The National Insurance Commission (NAICOM) has emphasized the pivotal role of technology in enhancing insurance coverage, particularly in Nigeria’s rural areas. This call was made by the Commissioner for Insurance, Mr. Olusegun Omosehin, during his address at the 2025 Business Day Insurance Conference held in Lagos on April 16.
In his speech, which was delivered by Mr. Ekerete Ola Gam-Ikon, NAICOM’s Deputy Commissioner for Finance and Administration, Omosehin outlined three key strategies aimed at boosting insurance penetration in underserved regions:
-
Innovate for Inclusion
-
Enhance Regulatory Systems
-
Promote an Insurance Culture
He stressed the importance of collaboration between insurers, regulators, and policymakers to drive growth in the sector. Omosehin specifically pointed out that technology is essential in reaching rural communities, informal sectors, and younger demographics, who remain largely uninsured.
“Technology must be leveraged to ensure that insurance reaches the underserved, particularly in rural areas,” Omosehin stated. “Microinsurance, digital platforms, and inclusive products are key to shaping the future of the industry.”
This statement aligns with the theme of the conference, “Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry,” and highlights the significant role of InsurTech in transforming the insurance landscape in Nigeria.
NAICOM’s focus on digital innovation and microinsurance products marks a forward-thinking approach to expanding coverage and improving accessibility for Nigeria’s growing populations in remote and rural locations.
