Traditional Insurers Face Extinction Without Digital Shift

Chri Ib, the Executive Chairman of Baywood Group, issued a strong warning regarding the future of traditional insurers in Nigeria, stating that they risk corporate extinction within the next five years if they fail to adapt to the digital revolution. During a media briefing, Ib emphasized that corporate survival depends on rapid innovation, highlighting that the current world is moving towards technology.

He introduced a new digital initiative launched by CBI in partnership with Insurtech, which aims to simplify the management of insurance policies in Nigeria through a mobile application. This platform will dismantle traditional bottlenecks in the local insurance sector, allowing users to discover, purchase, and manage insurance from anywhere.

Ib noted that the adoption of digital solutions is crucial for enhancing customer confidence and ensuring immediate access to a wide variety of mobile-ready insurance products. The initiative has received regulatory approval from NAICOM, aligning with the federal government's goals for comprehensive financial inclusion and digital transformation in Nigeria's financial services sector.