NIA tasks operators on digital disruption to increase expansion

Worried by the poor insurance penetration in the country, the Nigerian Insurers Association (NIA) has called on insurance operators to harness digital disruption and social innovation to increase industry penetration.

In the last three decades, insurance penetration in Nigeria has remained at an abysmal one per cent, owing to several factors, such as apathy by Nigerians to buy policies.

The Chairman of the association, Kunle Ahmed, made the call at the 2025 CEOs Retreat, theme, ‘Digital Disruption and Social Innovation: Reshaping Our Traditional Models’ organised by the association in Lagos.

“Digital disruption is a force that has already begun to transform the way we conduct business, communicate and serve our customers,” he said.
Ahmed stressed the need for the industry to adapt to the changing landscape, driven by rapid technological advancement and evolving societal needs.He said digital disruption presents opportunities to enhance efficiency, improve customer experiences and create new business models.

The chairman, however, said it also required the industry to rethink traditional approaches and embrace change.
Ahmed highlighted the importance of social innovation in driving inclusive and sustainable solutions, citing the need for insurers to develop products that cater to the unique needs of underserved and vulnerable populations.
He encouraged industry leaders to collaborate and work together to foster a culture of innovation, openness and continuous learning.

“As we navigate an era marked by rapid technological advancements and evolving societal needs, it is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve.

“We will also hold a workshop on AfCFTA, where the conversation will revolve around unlocking the opportunities AfCFTA has to offer our industry.

“Let us learn to collaborate and drive positive change in our industry. The future of insurance is bright, and it is up to us to shape it with vision, innovation, and a commitment to social good,” he said.

Meanwhile, the Director General of NIA, Bola Odukale, stressed the need for insurance awareness creation to eliminate the prevailing negative perception about the industry.

Odukale said that insurance practitioners must put themselves in the face of the people through collaboration with the media.