IMT Applauds NIA’s Innovation Drive, Calls Insurance-Fintech Collaboration a Fundamental Shift

By LOVETH AZODO, Lagos

Insurance Meets Tech (IMT) has lauded the Nigerian Insurers Association (NIA) for its recent announcement to partner with financial technology firms to accelerate claims payment, describing the initiative as a bold step toward transforming public perception and driving insurance penetration in Nigeria.

The commendation follows a disclosure by NIA Chairman, Mr. Kunle Ahmed, who revealed plans to invite fintech companies to pitch innovative solutions capable of revolutionising the insurance claims process.

He noted that enhancing the speed and transparency of claims settlements is essential to rebuilding trust in the sector, particularly in light of the N536.5 billion paid out in claims in 2023.

“Claims are the ultimate moment of truth for policyholders,” said Odion Aleobua, Convener of Insurance Meets Tech and CEO of Modion Communications.

“Injecting convenience, speed, technology, and transparency into this process is not just an operational upgrade; it’s a fundamental shift. It validates the very conversations and partnerships IMT has been driving, moving from dialogue to action that benefits both insurers and the insured.”

Now in its fourth year, IMT has positioned itself as West Africa’s leading platform for bridging the insurance and technology sectors.

Since its inception in 2022, the annual conference has attracted over 300 C-suite executives, fostered strategic partnerships, and supported early-stage insurtech startups with access to funding and mentorship.

Themed “Insurance and Tech: Beyond Collaborations,” the 2024 edition of IMT deepened engagement with tech-savvy Nigerians especially Millennials and Gen Zs through immersive showcases and lifestyle-driven insurance innovations.

According to Aleobua, the NIA’s fintech partnership agenda mirrors IMT’s core mission to catalyse innovation and drive inclusive growth in the sector.

“As the planning for IMT 2025 gains momentum, we are excited to delve deeper into how technology particularly predictive analytics and market intelligence can unlock new growth opportunities,” he added.

IMT also expressed interest in collaborating with the NIA on this and other transformative initiatives, reaffirming its commitment to serving as a catalyst for dialogue, innovation, and policy-driven partnerships aimed at repositioning the West African insurance industry through technology.