BY NKECHI NAECHE-ESEZOBOR—The Founder and Executive Chairman of Baywood Holdings Limited, Emperor Chris Baywood Ibe, has praised the National Insurance Commission (NAICOM) for encouraging innovation and digital growth within the country’s financial services sector.
Speaking in Lagos, the Baywood founder, noted that the regulator’s forward-thinking approach recognizes digital ecosystems as the primary pathway to deepening insurance penetration and expanding access across Nigeria.
The commendation follows the recent deployment of an operational web aggregator license granted by NAICOM to CBI Partnering Insurtech Limited, a subsidiary of Baywood Holdings.
According to Ibe, this regulatory approval directly aligns with the Federal Government’s newly assented insurance policy, which is aimed at driving comprehensive financial inclusion through digital transformation.
He revealed that the company invested over a year into building a robust technological infrastructure before securing final regulatory approval.
Ibe stated that while the licensing process was stringent to acquire, it served as the final piece of the puzzle for the firm.
He emphasized that long before receiving the official nod, the company had invested heavily in building the technology and preparing for scale, operating on the principle that operational readiness must always precede market recognition.
Operating strictly as a technology-driven marketplace rather than a traditional insurance underwriter, CBI Partnering Insurtech plans to leverage its web aggregator status to bridge the gap between conventional insurance providers and the uninsured public.
The highly scalable platform is web-based, app-driven, and API-ready, specifically engineered to integrate insurers, Health Maintenance Organizations (HMOs), corporate entities, SMEs, and individual retail consumers into a single, unified digital ecosystem.
