12-month window.
But beyond recapitalisation, the law introduces risk-based capital, tighter asset supervision, and stronger governance standards. For Ogwezhi, these changes represent an opportunity to rebuild public confidence and modernise the industry.
“This is not just about meeting capital thresholds; it’s about building resilience and trust,” Ogwezhi said. “Insurance must become something Nigerians can believe in not a gamble, but a guarantee.”
Transforming Perceptions and Expanding Reach
With Nigeria’s insurance penetration still below two per cent despite a population exceeding 200 million, Ogwezhi’s mission is clear — to simplify insurance and bridge the gap between technical products and real human needs.
Under his leadership, Capital Express Life Assurance has been restructured around three pillars: digital transformation, operational efficiency, and customer trust.
His rise within the company — from Personal Assistant to the MD/CEO and Media Affairs Officer to Regional Director, and eventually Managing Director — gives him a unique, ground-level understanding of the business and its challenges.
Ogwezhi’s track record includes expanding Capital Express’s footprint with new branches in Jos, Kano, Warri, Onitsha, and Aba, as well as leading its international presence in Ghana, Liberia, Gambia, Sierra Leone, and Kenya.
He also pioneered the first life insurance scheme for undergraduates in Nigerian tertiary institutions, introducing financial protection to a previously untapped demographic and reinforcing the company’s commitment to inclusion.
Digitisation at the Core
Now, Ogwezhi is spearheading an ambitious digital overhaul of Capital Express Life Assurance. From underwriting to claims management, legacy systems are being replaced with agile platforms designed to deliver speed, transparency, and convenience.
At the heart of this initiative is CLARA (Capex Life Assurance Response Assistant) an AI-powered virtual assistant capable of multilingual communication in English and major Nigerian languages. CLARA helps customers understand products, file claims, and receive policy recommendations tailored to their lifestyle and financial goals.
“CLARA is designed to demystify insurance,” Ogwezhi explained. “It speaks your language literally and makes insurance accessible to everyone, whether you’re a student, a parent, or a business owner.”
The virtual assistant learns from user interactions, creating a more personalised experience over time. Combined with faster claims processing and transparent communication, Capital Express is working to rebuild trust in an industry often viewed with skepticism.
A Vision Aligned with Reform
The NIIRA 2025 reforms aim to deepen insurance penetration, strengthen consumer protection, and promote financial inclusion. For Capital Express, these goals align perfectly with its current strategic direction.
Beyond regulatory compliance, the company plans to expand its product offerings for diverse demographics from Gen Z professionals to retirees while exploring partnerships with fintechs to deliver digital-first insurance solutions.
“Technology is powerful, but it must be backed by integrity,” Ogwezhi noted. “Our vision is to make Capital Express synonymous with reliability and empathy in insurance.”
The Road Ahead
As the Nigerian insurance landscape evolves under NIIRA 2025, Capital Express Life Assurance is positioning itself not just to adapt, but to lead.
By merging innovation with trust, and technology with human understanding, the company is redefining how Nigerians interact with insurance — turning a once-distant concept into an everyday tool for security and empowerment.
