The Insurance Meets Tech (IMT) 4.0 Conference, West Africa’s largest platform for the convergence of insurance and technology, lit up Lagos on Thursday, September 18, 2025. With the theme “Innovating for the New Trybe,” the event showcased how technology is reshaping the Nigerian insurance landscape and unlocking fresh opportunities for growth.
At the heart of the conversations was a central challenge: how to merge Nigeria’s traditional insurance models with cutting-edge, tech-driven solutions that put customers first.
NIIRA 2025 Takes the Spotlight
One of the major highlights was the deep dive into the Nigeria Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu. Leading the dialogue was NAICOM’s Commissioner for Insurance, Mr. Olusegun Omosehin—represented by Deputy Commissioner Ekerete Ola Gam-Ikon.
Omosehin described the Act, passed in July 2025, as a turning point:
“This Act bridges the gap between what family and friends traditionally provide and what insurance should guarantee. Nigerians can now be confident that when something goes wrong, insurance will deliver.”
Key provisions of NIIRA include:
- Recapitalisation to strengthen insurers’ ability to manage risks locally.
- A Policyholder Protection Fund to secure customers in times of crisis.
- Promotion of microinsurance for wider inclusion.
- Digitisation and global alignment to modernise the industry.
He emphasised that NIIRA would support Nigeria’s drive toward becoming a $1 trillion economy, enhancing both trust and economic resilience.
Industry Leaders Weigh In
Top industry voices echoed optimism:
- Kunle Ahmed, Chairman of the Nigerian Insurers Association and CEO of AXA Mansard Insurance, called NIIRA a “bold step” that strengthens regulation, builds trust, and modernises operations.
- Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), described it as “unprecedented transformation,” citing tougher capital requirements, compulsory policies, digitisation, faster claims settlement, and expanded regional participation.
- Prince Babatunde Oguntade, President of NCRIB, stressed swift implementation, noting that brokers would evolve into digitally empowered advisers who remain central to customer adoption.
- Tunde Mimiko, MD of SanlamAllianz Life Insurance, underscored the need to dismantle legacy bottlenecks and build trust-driven systems.
- Stephen Alangbo, MD of Cornerstone Insurance, positioned the company as an Innovation Partner, pledging to leverage Insurtech for inclusive coverage across Africa.
Human Insight at the Core of Innovation
The headline speaker, Per Lagerström, CEO of Yellowspot and former McKinsey partner, urged Nigerian insurers to rethink their approach:
“Insurance is not built on products alone; it is built on behaviour. Technology gives us the tools, but human insight gives us the answers.”
A Call for Bold Distribution
Conference convener and Modion Communications CEO, Odion Aleobua, challenged innovators to rethink distribution—meeting Nigerians where they are: online, mobile, workplaces, and communities. He called for regulation that both protects consumers and encourages innovation.
A United Front for Transformation
From regulators to innovators, the gathering reflected a unified commitment to reinvent Nigeria’s insurance industry. The conference also featured Redefined 2.0, a youth-focused segment with rising entrepreneurs and tech disruptors sharing fresh perspectives.
As the dust settled, one message rang clear: insurance in Nigeria is on the cusp of a digital revolution—one that promises resilience, trust, and inclusion for the “New Trybe.”
