The Nigerian Insurers Association (NIA) has unveiled four technology innovators—Bunce, Mycover.ai, Riwe Technologies and SEAMFIX—as finalists at the 2025 NIA Innovation Lab Demo Day, where they pitched advanced digital solutions aimed at transforming Nigeria’s insurance landscape.
The start-ups presented their products to insurers, investors and industry stakeholders at the Insurers House in Victoria Island, Lagos, seeking opportunities for adoption, strategic partnerships and investment.
In his welcome address, the Chairman of the NIA, Mr. Kunle Ahmed, said the event went beyond the exhibition of innovative ideas, underscoring the insurance industry’s firm commitment to innovation as a driver of future growth.
Ahmed, who is also the Managing Director of AXA Mansard Insurance Plc, was represented by the NIA Deputy Chairperson and Managing Director of REX Insurance Limited, Mrs. Ebelechukwu Nwachukwu. She noted that while insurance has traditionally been built on trust, resilience and protection, these values must now be delivered through new technologies, channels and mind-sets in a rapidly changing world.
According to Ahmed, innovation has become essential to relevance in today’s digital economy, spanning technology integration, customer-centric solutions and data-driven insights.
“Our commitment to innovation is not a slogan; it is a pledge—a pledge to invest in research and development that keeps us ahead of global trends and to champion regulatory frameworks that encourage experimentation while safeguarding consumers,” he said.
Also speaking at the event, Chairman of the 2025 NIA Innovation Lab Committee, Mr. Babatunde Fajemirokun, described the Innovation Lab as a collaborative platform designed to accelerate the transformation of the insurance industry.
Fajemirokun, who is also the Managing Director of AIICO Insurance Plc, said the lab was created to nurture ideas, incubate solutions and provide a safe environment for experimentation, enabling innovators and insurers to jointly develop practical solutions to industry challenges.
