Insurers Urged To Embrace Digital Shift, Innovation As Enterprise Life Makes Commitment

• Insurance companies have been warned to innovate to meet the demands of the digital age or risk extinction
• At a recent forum, stakeholders highlight digital transformation and customer-centric solutions
• Nigeria’s insurance coverage remains below 1% of GDP, but with a population of over 230 million

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria’s insurance industry must embrace digital transformation and innovation to deepen market reach and remain relevant in a fast-changing financial landscape.

This was a views shared by stakeholders at the fourth edition of Insurance Meets Tech (IMT 4.0) in Lagos.

The conference, held on September 18, 2025, at the Balmoral Event Centre, Sheraton Ikeja, brought together regulators, insurers, and technology leaders for high-level conversations on the future of the industry.

Enterprise Life Nigeria on future if insurance sector

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Nelson Akerele, Chief Executive Officer of Enterprise Life Nigeria one of the speakers said insurers that fail to embrace innovation risk falling behind.

He said:

“Innovation has come to stay, and for our industry, if you don’t innovate, you risk extinction in no time. The best time to start was yesterday, but if not, then begin immediately. The Nigerian Insurance Industry Reform Act has already established the platform, prompting us to digitalize processes and make insurance more accessible and customer-friendly. With a population of over 230 million and insurance coverage still below 1% of GDP, the opportunities before us are enormous. Once we can guarantee value, capital and partnerships will follow, and ideas will be incubated into solutions that truly address the needs of Nigerians.”

He noted that the Nigerian Insurance Industry Reform Act has already set the stage for digitalisation and customer-friendly practices.

In his remarks, the Convener of IMT, Mr. Odion Alebiosu, reflected on the platform’s growth and why the conference matters now more than ever.

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He said:

“We wanted to create a platform where insurance would not only meet technology, but also embrace it, shape it, and use it to serve our people better. Today, that vision has become a movement, and the numbers tell the story.

"With over 60% of Nigerians being millennials and Gen Zs, more than 100 million online and 140 million using smartphones, the tribe we are building for is young, connected, entrepreneurial, and impatient. If insurance is to matter to them, it must not only innovate, it must innovate with them.”

Beyond the boardroom discussions, IMT 4.0 also offered opportunities for younger professionals.

A youth-focused programme ran alongside the main sessions, providing a platform for students and emerging talent to engage with executives, network with leading brands, and gain insight into the evolving intersections of insurance and technology.

NAICOM issues new insurance licences

Earlier, Legit.ng reported that the National Insurance Commission (NAICOM) has issued two new insurance licenses, thus welcoming more players into the industry.

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The two latest additions are SanlamAllianz Life and General Insurance Nigeria Ltd.

Speaking at the handover ceremony in Abuja, the commissioner for insurance, Olusegun Ayo Omosehin, said NAICOM is committed to ensuring the growth of all insurance operators in the country.

Source: Legit.ng