NIA Chairman advocates for digital disruption, social innovation in insurance industry
Chairman, NIA, Mr. Kunle Ahmed
Abdullateef Fowewe
The Nigerian Insurers Association’s Chairman, Kunle Ahmed has emphasised the need for the insurance industry to adapt to technological advancements and societal changes.
The chairman spoke at the NIA 2025 CEOs Retreat, with the themed “Digital Disruption and Social Innovation: Reshaping Our Traditional Models.”
Ahmed highlighted the potential of digital disruption to enhance efficiency and customer experiences, while also stressing the importance of social innovation for inclusive and sustainable solutions.
He said, “As we discuss digital disruption, I urge you to consider the following questions: How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making and innovation? Most importantly, how can we create a seamless and integrated digital experience that not only meets but exceeds customer expectations?
“Social Innovation: Driving inclusive and sustainable solutions equally important is the role of social innovation in reshaping our industry. As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.
“Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship.
“As we explore the concept of social innovation, I encourage you to reflect on the following: How can we design insurance products that are not only profitable but also socially impactful? How can we engage with stakeholders to drive collective action towards sustainability? And how can we measure and communicate the social and environmental benefits of our initiatives?”
The Chairman emphasised collaboration and shared vision as key to navigating technological advancements and societal changes, noting that discussions will include strategies for harnessing digital innovation and exploring opportunities presented by the African Continental Free Trade Area.
He noted that a workshop on AfCFTA will underscore its potential for the insurance sector, with participation from the Commissioner for Insurance and the Insurance Industry AfCFTA Committee.
“The journey of digital disruption and social innovation is not one that we can embark on alone. It requires collaboration, partnership, and a shared vision for the future. As industry leaders, we must work together to foster a culture of innovation, openness, and continuous learning. We will, therefore, be engaging with thought leaders, industry experts, and innovators who will engage in insightful discussions, share best practices, explore new strategies to harness the potential of digital disruption and social innovation, and also share their perspectives on our industry’s future.
“We will also hold a workshop on AfCFTA, where the conversation will revolve around unlocking the opportunities AfCFTA has to offer our industry.”
A Committee, he said, will anchor the discussions, and the Commissioner for Insurance was scheduled to participate in the conversations.
“Finally, we are going to have a session, the Open Forum, to keep CEOs updated on some activities/topics in the last couple of months which will likely lead to taking important decisions on the way forward,” he added.
