By Peace Udugba
The Managing Director of Enterprise Life Assurance Nigeria, Mr. Nelson Akerele, has called on players in the Nigerian insurance industry to embrace digital transformation or risk extinction.
Speaking during a panel session at the Insurance Meets Tech 4.0 conference, held in Lagos, Nelson urged colleagues across the industry to evolve, acquire new skills, and adapt to the disruptions shaping the future of insurance. The panel, themed “Innovating for Disruption: Building Systems and Ethos,” also featured Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance; Mr. Tunde Mimiko, MD/CEO Sanlam Allianz Life Insurance Nigeria; Mr. Stephen Alangbo, MD/CEO Cornerstone Insurance; and Mr. Olamilekan Oyinlade, MD/CEO Temple General Insurance Limited. The session was moderated by Mrs. Adetola Adegbayi, Founder, Mutual Specialists.
Nelson drew parallels between the insurance sector and other industries that have been radically reshaped by technology, such as manufacturing, healthcare, and hospitality. He noted how robotics and AI have transformed manufacturing by boosting efficiency, and how medical professionals now rely on AI-powered diagnostic tools for precision and speed. According to him, insurance cannot remain an exception.
He said, “Innovation has come to stay. The disruptions we are witnessing are not threats; they are opportunities. They allow us to learn new skills, embrace AI-driven tools, and deliver services that are faster, smarter, and more delightful for customers. Regulators, through the Nigerian Insurance Industry Reform Act (NIIRA), have already sent the right signals that digitalisation is not optional, businesses must scale.”
Nelson stressed that technology adoption is no longer about incremental improvements but about wholesale transformation. He pointed to global disruptions such as Netflix replacing video rental chains, Airbnb reshaping hospitality, and Uber redefining mobility as clear examples of how industries that fail to adapt quickly lose relevance.
In insurance, we need a complete mindset shift. Incremental improvements are not enough; we must embrace disruptive thinking. If we do not evolve, we will face extinction. But if we innovate boldly, the opportunities before us are enormous. With over 230 million people in Nigeria and a penetration still below 1% of GDP, the gap to be filled is huge. The future of insurance will be defined by how well we adapt, collaborate with fintechs, and deploy platforms that truly meet customer lifestyles.”
Adding weight to the conversation, Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance, emphasized that innovation must be defined in terms of customer experience rather than technology alone. He argued that the industry’s biggest challenge lies in what customers actually encounter when they interact with insurers.
Whether you call it innovation or DNA, what will really shake the foundations of our industry is experience. What are customers experiencing today? Frankly, very little. We sit in our offices, design products we believe customers need, yet their awareness remains low. And for those who have taken the bold step to buy insurance, their experiences have often been disappointing. That is the true gap. Innovation, therefore, must be about changing that experience, doing things differently or improving on what already exists, in ways that restore trust and delight the customer”, he remarked.
Highlighting Enterprise Life’s own digital-first model, Nelson explained that the company’s processes were built to be technology-driven from inception, making efficiency and customer experience central to its operations. The session closed with a call for insurance operators to build systems that not only embed digital tools but also foster a culture of adaptability.
