The Nigerian Insurers Association (NIA) Chairman, Kunle Ahmed, has urged insurance industry leaders to embrace digital transformation and social innovation as critical tools for growth and long-term relevance.
Speaking at the NIA CEO Retreat in Lagos, Ahmed challenged industry executives to move beyond traditional business models and explore new technologies that can enhance operations, customer experience, and industry competitiveness.
Ahmed emphasized that digital disruption is no longer a future concept but a present reality reshaping industries worldwide. He pointed out that technologies like artificial intelligence, blockchain, big data, and the Internet of Things (IoT) are revolutionizing the way businesses operate, making them more efficient and customer-centric.
“To remain relevant, we must rethink our strategies and fully embrace digital innovation,” Ahmed said. “How can we use technology to anticipate and meet customer needs? How do we create seamless, intuitive digital experiences that set new standards in the industry?”
Social Innovation: Expanding Insurance to All
Beyond technology, Ahmed highlighted the need for social impact-driven policies that ensure insurance services are accessible to all Nigerians, including low-income and vulnerable groups. He encouraged the development of affordable and inclusive insurance products that cater to those often excluded from traditional policies.
Additionally, he stressed the importance of sustainable insurance practices, advocating for policies that support climate resilience and environmental responsibility within the industry.
Industry Reforms and Collaborative Efforts
Ahmed also outlined key areas requiring policy reforms and industry collaboration, including:
- Insurance Industry Reform Bill 2025
- Nigerian Tax Reform Bill 2025
- Enforcement of Third-Party Insurance Policies
- Implementation of the Nigerian Insurance Industry Portal
- Unlocking AfCFTA opportunities for the insurance sector
Other discussions at the retreat covered claims processing improvements, engagements with airline operators, and the role of regulators in ensuring industry stability.
Ahmed concluded by encouraging bold steps toward innovation, emphasizing that the insurance industry must evolve to meet modern challenges and customer expectations. He called for collaborations between stakeholders, regulators, and innovators to drive meaningful transformation.
“As leaders, we must take charge of this change and build an industry that is resilient, inclusive, and technologically advanced,” he stated.
