Technology-driven insurance firms are increasingly seeking regulatory approval from the National Insurance Commission (NAICOM) to operate as web aggregators and accelerate digital distribution of insurance products across Nigeria.
So far, Mp-Platform Ltd, Insurance Hub Nig. Ltd, and P2Vest Tech Ltd have secured approval, while CBI Insuretech Limited and WRAPA Insuretech Limited have applied for licenses.
The push aligns with the provisions of the new Insurance Industry Reform Act (NIIRA) 2025, which allows technology partners to collaborate with licensed insurers to boost product reach and market penetration, particularly at the retail end of the value chain.
Web aggregators are regulated digital platforms that allow consumers to compare multiple insurance offerings, providing transparency, unbiased product information, and a simplified route to purchase.
Speaking at the West African Insurance Companies Association (WAICA) Education Conference, the Minister of State for Finance, Doris Uzoka-Anite, said insurance will only deliver real impact when it becomes accessible to everyday Nigerians, including farmers, traders, artisans, and micro-entrepreneurs.
She noted that digital distribution, micro-insurance, and parametric offerings designed to trigger instant payouts based on verified data would improve financial inclusion and deliver resilience at the grassroots.
NAICOM recently released operational guidelines for Insurtech activities following broad stakeholder consultations. The guidelines, effective 1 August 2025, set out the regulatory framework for licensing, compliance and supervision of tech innovators within the insurance ecosystem.
Commissioner for Insurance, Olusegun Omosehin, described the NIIRA 2025 as a turning point for the industry.
“The NIIRA is a transformative catalyst that accelerates innovation, supports the development of novel products, and elevates consumer protection to unprecedented levels,” he said.
Under the framework, partnering Insurtechs may only transact specified classes of insurance with licensed underwriters, while standalone Insurtechs may operate independently—excluding special risks such as oil and gas, marine and aviation, retirement annuities and insurance for government assets.
Insurtech operators are also required to comply with NAICOM’s prudential guidelines, including risk management, investment conduct, outsourcing controls and actuarial standards.
All existing institutions engaged in Insurtech-related services have until the end of September 2025 to fully comply within 30 days of the guidelines taking effect.
Nigeria’s insurance market continues to expand rapidly. Gross Written Premium (GWP) rose to N1.213 trillion in the second quarter of 2025—up 49.3 per cent year-on-year—while total industry assets climbed to N4.4 trillion, compared with N2.3 trillion in Q2 2024.
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