Insurance CEOs Advised to Change from Traditional Business Model to Digital Transformation

Ebere Nwoji

Operators in the insurance sector have been advised to have a rethink on their  traditional approaches to business and embrace change with agility and the wave of digital transformation  in modern business.

Doing so, he stated, will enable them remain relevant and competitive in the business world.

The Chairman, Nigeria Insurers Association (NIA),  Mr Kunle Ahmed, gave the advise at the 2025 Insurance Chief Executives’ retreat organised  by the insurers in Lagos. 

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?”

He 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 said.

He urged 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 further said 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 told 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. 

He said as industry leaders, they must work together to foster a culture of innovation, openness, and continuous learning.