Industry stakeholders at the 4th Insurance Meets Tech (IMT) Conference have urged insurers and regulators to embrace innovation and technology to meet the needs of younger generations and reposition the industry for growth.
Themed “Innovating for the New Trybe,” the conference focused on how digital solutions, fresh business models, and the recently signed Nigeria Insurance Industry Reform Act (NIIRA) 2025 can transform the sector.
Commissioner for Insurance, Olusegun Omosehin, represented by Deputy Commissioner (Finance & Administration), Ekerete Ola Gam-Ikon, described NIIRA 2025—signed into law in July—as a game-changer. He said the Act would expand capitalisation, strengthen policyholder protection through a dedicated fund, drive digitalisation, promote microinsurance, and align Nigeria with global standards.
“The Act bridges the gap between what family and friends traditionally provide and what insurance should guarantee,” Omosehin said. “Nigerians can now be confident that when something goes wrong, insurance will deliver.”
Kunle Ahmed, chairman of the Nigerian Insurers Association (NIA) and MD/CEO of AXA Mansard, called NIIRA “a bold step toward strengthening regulation, enhancing public trust, and modernising operations.” He said the Act aligns with the government’s ambition to build a $1 trillion economy by 2030.
Adding to the discussion, Yetunde Ilori, president of the Chartered Insurance Institute of Nigeria (CIIN), noted that the law mandates higher capital requirements, stricter enforcement of compulsory insurance, digitisation of services, quicker claims settlement, and broader regional participation through the ECOWAS Brown Card System.
The Nigerian Council of Registered Insurance Brokers (NCRIB) also stressed NIIRA’s role in empowering brokers as “digitally enabled advisers” while ensuring compulsory insurance adoption through state-level enforcement and technology-driven platforms.
Industry CEOs echoed these sentiments. Tunde Mimiko of SanlamAllianz Life Insurance urged insurers to dismantle legacy bottlenecks and build systems that foster trust and compliance, while Stephen Alangbo of Cornerstone Insurance highlighted digital transformation and insurtech as central to expanding inclusive coverage across Africa.
The conference also featured global perspectives. Per Lagerström, former McKinsey partner and CEO of Yellowspot, challenged insurers to rethink models around human behaviour. “Technology gives us tools, but human insight gives us answers,” he said.
Convener Odion Aleobua, CEO of Modion Communications, urged operators to design distribution channels that meet Nigerians where they are—online, mobile, at work, and within communities—while regulators should protect consumers without stifling innovation.
The high turnout of industry leaders, regulators, and global experts, Aleobua said, underscored a shared commitment to shaping a digitally driven, innovative future for Nigeria’s insurance industry.
