The Nigeria Insurers Association (NIA), on Monday launched a technology innovative hub tagged, NIA Innovation Lab.

NIA said this is a facility designed to accelerate digital solutions and reshape insurance practice in the country.

The launch of the technology lab comes barely two weeks after insuretech firms commenced operation in insurance industry as directed by the National Insurance commission in its recently released guidelines for the operations of the firms.

Speaking at the launch of the lab, which took place at the Insurers' house, Saka Tinubu, Victoria Island Lagos, NIA Chairman, Mr Kunle Ahmed, said the initiative marked a milestone in repositioning the industry for a technology-driven future.

Ahmed said he championed the course of the lab in fulfilment of the promise he made to the insurers during his inauguration speech in October 2024, in which he had emphasised the need for insurers to embrace digital innovations and pledged to establish an innovation challenge to foster new solutions.

Ahmed explained that the lab would serve as a hub where ideas would be nurtured, technologies tested, and scalable solutions developed for the Nigerian market. Also speaking, Chairman, NIA Advisory Committee on Digital Innovation and IT, Mr Babatunde Fajemirokun who is also the Managing Director, AIICO Insurance plc, presented insights from the survey earlier conducted which informed on the challenging areas to wade into.