Insurance Meets Tech (IMT), West Africa’s foremost conference and collaborative platform dedicated to fostering the intersection of insurance and technology, today issued a strong commendation to the Nigerian Insurers Association (NIA) for its announced initiative to collaborate with financial technology (fintech) firms to significantly enhance the speed and transparency of insurance claims payment.
The NIA Chairman, Mr. Kunle Ahmed, recently disclosed plans to invite fintech companies to pitch innovative solutions to revolutionise the claims process. This forward-thinking initiative is a cornerstone of the NIA’s efforts to rebuild public trust and accelerate insurance penetration across Nigeria. Mr. Ahmed highlighted the critical need for improved ease and timeliness in claim settlements, describing it as essential for sector sustainability and public confidence, even after the industry paid out N536.5 billion in claims in 2023.
Insurance Meets Tech has served as a vital multi-sector discourse platform for the past four years, successfully converging leaders and experts from the insurance, insurtech, cybersecurity, tech, fintech, and financial sectors. Our inaugural edition 2022 brought together over 300 C-Suite executives to call for partnerships and technology adoption to expedite Nigeria’s insurance penetration. IMT 2023 served as a crucial nexus connecting early-stage insurtech startups with funding partners and mentors, empowering them with tools and resources for growth. The third edition in 2024, themed “Insurance and Tech: Beyond Collaborations,” continued to drive conversations and actions, focusing on innovation and creativity to engage tech-savvy young Nigerians, including Millennials and Gen Zs, through initiatives like the Collaborative Showcase and an immersive experience redefining insurance as a lifestyle protection tool.
As a platform established to drive synergetic collaborations and impact positive narratives within these ecosystems, IMT Conferences views the NIA’s move to adopt fintech solutions for claims payment as a direct and powerful alignment with the platform’s core objectives of driving future innovation and deepening insurance penetration within the Nigerian insurance sector.
Commenting on the announcement, Odion Aleobua, CEO of Modion Communications and Convener of Insurance Meets Tech, stated, “The NIA’s commitment to leveraging fintech to fast-track claims payment is precisely the kind of decisive action the industry needs. Claims are the ultimate moment of truth for policyholders. Injecting convenience, speed, technology and transparency into this process is not just an operational upgrade; it’s a fundamental step towards rebuilding trust and making insurance more relevant and accessible to the average Nigerian. This initiative validates the critical conversations and strategic partnerships that IMT has been championing, moving ‘Beyond Collaborations’ to tangible technological integration that benefits insurers and the insured. We are thrilled to see the NIA taking this bold leap.”
As the planning for the 4th edition of the Insurance Meets Tech conference for 2025 takes shape, IMT is specifically looking at delving deeper into understanding the insurance sector through the lens of technology to explore predictive market techniques and further unlock growth opportunities.
IMT is enthusiastic about the potential for collaboration with the NIA on this and future initiatives. IMT remain dedicated to providing the premier platform for dialogue, knowledge exchange, and partnership formation that supports such transformative initiatives within the West African insurance sector, ultimately driving insurance penetration through technology and innovation.
