By LOVETH AZODO, Lagos
Four technology startups took centre stage at the 2025 Nigerian Insurers Association (NIA) Innovation Lab Demo Day, presenting solutions designed to drive innovation and deepen insurance penetration in Nigeria.
The event, held on Tuesday, December 9, 2025, at the Insurers House, Victoria Island, Lagos, brought together insurers, regulators, investors and other industry stakeholders to explore opportunities for collaboration, adoption and investment.
In a statement signed by Ajoke Adeyemi, Head, Corporate Communications and Brand Manager of the NIA, the association revealed the four startups are Bunce, Mycover.ai, Riwe Technologies and SEAMFIX, adding that the demo day underscores the industry’s commitment to innovation as a critical enabler of growth and relevance in a rapidly changing digital economy.
Speaking at the event, NIA Chairman, Kunle Ahmed, represented by the Deputy Chairperson, Ebelechukwu Nwachukwu, said innovation has become essential for delivering insurance through modern channels, improving customer experience and strengthening industry resilience. He noted that the Innovation Lab was created to provide a platform for collaboration between insurers and technology startups.
Also speaking, Ahmed Abba Metteden of the National Insurance Commission (NAICOM) commended the NIA for promoting innovation, noting that the Commission supports technology-driven initiatives through insurtech guidelines and regulatory sandbox frameworks.
Chairman of the 2025 NIA Innovation Lab Committee, Babatunde Fajemirokun, explained that the Lab is designed to nurture ideas and accelerate industry transformation. He said insights from the 2025 Insurance Innovation Survey show growing digital adoption, while challenges such as low penetration and trust gaps remain.
In her remarks, the NIA Director General, Bola Odukale, said innovation in insurance goes beyond technology, emphasising the need to build trust, expand access and deliver solutions that meet the real needs of Nigerians.
The demo day featured presentations from the four startups, who showcased technology-driven products aimed at improving efficiency, access and customer experience across the insurance value chain.
