Nigeria launches NIA Innovation Lab with focus for digital insurance reform

NIA Innovation Lab launches in Lagos to tackle eKYC and claims bottlenecks, driving digital transformation in insurance

The NIA Innovation Lab has officially launched in Lagos, marking a pivotal step in modernising the country’s insurance ecosystem through tech-driven innovation.

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The Nigerian Insurers Association (NIA) unveiled the six-week accelerator programme on Monday, spotlighting urgent issues like electronic Know Your Customer (eKYC), fraud detection, and claims exchange.

The lab, hosted at NIA’s headquarters, brings together startups, insurance leaders, and regulatory partners to collaboratively design, test, and scale new solutions to long-standing industry bottlenecks.

“We are igniting a movement rooted in innovation,” said Kunle Ahmed, NIA Chairman and AXA Mansard CEO. “This lab is where the future of insurance will be imagined and built.”

According to Ahmed, Nigeria’s youthful population and shifting digital expectations demand a more agile, transparent, and tech-forward insurance industry.

The Lab will empower startups with mentorship, curated masterclasses, and hands-on development sessions, culminating in a Demo Day for pilots.

“Innovation is not a luxury—it’s a necessity,” Ahmed stressed, quoting Steve Jobs and William Pollard to underscore the urgency of forward-thinking leadership.

Director-General Bola Odukale described the lab as well-timed, aligning with the new Nigerian Insurance Industry Reform Act (NIIRA 2025), which mandates stronger digital adoption.

“This couldn’t come at a better time,” she said. “This lab is the beginning of a long journey toward industry-wide transformation.”

Presenting insights from a recent industry-wide survey, AIICO CEO Babatunde Fajemirokun, who chairs the Innovation and IT Committee, revealed that key pain points included KYC delays, poor customer onboarding, and fraud loopholes—with overwhelming openness to collaboration across companies.

“We found shared struggles—and a strong appetite for coordinated solutions. This lab answers that call,” he said.

Fajemirokun highlighted pressing fraud issues, such as repeated claims on the same vehicles and the absence of a national death registry, adding urgency to the need for shared data infrastructure and digital verification systems.

Committee member Adedamola Oloko outlined the pilot’s dual themes: claims management and electronic KYC, with a wildcard category encouraging broader experimentation.

Two insurers will join each pilot to test innovations in real-world conditions, rapidly iterating based on user feedback.

Participants will benefit from shared infrastructure, reducing adoption costs and fostering sector-wide inclusion.

The programme will be supported by Impact Hub Lagos and remain open to collaboration with regulators like the National Insurance Commission (NAICOM).

“This is not just a lab—it’s an ecosystem play,” Oloko emphasized.

As Nigeria’s insurance sector confronts the challenges of low penetration, limited trust, and operational inefficiencies, the NIA Innovation Lab positions itself as a powerful catalyst for change.