Nigeria’s insurance industry may finally have a clear path to growth—and it starts with young people.
According to Adedayo Arowojolu, Managing Director/CEO of Unitrust Insurance Company Limited, engaging youths as both customers and professionals is critical to deepening insurance penetration in Nigeria.
He made this known during the BusinessToday Annual Conference and Exhibition on Insurance and Pensions 2026 held in Lagos, where industry leaders gathered to discuss the future of insurance under the theme: “Youth Advantage: Redefining Insurance and Pensions for a New Era.”
Why Youths Matter More Than Ever
Nigeria’s insurance penetration remains low, and one major reason is the lack of youth engagement.
Arowojolu believes the solution lies in two strategic moves:
- Turning young Nigerians into insurance policyholders
- Encouraging them to pursue careers in the insurance sector
“Youths are not just the future—they are the present opportunity,” his message strongly suggests.
Rethinking Insurance for a New Generation
One of the biggest challenges? Outdated products and poor engagement.
Arowojolu emphasized that insurers must:
- Innovate products tailored to young people
- Involve youths in product design and development
- Shift away from “one-size-fits-all” offerings
“We cannot continue to sell the same products and expect different results.”
Trust Still a Major Barrier
Another critical issue is trust.
Many Nigerians remain skeptical about insurance due to delayed or unpaid claims. Arowojolu highlighted that prompt claims settlement is key to rebuilding confidence.
He also acknowledged regulatory efforts pushing insurers toward greater accountability—ensuring companies explain outstanding claims or face penalties.
Technology: The Game Changer
To truly connect with younger audiences, insurance must go digital.
Arowojolu pointed to the growing role of:
- Fintech platforms
- Insurtech solutions
- Mobile-first services
“Everyone uses a mobile phone today. Insurance must live on these platforms to stay relevant.”
This shift could make insurance more accessible, engaging, and seamless for tech-savvy youths.
Making Insurance Careers Attractive
Beyond customers, the industry must also win over young talent.
Traditionally, sectors like oil & gas, banking, and fintech have been more appealing. But Arowojolu says insurance companies are stepping up by:
- Improving salaries and benefits
- Creating better workplace cultures
- Offering career growth opportunities
At Unitrust Insurance Company Limited, deliberate efforts have been made to recruit young professionals and inject fresh ideas into the business.
The Real Challenge: Retention
Hiring young talent is only half the battle—keeping them is the real test.
To address this, companies are adopting:
- Flexible work arrangements
- Hybrid work models
- Continuous professional development programs
For example, Unitrust operates a hybrid system with three days in-office and flexible remote work, helping employees balance productivity with personal growth.
Changing Perceptions About Insurance
Arowojolu admitted that even he didn’t initially plan a career in insurance—but staying in the industry revealed its long-term value and opportunities.
He noted that while insurance may not offer instant gratification, it provides:
- Financial security
- Wealth protection
- Long-term career growth
With young Nigerians earning earlier and building wealth faster, the need for financial protection has never been greater.
Final Thoughts
The message is clear: the future of Nigeria’s insurance industry depends on its ability to connect with young people.
By embracing innovation, rebuilding trust, and creating opportunities, insurers can unlock massive growth and finally close the country’s insurance gap.
