CBI Partnering InsurTech has launched a digital insurance ecosystem following its acquisition of a Web Aggregator Licence from the National Insurance Commission (NAICOM). Chris Baywood Ibe, founder and executive vice chairman of Baywood Holdings Limited, described the licence as marking the start of a new era in which technology will expand access and restore trust in Nigeria's insurance sector. He stated that despite the availability of many insurance products, adoption remains low due to perceived complexity, inaccessibility and difficulties during claims settlement. "The true test of insurance is not when a policy is purchased but when a claim is made," Ibe said, adding that public confidence hinges on quick, transparent and seamless claims processing.
The company will operate as a technology platform rather than a traditional insurer, offering a digital marketplace that connects insurance firms, Health Maintenance Organisations (HMOs), businesses and individuals. Customers can discover, compare, purchase, manage and initiate claims through web, mobile and API-enabled channels. The platform uses artificial intelligence, smart algorithms and interactive support tools to simplify the insurance experience. Suleiman Olalekan Ajani, managing director of CBI Partnering InsurTech, said the licensing process took about two years and was rigorous, with NAICOM insisting on an in-person presentation in Abuja due to the initiative's significance. Ibe emphasized that the platform is not competing with insurers but enabling their growth by expanding reach, especially to underserved segments. He noted that organisations failing to adopt digital solutions risk becoming irrelevant, particularly with the Federal Government's renewed focus on insurance development.
Chris Baywood Ibe claims the platform will restore trust in insurance through faster claims, yet the system's success depends on insurers who have historically failed in that area. The same companies now expected to deliver seamless digital claims have been responsible for the delays and opacity that eroded public confidence in the first place. If the platform relies on these existing players without enforcing performance standards, it may digitise the inefficiency rather than eliminate it. Nigerians will remain skeptical until they see actual claims processed differently.
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