General News
Technology Frees Underwriters from Armchair business
Insurance experts the world over, seem to agree that insurance agents have a crucial role to play in insurance. Even a session on IT strategies in a cost-cutting environment held recently under the title at ISOTECH 2009 a lot of discussions was focused on agents. The responsibility to improve relationships now likely falls on the underwriter. The role of the underwriter has changed over the past few years, in part due to technology. Gone are the eight-hour days of sitting at a desk. The availability of business rules and automated underwriting has freed up underwriters to take on somewhat unfamiliar responsibilities, one of which is the face and voice of the insurer to agents.
The relationship between the underwriter and agent is an important one, especially in the current market. It is difficult to grow business under the prevailing economic situation in Nigeria without relying on agents. This is more so as most of the insurance companies do not have offices in the remote areas. Experts believe that no matter the innovations which operators may put in place, agents cannot be easily wished away. According to Desmond Azuwike, general managers of ABC Agency and Brokers, you can introduce new products, but consumers may be demanding for simpler products; you can acquire other companies, but capital markets may be tight. Thus, establishing, maintaining and improving relationships with agents may be the answer, he says adding that companies that take innovative approaches are going to win.
While in the past, underwriters and technology may not have mixed well expert opinion says interest in underwriting technology, especially from personal lines, is growing. "What we’ve seen in talking to underwriters is that it is not really diminishing their intellectual capital or eliminating some of the processes. Rather, it is alleviating some of their manual tasks and enabling them to do more of the analytical work they really want to do.
Technology also is freeing up some of the underwriters’ time to become more involved in the sales process, "As you put this technology in place and offer some rules-based underwriting and pricing, you offload some of the template decisions to the other people in the enterprise and free up the underwriters to build relationships and sell more," he says.
More sophisticated technologies have hit the market over the past few years. Some of these technologies, according to experts enable collaboration between underwriters and agents. "The idea behind a workstation is to enable the underwriters to have a central location where they can access internal and external data needed in order to fully evaluate the risk," he says. "So, for example, on the property side, making it possible to calculate the insurance-to-value or probable maximum loss, or on the reinsurance side, doing some line-setting to determine retention levels for facultative reinsurance. Those are the types of things that these newer platforms provide in the commercial underwriter’s space.
"The balance between technology and relationships is critically important to our business"says Azuwike. He added that "the ease and dependability of technology enables our underwriters to focus their attention on the needs of the agency and the customer. It gives them more time to listen and solve real issues without the distraction that tedious, manual processes can create. It is a combination of science and humanity for us. We like to hear from our agencies; if they are not talking with us, then they are talking to our competitor."
He expressed that at ABC, they view the agent/underwriter relationship as critical. "Agents understand that underwriters are not going to be able to write everything that they send, but what agents really value is an underwriter who can work with the agent to move clients to where they want to be. If there’s not anything the underwriter can do on the price, they have to know the business well enough to suggest alternative coverage for different policy forms. Doing this effectively therefore, calls for a good knowledge of the industry, flexibility, willingness and availability.
Technology today has brought about a more purposeful work schedule which allows junior underwriters to do more of the keying and the processing, thereby giving relief to the senior members of the team to do more team-leading activities internally, or venturing out of the office to industry events and beyond. The present level of industry development has empowered underwriters to interact with agents more often. Such meeting created by this technological breakthrough, can be of tremendous advantage in the cross-selling and up-selling of products as well as product training.
Health Insurance; Why Insurers Place Limitations on HIV/AIDS Patients
Nigeria has a population of over 150 million people. Out of this, the number of people that have tested positive to AIDS is staggering. Only recently, the Lagos state ministry of health reported that over 1 million people have tested positive in recent times. This is outside the old figures and the equally rising statistics in other states of the federation. Today, the number of people living with HIV or AIDS is awesome.
Insurance companies may be unwilling to cover a client who has tested positive to HIV or has a full blown case. AIDS is a silent and brutal infection and has a devastating effect on the financial lives of the sufferers. Research has shown that every single non-group medical claim policy issued in this country permanently excludes hospitalization expenses incurred due to any sexually-transmitted diseases including AIDS (although AIDS can be caused by other myriad factors other than unprotected sex.) It does not matter if you have a health insurance policy for years and didn’t claim a kobo for maybe a decade. If you get infected with the HIV virus in the 11th year, you will still not be covered for any hospitalization expenses incurred due to this.
