The Nigerian Insurers Association (NIA) has called on insurance operators to leverage digital disruption and social innovation to drive industry expansion and improve the country’s low insurance penetration rate, which has stagnated at one per cent for decades.
NIA Chairman, Kunle Ahmed, made the appeal during the 2025 CEOs Retreat in Lagos, themed ‘Digital Disruption and Social Innovation: Reshaping Our Traditional Models’. He emphasized that digital disruption is transforming business operations, customer interactions, and service delivery, urging insurers to adapt to the rapidly evolving technological landscape.
Ahmed highlighted the dual potential of digital disruption, noting that it offers opportunities to enhance efficiency, improve customer experiences, and create new business models, while also demanding a shift from traditional approaches. He stressed the importance of social innovation in developing inclusive and sustainable solutions, particularly for underserved and vulnerable populations.
The NIA Chairman called for collaboration among industry leaders to foster a culture of innovation, openness, and continuous learning. He also announced plans for a workshop on the African Continental Free Trade Area (AfCFTA), aimed at exploring opportunities for the insurance sector under the agreement.
NIA Director General, Bola Odukale, echoed Ahmed’s sentiments, emphasizing the need for insurance awareness campaigns to combat negative perceptions of the industry. Odukale urged practitioners to engage more with the media to improve public understanding and trust in insurance products.
The retreat underscored the NIA’s commitment to driving innovation and expanding insurance penetration in Nigeria, as the industry seeks to harness technology and social innovation to meet evolving societal needs.
