Startups showcase innovative solutions for insurance

The Nigerian Insurers Association has unveiled four innovators as finalists to pitch their solutions to insurers, investors, and industry leaders for potential adoption, partnership, and investment.

The NIA, in a statement on Monday, said that the finalist innovators include Bunce, Mycover.ai, Riwe Technologies and SEAMFIX. They all showcased their solutions designed for the 2025 NIA Innovation Lab Demo Day.

In his welcome address, the NIA Chairman, Mr Kunle Ahmed, said that the gathering was not only to showcase groundbreaking ideas but also to reaffirm the insurance industry’s unwavering commitment to innovation as the cornerstone of our future.

Ahmed, who is also Managing Director of AXA Mansard Insurance Plc, represented by the NIA Deputy Chairperson and Managing Director of REX Insurance Ltd., Mrs Ebelechukwu Nwachukwu, stated that though insurance has always been about trust, resilience, and protection, in today’s rapidly evolving world, these values must be delivered through new channels, technologies, and mindsets.

He noted that innovation is no longer optional; it is the lifeblood of relevance in a digital economy, encompassing technology integration, customer-centric solutions, and data-driven insights.

According to him, the 2025 NIA Innovation Lab was established as a hub for creativity, collaboration, and experimentation. It is a space where ideas are tested, partnerships are forged, and solutions are scaled for startups and insurers collaborating, talent development, and practical impact.

The NIA Chairman said, “Our commitment to innovation is not a slogan; it is a pledge. A pledge to invest in research and development that keeps us ahead of global trends and champion regulatory frameworks that encourage experimentation while protecting consumers. Build resilience in the face of climate change, cyber risks, and emerging global challenges. We envision an insurance industry that is inclusive, digital, and adaptive. One that empowers individuals, businesses, and communities to thrive in the face of uncertainty.”

Commenting, Mr Ahmed Abba of the Innovation Hub, National Insurance Commission, lauded the NIA for the feat, noting that NAICOM takes innovation very seriously, hence its collaboration with FSD Africa and UNDP to create the Insuretech guideline and sandbox.