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NITI will involve training of selected incumbent insurance companies with intended development of a digital insurer and digital sandbox concept in Nigeria. In Africa, risk markets remain nascent, competition minimal, and incumbents sluggish at innovating. Many incumbent insurance companies use the term “digital transformation” to refer to any initiative that uses digital technology to conduct business however most of these companies are still far from implementing digital solutions. The goal of the training initiative is to push incumbent traditional insurer to become a digital insurer through development of an innovation hub within the company. The innovation hub will apply digital sandbox mechanisms to test the solutions with targeted interactions from the regulator
Watch the interview: Insurtchs in Kenya: Insurtchs aims expands reach of insurance in Kenya
Implementing Partner
Tellistic Technology Services
Donor(s)
IFC
Value (in £)
50,000
Implementation Period
2021 - 2022
Countries Covered
Nigeria
Project Description
NITI will involve training of selected incumbent insurance companies with intended development of a digital insurer and digital sandbox concept in Nigeria. In Africa, risk markets remain nascent, competition minimal, and incumbents sluggish at innovating. Many incumbent insurance companies use the term “digital transformation” to refer to any initiative that uses digital technology to conduct business however most of these companies are still far from implementing digital solutions. The goal of the training initiative is to push incumbent traditional insurer to become a digital insurer through development of an innovation hub within the company. The innovation hub will apply digital sandbox mechanisms to test the solutions with targeted interactions from the regulator
Watch the interview: Insurtchs in Kenya: Insurtchs aims expands reach of insurance in Kenya
Target results
Progress
Two incumbent insurance companies in Nigeria that had applied for the BimaLab Accelerator Program have been selected for the training initiative. The training program will take four weeks. The training is currently on its second week.
Contact
