BY NKECHI NAECHE-ESEZOBOR—Buying and managing insurance policies in Nigeria is about to get as simple as sending a text message, thanks to a new digital initiative aimed at putting complete insurance coverage directly onto smartphones.
CBI Partnering Insurtech Limited, a newly licensed web aggregator and subsidiary of Baywood Holdings Limited, has unveiled an app-driven, web-based marketplace built to dismantle the traditional bottlenecks of the local insurance sector.
Speaking at a media briefing, Executive Chairman Emperor Chris Baywood Ibe explained that the platform was designed with the modern mobile consumer in mind, ensuring that insurance is easy to discover, purchase, and manage from anywhere.
“Whether you are at home, in the office, or traveling across the country, insurance should be entirely accessible via your mobile devices,” Ibe stated.
“For decades, adoption in Nigeria has been constrained not by an absence of products, but by accessibility, complexity, and a lack of customer confidence. We are changing that by bringing the entire ecosystem onto a single digital interface.”
To achieve this, the company is deploying an ecosystem powered by generative AI, advanced algorithms, and interactive chatbots. While clarifying that CBI Partnering Insurtech is a technology marketplace rather than an insurance underwriter, Ibe emphasized that the platform will handle everything from policy creation to seamless claims support right on a user’s phone.
The move comes at a critical time for the industry. With a newly assented Federal Government policy driving digital financial inclusion, Ibe issued a strong warning to legacy underwriters still operating on paper-heavy, offline business models, stating that companies must innovate or face corporate extinction within the next five years.
To ensure consumers have immediate access to a wide variety of mobile-ready products, CBI Partnering Insurtech announced it will provide technical “hand-holding” to traditional insurance companies and Health Maintenance Organizations (HMOs).
The tech firm plans to build custom Application Programming Interfaces (APIs) for operators lagging behind digitally, allowing them to connect directly to the mobile platform.
This collaborative framework aims to give retail consumers, micro-businesses, and corporate organizations instant, transparent access to insurance protection at the swipe of a finger
