June 5 (THEWILL) — Nigeria’s insurance industry could be on the cusp of a major digital transformation, with Insurtech-driven innovations expected to significantly expand insurance access and adoption across the country’s population of more than 200 million people by 2030.
The projection was made by the Founder and Executive Vice Chairman of Baywood Group, Emperor Chris Baywood Ibe, following the issuance of Nigeria’s first Partnering Insurtech licence to CBI Partnering Insurtech Limited by the National Insurance Commission (NAICOM) under its newly revised framework for technology-driven insurance services.
Speaking in Lagos ahead of the company’s operational launch, Ibe said digital insurance platforms could play a role similar to fintechs in transforming banking services and driving financial inclusion over the past decade.
According to him, Nigeria’s persistently low insurance penetration is largely driven by limited access, product complexity, and public concerns over claims settlement. He noted that improving customer experience through technology, particularly in claims processing, remains critical to building trust in insurance products.
“The true test of insurance is not when a policy is purchased but when a claim is made. People trust insurance when claims are processed quickly, transparently and seamlessly”, Ibe stated.
CBI Partnering Insurtech will operate as a digital insurance marketplace rather than an underwriter, providing infrastructure that enables customers to compare, purchase, manage and initiate claims for insurance products through web and mobile channels. The platform will also offer API integrations, digital onboarding tools, AI-powered customer engagement features, and claims support systems for insurers and other industry stakeholders.
The company said it plans to work with insurers, brokers, HMOs, fintechs and software developers to deepen insurance penetration through digital channels, micro-insurance products and alternative access platforms, including mobile applications and USSD services targeted at underserved communities.
The development follows NAICOM’s rollout of a new Insurtech framework to accelerate innovation and modernise insurance delivery. Insurtech partners can’t underwrite risks or settle claims directly, but they can help licenced insurers expand their reach and improve customer engagement in one of Africa’s least insured markets.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