Of course, to be fair to the insurance companies there are valid reasons for the exclusions of HIV/AIDS. This is not unexpected especially against the background that 25 years ago, it was strange to hear of any such disease which has defied all medical researches aimed at finding a cure. The expenses required for treatment and eventual outcome is uncertain. The insurance industry depends on statistics about how many people get infected by the disease as well as the average cost for treating such a disease. This is also inclusive of eventual outcomes to guide in prizing appropriately. Therefore, since no reliable data is available on this, it is not surprising that it is excluded from the scope of coverage to avoid making the cost prohibitive. In fact, one of the insurance companies who spoke with this writer explained that while doing research on this subject, diabetics gave an interesting example whose insurance coverage under the health insurance plans in western countries, is variously accessed and usually very expensive.
Using this as an example, it can be clearly expressed that there is a second stage in health insurance where at least expensive insurance is available. Since HIV/AIDS is such a big issue the government would do well to create some kind of a common re-insurance pool just like it has done for certain categories of insurance such as oil and gas underwriting cover, without which the cost of covering this risk is likely to be prohibitive. Meanwhile, the insurance industry is doing its bit by having co-operative talks with some Non Governmental Organizations (NGO) under this subject. The result, though small, compared with the threats of the disease is at least providing some relief to victims, especially in meeting their treatment needs.
However, when insurance coverage for AIDS is viewed alongside other sexually transmitted diseases, one could understand why other STDs sometimes get the attention which AIDS patients don’t get. Statistical data on these lesser diseases is widely available and treatment protocols and outcomes are reasonably reliable like any other non sexually transmitted disease. Most insurance companies expressed concern that the reason this is so is because it flowed from previous mind-set that has been around for decades. At that time, the popular attitude was centered on the fact that somehow sexually transmitted diseases were immoral and hence anybody getting hospitalized due to them deserves not to be covered for the expenses. On the other hand, insurers probably felt that it was very expensive at that time to treat other sexually transmitted diseases which was perhaps acceptable.
It would be fitting if the National Insurance Commission (NAICOM) and the National Assembly could have regulations aimed at revisiting the entire subject of permanent exclusions. By permanent exclusion, we mean diseases that will not be covered irrespective of how long you have been insured compared with standard permanent exclusions such as congenital defects, cosmetic or obesity treatments, non allopathic treatments which are allowed under various regulations. If any insurance company wishes to expand the list it should be allowed to do so as long as an easily understandable communication is made to a prospective consumer and his prior informed assent obtained.
A recent study – Nigeria’s Credit Landscape Report 2025 – has revealed a striking paradox in the nation’s financial ecosystem, revealing that while more Nigerians are becoming financially included, only about 6% of adults currently access credit through formal financial institutions.
Published by Credit Direct in June 2026, the report highlights that although more than 64% of Nigerian adults are financially included, formal credit penetration remains significantly low. Credit to the Nigerian private sector stands at just 13.1% of GDP, well below peer African economies such as Kenya and South Africa. The findings point to persistent barriers to credit access for households, entrepreneurs and small businesses, despite improving economic conditions and growing business activity across key sectors of the economy.
The report also notes that Nigeria’s real sector recorded sustained expansion throughout 2025, with manufacturing, services and agriculture posting positive growth indicators, creating increased demand for working capital and business financing.
Reacting to the findings, Mutual Benefits Assurance Plc said the report reinforces the urgent need for a more holistic approach to financial inclusion, one that combines access to finance with savings, insurance protection and long-term financial planning.
The leading insurer noted that while access to credit remains important for economic growth, financial protection mechanisms are equally essential in helping individuals and businesses withstand economic shocks.
Through its diverse portfolio of solutions, Mutual Benefits continues to provide Nigerians with tools to build, preserve and protect wealth. These include education-focused protection plans, life assurance products, savings-oriented solutions, motor and property insurance and business protection products designed to safeguard livelihoods and future goals.
According to the Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga: “The conversation around financial inclusion must go beyond opening bank accounts and accessing loans. True financial empowerment is achieved when individuals and businesses can access financing opportunities while also protecting their income, assets, families and future aspirations from unforeseen risks.
“For many Nigerian families and business owners, a single unexpected event such as a medical emergency, fire incident, business disruption or loss of income, can erase years of financial progress. This is why insurance and disciplined savings remain critical pillars of long-term financial resilience.”
The report further reveals that Microfinance Banks account for only 5.4% of Nigeria’s total loan book, underscoring the need for stronger support for SMEs and underserved communities that often struggle to access conventional bank financing.
