The insurance industry in Nigeria is at a crossroads, and traditional operators risk fading into irrelevance if they fail to embrace digital innovation. This stark warning comes from Chris Ibe, the boss of CBI Partnering Insurtech, who is urging legacy companies to wake up before it’s too late.

Speaking recently, Ibe highlighted how outdated, paper-heavy operations are no match for today’s fast-changing market.

 With customers demanding quick, convenient services via mobile apps and online platforms, insurers still relying on manual processes are losing ground rapidly. “Traditional insurers risk corporate extinction without digital adoption,” he cautioned, painting a clear picture of survival challenges ahead.

CBI Partnering Insurtech has stepped up by launching an app-driven marketplace designed to make insurance more accessible, transparent, and customer-friendly. This platform connects users directly with tailored products, simplifies claims, and reduces the usual hassles associated with buying policies. For many Nigerians who previously found insurance complicated or untrustworthy, this represents a refreshing change.

The shift towards insurtech is driven by younger customers who expect everything at their fingertips. In a country where insurance penetration remains low, digital tools can help close the gap by reaching underserved populations  from small business owners to rural families   who need protection against health issues, accidents, and business risks.

Experts agree that embracing technology is no longer optional. Companies that invest in data analytics, seamless digital experiences, and partnerships with tech firms stand a better chance of thriving. Those that resist may struggle with higher costs, slower service, and declining market share.

For policyholders, this evolution promises faster claims processing, better product choices, and greater trust. As the sector modernises, ordinary Nigerians stand to benefit from more reliable and affordable insurance options.

The message from the CBI boss is a timely wake-up call. Nigeria’s insurance industry has huge potential, but only those willing to innovate will survive and grow in the digital age. Traditional players must adapt quickly or risk watching nimble insurtech disruptors take over the future.