CBI partnering InsureTech unveils digital insurance ecosystem to expand access, trust

Nigeria’s insurance industry may be on the verge of a significant digital transformation as CBI Partnering InsurTech positions itself to bridge longstanding gaps in accessibility, trust, and customer experience through technology-driven solutions designed to deepen insurance penetration across the country.

Speaking following the company’s acquisition of a Web Aggregator Licence from the National Insurance Commission (NAICOM), Chris Baywood Ibe, founder/an executive vice chairman of Baywood Holdings Limited said the development represents more than regulatory approval. “It signals the beginning of a new era where technology will play a central role in expanding insurance access and rebuilding public confidence in the sector.”

According to him, despite the availability of numerous insurance products in Nigeria, adoption has remained low largely because many consumers perceive insurance as complex, inaccessible, and difficult to navigate, particularly during claims settlement.

“For decades, insurance adoption in Nigeria has been constrained not by a lack of products but by accessibility challenges, complexity and, in many cases, limited customer confidence. The true test of insurance is not when a policy is purchased but when a claim is made. People trust insurance when claims are processed quickly, transparently and seamlessly,” Ibe stated.

He explained that CBI Partners InsurTech was established to address these challenges through a digital marketplace that seamlessly connects insurance companies, Health Maintenance Organisations (HMOs), businesses and individual customers within a unified ecosystem.

Unlike traditional insurers, the company will operate as a technology platform, providing digital infrastructure that enables customers to discover, compare, purchase, manage and initiate claims on insurance policies through web-based, mobile and API-enabled channels.

Industry analysts have repeatedly identified limited distribution channels, poor customer engagement and cumbersome claims processes as major obstacles to insurance growth in Nigeria. CBI Partners believes technology can provide a scalable solution to these challenges.

“Our platform is web-based, app-driven and API-enabled. Insurance is increasingly becoming digital, and organisations that fail to embrace technology risk becoming irrelevant. With the Federal Government’s renewed emphasis on insurance development, it has become even more important to leverage technology to deepen insurance penetration and improve accessibility,” Ibe said.

At the heart of the platform is the deployment of advanced technologies, including artificial intelligence, smart algorithms and interactive customer-support tools aimed at simplifying the insurance journey for consumers.

The company believes these innovations will reduce friction across the insurance value chain, making it easier for Nigerians to understand products, access coverage, manage policies and process claims.

“Our goal is simple, to make insurance easier to discover, easier to purchase, easier to manage and easier to claim,” Ibe noted.

Beyond improving customer experience, the platform is also expected to create new growth opportunities for insurers and microinsurance operators by expanding their visibility and reach to previously underserved market segments.

Ibe emphasized that CBI Partners InsurTech is not seeking to compete with insurance companies but rather to serve as an enabler of industry growth.

“We are not competing with insurance companies. We are creating opportunities for them to grow their businesses, expand their reach and strengthen public confidence in insurance,” he said.

He added that the platform will support insurers that have yet to develop robust digital capabilities by providing technology infrastructure, API integration services and digital distribution channels that enable them to participate effectively in the evolving insurance landscape.

This collaborative approach, according to him, is critical to unlocking the industry’s vast untapped potential, particularly among Nigeria’s growing population of digitally connected consumers, small businesses and informal sector operators.

The company also plans to work closely with insurers to develop more relevant and affordable insurance products tailored to the needs of different customer segments.

“Access alone is not enough. Customers must also have products that are relevant, affordable and easy to understand,” Ibe stated.

The Web Aggregator Licence category introduced by NAICOM is widely viewed as part of broader efforts to modernise the insurance sector and encourage innovation capable of expanding financial inclusion.

For CBI Partners InsurTech, the licence validates years of investment in technology infrastructure, operational readiness and digital capabilities.

“Long before receiving approval, we invested heavily in technology, infrastructure and operational readiness. We believe readiness should come before recognition, and today that belief has been validated,” Ibe said.

He commended NAICOM for creating an enabling regulatory framework that encourages responsible innovation while safeguarding consumer interests, describing the regulator’s approach as a catalyst for sustainable industry growth.

Looking ahead, Ibe expressed confidence that technology-enabled collaboration among insurers, HMOs, businesses and ecosystem partners will accelerate the industry’s evolution and significantly improve insurance uptake across Nigeria.

“The future of insurance will be driven by collaboration. Together, we can create an insurance ecosystem where access is simple, claims are seamless, trust is stronger and every Nigerian can participate with confidence,” he said.

Suleiman Olalekan Ajani, managing director of CBI Partnering InsurTech presenting the certificate to EVC earlier said, the process of obtaining this licence began about two years ago. “It was a rigorous, demanding and highly detailed journey, but we successfully met all the requirements. That is why this occasion is significant.

NAICOM itself considered the licence important enough to organise a formal presentation. Ordinarily, a licence could simply be sent electronically, but they insisted that we are present in Abuja because they believe this initiative represents a paradigm shift from the traditional insurance practices.

“CBI Partners InsurTech has been a trailblazer in this regard, and NAICOM encouraged us to pursue what we are doing today because they believe it will help deepen insurance penetration in Nigeria, particularly in line with the Federal Government’s renewed focus on insurance development.”