As part of its commitment to advancing financial inclusion, Mutual Microfinance Bank continues to deliver accessible financing solutions tailored to the needs of small businesses, traders, salary earners, entrepreneurs and emerging enterprises across Nigeria. As at December 31, 2025, the Bank had disbursed loans totaling N1.372 billion, further strengthening access to formal credit for individuals and businesses across its target segments. This growth trajectory continued into 2026, with the loan portfolio rising to N1.558 billion by the end of Q1 2026, reflecting sustained momentum in supporting productive economic activity
Asenuga added: “Small businesses remain the backbone of Nigeria’s economy, yet many continue to face significant barriers in accessing affordable financing. Through Mutual Microfinance Bank, we are helping to bridge this gap by providing flexible financial solutions that enable entrepreneurs to grow, create jobs and contribute meaningfully to economic development.
“At the same time, we encourage individuals and businesses to think beyond borrowing by adopting a culture of saving, risk management and financial protection. Sustainable prosperity is built not only by generating income but also by protecting it.”
With economic activity expected to strengthen further and demand for financing projected to increase across several sectors, Mutual Benefits believes that the future of financial inclusion in Nigeria will depend on creating an ecosystem where access to credit, savings and protection work together to improve financial well-being.
The company reaffirmed its commitment to supporting Nigerians through innovative insurance solutions and accessible financial services that empower individuals, families, and businesses to build resilience, pursue opportunities confidently, and achieve lasting financial security.
Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance companies with over 30 years of experience in providing reliable and innovative life and non-life insurance solutions to individuals, families and businesses. Through innovation, customer-centricity and a commitment to financial inclusion, the company continues to deliver value, protection and peace of mind to customers across Nigeria.
On its part, Mutual Microfinance Bank is committed to expanding access to financial services for individuals, micro-enterprises and small businesses through innovative savings products, accessible financing solutions and customer-focused banking services that promote economic empowerment and financial inclusion.
General News
Trashverse Recycling Technology Emerges Winner as MTN’s The Gathering on 100 Pitchathon Concludes with N5m Awarded in Aba
MTN Nigeria has successfully concluded the Aba leg of its youth cultural and creative movement, The Gathering on 100. The 18-hour event marks a significant milestone for entrepreneurship in Eastern Nigeria.
The event, which took place at the Prime Time Event Centre in Osisioma from June 14 to 15, 2026, transformed the venue into a tech hub for young innovators in Aba.
The Pitchathon had 10 standout startups compete for a total prize pool of ₦5 million. The competition showcased the immense potential of Aba’s youth, encouraging them to live life to the fullest through technological and creative excellence.
The participating startups, representing a cross-section of Aba’s burgeoning innovation ecosystem, impressed judges with solutions ranging from logistics to artisanal tech. Among the finalists were Trashverse Recycling Technology Limited founded by Charles Ikechukwu, Yadah Food, founded by Deborah Enyinnaya and Utytrends Global Ventures led by Utibe Akwa.
After a rigorous evaluation by judges Chiemela Anosike, Dr. Chime Chimezie-Uche, and Justina Nwokedi, the winners were officially announced. Trashverse Recycling Technology Limited, led by Charles Ikechukwu, claimed the first-place prize of ₦2.5 million.
Ikechukwu, founder of Trashverse Recycling Technology Limited, shared his excitement “Winning this pitchathon is a dream come true for our team. The support from The Gathering on 100 and MTN validates our vision and provides the financial backing we need to scale our production and serve more customers in Aba and the global stage.”
Utytrends Global Ventures secured the second-place prize of ₦1.5 million, while Yadah Food took home ₦1 million. These founders showcased solutions that blended local ingenuity with scalable technological frameworks, reinforcing Aba’s reputation as a powerhouse of Nigerian manufacturing and entrepreneurial spirit.
The Gathering on 100’s Pitchathon provided a platform for these early-stage founders to validate their business ideas before an audience of investors and industry stakeholders. For the winners, the funding serves as a catalyst to scale their operations and fulfill market demands, effectively bridging the gap between innovative concepts and industrial-scale production.
Reflecting on the Pitchathon, the Regional Manager, Operations, Southern Region, MTN Nigeria, Ifeanyichukwu Odom, said “Aba has always been a city of creators, innovators, and dreamers. Today, we witnessed young people expressing their passions across business, creativity, culture, and technology. The Gathering is about giving them a platform to be seen, heard, and celebrated.”
