At IMT 4.0, stakeholders analyse Insurance Reform Act, urge youth inclusion

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The fourth edition of the Insurance Meets Tech (IMT 4.0) conference held in Lagos on Thursday brought together insurance leaders, innovators and regulators to examine how Nigeria’s new insurance law can transform the sector and attract younger participants.

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Nigeria recently enacted the Nigerian Insurance Reform Act 2025 (NIIRA 2025), replacing the 2003 Insurance Act.

The law significantly raises capital requirements for life, non-life and reinsurance companies, mandates digital service delivery, tightens claims timelines and strengthens consumer protection. It also allows cross-border participation within West Africa.

At the gathering, Odion Aleobua, the conference convener and CEO of Modion Communications, underscored the need to engage younger Nigerians in insurance.

“Sixty-five per cent of Nigerians are millennials and Gen Z. If we are thinking of strategy, we want young people to help shape it,” he said.

Mr Aleobua spotlighted IMT 4.0 and Redefine 2.0 as initiatives encouraging participation and innovation.

Engaging Nigeria’s emerging generation

The conference showcased innovation to reach tech-savvy young Nigerians. “Sixty per cent of Nigerians are millennials and Gen Z, over 100 million people online, connected, and entrepreneurial. Insurance must innovate with them to remain relevant,” Mr Aleobua said in his opening remark.

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He also announced IMTx, a thought-leadership summit to ensure the conference’s outcomes are tracked and implemented.

In her remark, Abimbola Onakomaiya, President of the Professional Insurance Ladies Association (PILA), underscored the importance of raising financial literacy and insurance knowledge among young Nigerians.

“We must equip them to manage risks using digital platforms, data analytics, and personalised solutions that enhance customer experience,” she said.

Ms Onakomaiya urged insurers to leverage growing internet penetration and smartphone adoption to expand savings, investments, and wealth creation. “This will strengthen businesses and ensure insurance takes its rightful place in Nigeria’s financial ecosystem,” she said.

Underserved communities

Expanding reach to underserved communities, the Chief Commercial Officer of Casava Insurance, Aluor Agusah, speaking on behalf of the organisation’s founder and CEO, Bode Pedro, said the micro-insurance firm is investing in low-barrier digital channels such as WhatsApp, SMS and simple web links to reach customers without internet access or smartphones.

“Even when technology is available, many users are not informed or lack the facilities to use it. Our major aim is to ensure insurance reaches the most underserved populations,” he said.

Mr Agusah noted that rural and informal communities often face limited access to technology.

“We are exploring ways to reach this population through WhatsApp, SMS, and web links, allowing them to view and purchase products without barriers. Companies with POS devices, which are widespread, can distribute our insurance products if their agents are trained on the basics required by the rural populace,” Mr Agusah said.

He added that partnerships with telecoms, including developing a USSD code, would allow wider deployment, benefiting telcos and customers.

He concluded by highlighting the importance of platforms that foster collaboration and innovation.

Accolades for the new insurance act

Panellists at a session titled “Executive Dialogue: NIIRA—An Era Beckons,” moderated by Ugochukwu Obi-Chukwu, founder of Nairametrics, described the Nigerian Insurance Industry Reform Act 2025 (NIIRA) as landmark legislation expected to transform the sector.

Panellists included Olusegun Omosehin, commissioner for insurance and CEO of NAICOM; Yetunde Ilori, president of CIIN; Prince Oguntade, president of Rohiboth Group; and Kule Ahmed, chairman of NIA.

The experts said the Act consolidates multiple laws into a single framework, introduces stricter claims timelines, strengthens consumer protection, and imposes heavier penalties on defaulters. Compliance with covers such as third-party motor, group life, builder’s liability, and occupier’s liability will now be strictly enforced.

They underscored the role of skilled professionals in driving reforms, noting that technology will empower, not replace, brokers. Price reforms, especially for motor insurance, will move from fixed rates to risk-based models, rewarding safer drivers with lower premiums.

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The panellists concluded that the Act prioritises policyholders’ interests by codifying claims processes into law and enforcing strict timelines for payment, positioning Nigeria’s insurance market for growth and global competitiveness.

The conference, attended by regulators, insurers, innovators, and international speakers, explored how technology can drive inclusive growth and expand coverage in a country where insurance penetration remains below one per cent.