Traditional insurers risk corporate extinction, warns CBI boss

The Executive Chairman of Baywood Group, Chris Ibe, has issued a strong warning to legacy underwriters still operating on paper-heavy, offline business models, stating that traditional insurers risk corporate extinction within the next five years if they fail to adapt to the digital revolution.

He noted that in today’s world, if you are not embracing technology, you are almost dead, emphasising that corporate survival depends entirely on rapid innovation.

Speaking at a media briefing, Ibe explained that buying and managing insurance policies in Nigeria is about to get as simple as sending a text message, thanks to a new digital initiative launched by CBI Partnering Insurtech Limited. The newly licensed web aggregator and subsidiary of Baywood Holdings Limited has unveiled an app-driven, web-based marketplace built to dismantle the traditional bottlenecks of the local insurance sector, ensuring that insurance is easy to discover, purchase, and manage from anywhere.

“Whether you are at home, in the office, or travelling across the country, insurance should be entirely accessible via your mobile devices,” Ibe stated.

He explained that for decades, adoption in Nigeria has been constrained not by an absence of products, but by accessibility, complexity, and a lack of customer confidence, adding that “our target is to make insurance accessible to all Nigerians” by bringing the entire ecosystem onto a single digital interface.

To achieve this, the company is deploying an ecosystem powered by generative artificial intelligence, advanced algorithms, and interactive chatbots. While clarifying that CBI Partnering Insurtech is a technology marketplace rather than an insurance underwriter, Ibe emphasised that the platform will handle everything from policy creation to seamless claims support right on a user’s phone.

He underscored the importance of transparency in driving adoption, stating that “the true test of insurance is not when a policy is purchased but when a claim is made” and that the Baywood subsidiary is deploying generative AI to rebuild customer confidence through fast, transparent payouts.

To ensure consumers have immediate access to a wide variety of mobile-ready products, CBI Partnering Insurtech announced it will provide technical hand-holding to traditional insurance companies and Health Maintenance Organisations. The tech firm plans to build custom Application Programming Interfaces for operators lagging behind digitally, allowing them to connect directly to the mobile platform. This collaborative framework aims to give retail consumers, micro-businesses, and corporate organisations instant, transparent access to insurance protection at the swipe of a finger.

Ibe also praised the National Insurance Commission for encouraging innovation and digital growth within the country’s financial services sector, noting that the regulator’s forward-thinking approach recognises digital ecosystems as the primary pathway to deepening insurance penetration and expanding access across Nigeria. The commendation follows the recent deployment of an operational web aggregator licence granted by NAICOM to CBI Partnering Insurtech Limited.

According to Ibe, this regulatory approval directly aligns with the Federal Government’s newly assented insurance policy, which is aimed at driving comprehensive financial inclusion through digital transformation.

He revealed that the company invested over a year into building a robust technological infrastructure before securing final regulatory approval. Ibe stated that while the licensing process was stringent to acquire, it served as the final piece of the puzzle for the firm.

He emphasised that “long before receiving approval, we invested heavily in technology, infrastructure and operational readiness”, operating on the principle that operational readiness must always precede market recognition.

Operating strictly as a technology-driven marketplace rather than a traditional insurance underwriter, CBI Partnering Insurtech plans to leverage its web aggregator status to bridge the gap between conventional insurance providers and the uninsured public.