Insurance Operators Urged To Embrace Digital Transformation Business Model
Operators in the insurance sector have been called upon to rethink their traditional approaches to business and embrace change with agility and the wave of digital transformation in modern business.
The Chairman, Nigeria Insurers Association (NIA), Mr Kunle Ahmed, gave the advice at the 2025 Insurance Chief Executives’ retreat organised by the insurers in Lagos, adding that doing so will enable them to remain relevant and competitive in the business world.
Speaking on the relevance of the theme of the year’s retreat, “Digital Disruption and Social Innovation: Reshaping Our Traditional Models,” Ahmed said, “As we discuss digital disruption, I urge you to consider the following questions: how can we leverage technology to better understand and serve our customers, how can we harness the power of data to drive decision-making and innovation, most importantly, how can we create a seamless and integrated digital experience that not only meets but exceeds customer expectations?”
Chairman, NIA said equally important was the role of social innovation in reshaping the insurance industry, adding that as insurers, operators have responsibility to address the evolving needs of their diverse communities and ensure that their services were inclusive, accessible, and beneficial to all.
“Social innovation challenges us to think beyond profit margins and focus on creating positive social impact. Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship,” he added.
He advised the insurers that as they explore the concept of social innovation, they should reflect on how to design insurance products that were not only profitable but also socially impactful.
He encouraged them that they should think about how to engage with stakeholders to drive collective action towards sustainability as well as how to measure and communicate the social and environmental benefits of their initiatives.
Ahmed reminded the insurers that the journey of digital disruption and social innovation was not one that they could embark on alone, adding that it required collaboration, partnership, and a shared vision for the future.
According to him, industry leaders must work together to foster a culture of innovation, openness, and continuous learning.
