In a landmark event marking a bold stride into the future of risk management, the Chartered Insurance Institute of Nigeria (CIIN) proudly concluded its inaugural Insurance Week Hackathon in Nigeria. Highlighting the synergy between tradition and technology, this week-long competition signified the industry’s collective ambition to reimagine insurance delivery in Nigeria through digital innovation.
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A New Vision for Insurance
Held from June 28 to July 4, Insurance Week brought together insurance professionals, policymakers, and budding innovators to forge a future in which data analytics, artificial intelligence (AI), and user-centric platforms redefine how Nigerians protect their lives and livelihoods.
During the culminating Hackathon event, CIIN President Mrs. Yetunde Ilori shared heartfelt praise. Speaking at the hawk‑eye demo day in Lagos, she expressed confidence in the digital revolution taking root:
“The future is bright for the Nigerian insurance industry. We are transforming as an industry, and digital innovation is at the heart of that transformation,” she stated emphatically.
The enthusiasm and quality demonstrated by the finalists underscored the Institute’s conviction that insurance must evolve to meet the needs of a tech-savvy, risk-aware population.
Rigorous Selection—High Stakes
From an initial pool of 19 applicants, six standout teams were shortlisted to partake in a four-week mentoring and development sprint, tackling real-world challenges in insurance access and delivery. Targeting Nigerians aged 18 to 29, the challenge sought solutions across multiple pillars:
- Financial inclusion: Designing microinsurance for underserved communities
- Fraud detection: Harnessing AI to verify, analyze, and mitigate false claims
- Risk management: Leveraging data to assess and price risk more fairly
- Client experience: Enhancing trust and customer interaction via streamlined digital tools
The finalists—Ifokanbale, Insurbridge, Insurvate, Team Aegis, Team Phoenix, and The Assured Team—delivered polished pitches on demo day, presenting viable prototypes ready for real-world deployment.
Finalists Spotlight: Innovative Solutions on Stage
- Team Aegis unveiled “Hustle Guard”, a microinsurance platform for tricycle drivers. Their solution integrates health, life, and income coverage to protect Nigeria’s informal transport workforce—a group often excluded from traditional insurance.
- The Assured Team introduced “Kolo Plus by Card”, a fusion of savings and incremental returns tailored for low-income earners. By making savings seamless and rewarding, they aim to boost financial resilience.
- Insurbridge designed “Smarter Claims”, an AI-assisted claims management tool that simplifies and accelerates the claims journey—reducing paperwork and improving transparency.
- Team Phoenix pitched “HerShield”, a platform dedicated to empowering female customers through targeted insurance products, support networks, and educational resources.
- Ifokanbale presented a community-centric platform, although specific solution details were not disclosed, and Insurvate rounded out the field.
Each presentation culminated in a live, panel-judged evaluation, as teams showcased MVPs, customer journeys, and impact strategies. Prestigious judges included sector heavyweights such as Norah Igwe, Tunji Andrews, Diana Mulili, Sakeenat Bakare, Ibraheem Babalola, and Prince Adeshina Adeyemi‑Doro.
Claim Central Emerges as Champion
Amid tight competition, Team Insurvate clinched top honours with “Claim Central”—a comprehensive digital end-to-end claims portal designed to streamline interactions from policy creation to claim resolution.
Reflecting on their journey, Team Insurvate lead Mr. Odunayo Ojeremi shared:
“We are excited and grateful for the opportunity. We didn’t expect to win, but we are glad our solution was recognised. We hope to improve ‘Claim Central’ and make it a platform that ensures seamless claims processing.”
Their victory symbolizes a breakthrough in consumer-centric insurance — one that delivers clarity, speed, and accountability.
Following closely behind, Team Aegis earned second place for its inclusive microinsurance solution, while Team Phoenix rounded out the podium in third.
Perspectives from the CIIN and Industry
Eddie Efekoha, Chairman of Insurance Week, commended the Hackathon’s role in cultivating both creators and consumers:
“We believe this initiative will spark more interest among the youth to engage with insurance, not just as consumers but as creators and innovators.”
This sentiment echoed across the week’s events, reinforcing CIIN’s objective to deepen public understanding of insurance products, fortify industry collaboration, and spark a cultural shift toward innovation.
Beyond Hackathon: The Wider Insurance Week Agenda
While the Hackathon was undeniably the week’s highlight, Insurance Week also hosted panel discussions, training workshops, and interactive exhibitions. Seminars tackled topics such as:
- Digitizing agent distribution channels
- Blockchain’s role in fraud prevention
- Public-private partnerships in rural insurtech
- Educating the electorate on insurance value
These sessions drew participation from insurers, regulators, tech entrepreneurs, financial auditors, and community advocates—underlining CIIN’s expansive approach to sectoral transformation.
What the Hackathon Means for Nigeria’s Insurance Landscape
The successes of Insurance Week and its Hackathon reinforce several key takeaways:
- Youth Engagement Is Strategic
By targeting young innovators, CIIN is tapping into the demographic that is most agile, tech-fluent, and responsive to mobile-first solutions. - Focus on Untapped Markets
Solutions like Hustle Guard and Kolo Plus signal a move toward tailor-made insurance for low-income, informal-economy Nigerians. - Regulatory and Technical Alignment
The event cultivated dialogue among insurers, startups, and policymakers—a crucial ingredient for harmonizing innovation, consumer protection, and market viability. - Scalability Through Tech
With digital tools like Claim Central on the rise, the industry stands to benefit from cost efficiencies, fraud reduction, and heightened customer experience.
Voices from the Field
- CIIN President Yetunde Ilori framed the Hackathon as a pivot point: “This shows that the future is bright… digital innovation is at the heart of that transformation.”
- Chairman Eddie Efekoha emphasized youth activation and broader engagement with insurance innovation.
The Road Ahead: Sustaining the Momentum
With the successful launch of the Insurance Week Hackathon Nigeria, CIIN now faces the exciting task of converting project prototypes into market-ready ventures.
Key next steps include:
- Pilot Testing: Linking winners such as Team Insurvate with insurance companies or venture accelerators.
- Mentorship Programs: Sustaining support with legal, technical, marketing, and regulatory guidance.
- Seed Funding: Pairing early-stage innovations with grants or investment channels.
- Annual Editions: Building on this template to make Insurance Week a fixture of innovation in Africa.
For tech disruptors, insurers, and regulators alike, the Hackathon has revealed a promising blueprint for modernization. As Nigeria increases smartphone penetration and embraces digital banking, the insurance sector must ride that wave—and innovation hubs like this create the surf.
Why “Insurance Week Hackathon Nigeria” Matters
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Summary
- Event: CIIN hosted its first-ever Aviation Week Hackathon during Insurance Week (June 28–July 4).
- Participants: Youth innovators (ages 18–29) tackled insurance challenges over four weeks.
- Winning Teams: Top honours went to Team Insurvate’s Claim Central; Team Aegis (2nd); Team Phoenix (3rd).
- Impact: Emphasized digital transformation, youth participation, and accessible insurance for all.
- Outlook: Projects will be incubated further; Insurance Week is set to become an annual engine for innovation.
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