The Chairman of the Nigerian Insurers Association, Mr. Kunle Ahmed, has urged insurance industry leaders to embrace digital disruption and social innovation to remain competitive in an evolving financial landscape.
Ahmed made this call at the 2025 CEOs Retreat in Lagos, emphasising the need for insurers to adapt to technological advancements and rethink traditional business models.
The CEOs retreat is a premier gathering of industry leaders to discuss the future of insurance in Nigeria. This year’s theme was ‘Digital Disruption and Social Innovation: Reshaping Our Traditional Models.’
In his opening remarks, NIA chairman said, “As we navigate an era of rapid technological advancements and evolving societal needs, it is imperative that we proactively adapt and innovate to stay ahead of the curve.”
Highlighting the transformative impact of emerging technologies such as artificial intelligence, blockchain, big data, and the Internet of Things, Ahmed noted that digital disruption offers unprecedented opportunities for efficiency, enhanced customer experience, and new business models.
However, he cautioned that it also presents challenges that demand agility and strategic foresight.
“Our industry, known for its rich history and established practices, must now embrace digital transformation to remain relevant. How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making? Most importantly, how can we create a seamless digital experience that exceeds customer expectations?”
Beyond technology, Ahmed stressed the importance of social innovation in ensuring financial protection for underserved and vulnerable populations. He called for inclusive insurance products that cater to diverse communities and promote financial resilience.
“Social innovation challenges us to think beyond profit margins and focus on creating positive social impact,” he said. “By developing products that address the unique needs of underserved communities, we can foster financial inclusion and resilience.”
He also emphasised sustainable insurance practices to mitigate climate risks and enhance environmental stewardship, saying, “How can we design insurance products that are not only profitable but also socially impactful?
How do we measure and communicate the social and environmental benefits of our initiatives?
“The future of insurance is bright, but it is up to us to shape it with vision, innovation, and a commitment to social good.
“Let us seize this opportunity to collaborate and drive positive change in our industry and society.”