She noted that the Pitchathon had showcased the depth of talent and innovation emerging from the region, with participants presenting solutions capable of creating meaningful impact in their communities. “The Pitchathon winners made one thing clear, the Eastern Nigeria startup ecosystem is not waiting to be discovered. It is already forming, and it is ready when structure and support meet ambition. Through the power of connectivity and digital innovation, MTN remains committed to helping young Nigerians unlock their potential and Live It 100.”
This Aba edition built on the momentum of the Lagos edition held at the National Stadium, Surulere, in April, where eight startups received ₦45 million in funding. With its Aba execution, MTN has deepened access to opportunity and visibility for the next generation of business leaders.
Dominion Consultancy Concepts has officially announced the second edition of the KidsCook Showdown, a unique educational and creative cooking competition designed to foster leadership, teamwork, creativity and accountability among children ages 6 to 8.
Following its successful debut in 2025, this latest edition marks a significant milestone by securing the official approval of the Lagos State Universal Basic Education Board (LASUBEB). For the first time, the initiative will shine a spotlight on public education, featuring 20 children within the ages of 6 to 8 years old, selected from 10 public primary schools across the Kosofe Local Government Area.
The KidsCook Showdown is far more than a typical cooking contest. Under the close guidance of professional chefs, the young participants will work in teams to tackle fun, high-energy culinary challenges.
Rather than focusing solely on the final dish, a panel of judges will evaluate the children on essential life skills: teamwork, confidence, time management, communication, and hygiene.
Speaking about the vision behind the program, Enitan Tanimowo, Director of Dominion Consultancy Concepts, emphasised the importance of introducing children to household chores early.
“Our goal is to inspire children to see cooking not just as a chore, but as a fun, creative way to develop themselves, learn discipline, and build confidence and these skills help them into the future,” Tanimowo stated.
“By expanding into our public schools with LASUBEB’s vital support, we are ensuring that children from all backgrounds get an equal opportunity to develop leadership and accountability in a structured, inspiring environment.”
Tanimowo added that the initiative directly aligns with the United Nations Sustainable Development Goals—specifically SDG 3 (Good Health and Well-being) and SDG 4 (Quality Education)—by using hands-on, practical learning to promote balanced nutrition and social development. The event is bringing together parents, teachers, and professionals to champion the next generation.
The grand scale of this edition is made possible through the robust corporate and media backing of industry-leading brands. This year’s KidsCook Showdown is proudly supported by Zuri Seasoning, Ribena, Channels TV, Integrated Indigo Limited, and other partners committed to youth development and impactful community engagement in Nigeria.
Together, these partners are helping transform the kitchen into a classroom where future leaders are shaped, one recipe at a time.
Nigeria Launches FreeTV Nationwide
NIPOST Plans Digital Postcodes for Every Building in Nigeria
Enugu to Host The Gathering on 100 as MTN-Backed Youth Movement Expands Across Nigeria
Prof. Dzidonu Urges Universities to Produce Deep Thinkers for AI Age
FG Debunks Claims of Plans to Introduce Telecoms, Fuel Taxes
CBN Extends PoS Geo-Fencing Enforcement Deadline to August 2026
NCC Drafts New Rules for Virtual Mobile Operators
London Strengthens Global Investment Ties with Africa @ First Ever London-Africa Business Summit
FG Targets Alleged N3tn Capital Flight, Opens Airtime Credit Market to Nigerian Fintechs
Easybuy Partners WAWUAfrica to Upskill 10 Million Youths and Women, Boosting Nigeria’s Economic and Financial Inclusion
Telecom1 day agoMTN Foundation Commits N32Bn in Projects across Nigeria
E-Financial3 days agoCBN Orders Banks, Fintechs to Host Payment Data Locally
E-Business3 days agoGalaxy Backbone @ 20, Pledges Nationwide Connectivity, Data Sovereignty
E-Financial3 days agoAnalysts Warn of Growing “Crowded Trade” in Foreign Exchange Markets
E-Financial3 days agoACAMB Kicks-off 30th Anniversary Celebration With Tree Planting Initiative
News3 days agoPalmPay Joins Industry Leaders @ Digital Pay Expo 2026
Telecom3 days agoNigeria Innovation Summit 2026 Set to Convene West Africa’s Brightest Minds to Shape the Future of Innovation
Telecom3 days agoUK Bans TikTok, Instagram, Facebook for Under-16s in Landmark Crackdown