Insurance Meets Tech (IMT), a West African platform for bridging the insurance and technology gaps, has commended stakeholders in the insurance industry for considering collaboration with financial technology firms to accelerate claims payment.
The group, in a letter to the Nigerian Insurance Association (NIA), expressed interest in collaborating with the association and other transformative initiatives, reaffirming its commitment to catalysing dialogue, innovation and policy-driven partnerships aimed at repositioning the West African insurance industry through technology.
The group also described the move as a bold step toward transforming public perception and increasing insurance penetration. The recommendation was a fallout of the disclosure made by the NIA Chairman, Kunle Ahmed, that plans have been concluded to invite fintech companies to pitch innovative solutions to address challenges in the insurance claims process.
Ahmed explained that improving the speed and transparency of claims settlements is key to redeeming trust in the industry, particularly considering the N536.5 billion paid out by the insurance firms as claims in the 2023 financial year.
Speaking on the development, the Convener of Insurance Meets Tech and Chief Executive Officer, Modion Communication, Odion Aleobua, observed that claims are the ultimate moment of truth for policyholders, urging that convenience, speed, technology and transparency be injected into the process.
According to him, this would also validate the very conversations and partnerships IMT has been driving, moving from dialogue to action that benefits both underwriting firms and policyholders in the sector.
Since the inception of IMT in 2022, its yearly conference has attracted over 300 C-suite executives, fostered strategic collaborations and supported early-stage insurtech startups with access to funding and mentorship.
According to Aleobua, the NIA’s fintech partnership agenda mirrors IMT’s core mission to catalyse innovation and drive inclusive growth in the industry.
