Increased awareness on making insurance attractive and accessible to the masses, as well as building trust between insurance companies and the public, have been identified as critical steps toward deepening insurance penetration in Nigeria and increasing the sector’s contribution to the nation’s economy, as seen in many developed countries.
This formed the central focus of discussions at the 2026 INSURQUEST Hackathon Competition, where teams of young Nigerians presented innovative ideas aimed at solving major challenges facing the insurance industry.
The keenly contested event at the College of Insurance and Financial Management in Ogun State, was designed to deepen awareness and understanding of insurance among young Nigerians and the wider public.
In her opening remarks, the President of the Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori, said the Nigerian insurance industry holds enormous potential for job creation, wealth generation, and economic growth.
According to her, the competition was organised to help the public better understand insurance operations and encourage wider acceptance of insurance services across the country.
“It is my pleasure to welcome you all here. We are making history again. For a long time, we have discussed the insurance industry and what needs to be done. A great future lies ahead of us,” she said.
“When I became the 52nd President, I promised that the wealth of knowledge within the industry would be harnessed to lift the sector. Insurance has contributed immensely to the economies of other nations, and we want Nigerians to understand and embrace it.”
Mrs. Ilori commended the contestants for their hard work and dedication throughout the competition and noted that involving secondary school students in the programme was part of efforts to prepare the younger generation for future opportunities in the industry.
She expressed satisfaction with the outcome of the programme, describing it as proof that Nigerian youths can compete with the best in the world when given the opportunity to develop themselves.
“I am highly fulfilled with the outcome of the Hackathon competition today. Looking at the various teams that competed, and considering that there were up to 29 groups at the beginning before they were pruned down to the best six teams, I think it is a thing of joy,” she said.
“Their presentations covered claims settlement, insurance uptake, and making access to insurance easier for Nigerians. They went through one month of intensive masterclasses on insurance and have now come up with these wonderful ideas. I am highly overjoyed.”
She also appreciated the leadership of the College of Insurance and Financial Management, where the event took place, as well as members of staff, partners, and other stakeholders for their contributions toward the success of the programme.
Speaking during the competition, the Programme Manager, Mr. Adedamola Oloko, explained that the INSURQUEST Hackathon was introduced to bridge the gap between the insurance industry and the Nigerian public, especially young professionals.
“This is the second edition, and the major goal is to address the gaps that make many Nigerians reluctant to embrace insurance. We want to encourage young professionals and innovators to get involved in the insurance industry,” he said.
He explained that this year’s competition focused on key areas such as inclusive insurance and data-driven artificial intelligence solutions aimed at tackling industry challenges.
According to him, 25 group applications were received for the competition, while only six teams advanced to the final stage.
Mr. Oloko said the competition featured four phases, namely application and selection, masterclass workshops, demo presentations, and the final pitch and award ceremony.
“All these activities formed part of what we tagged the first edition, with the major objective of addressing the gap identified in reaching out to young Nigerians,” he stated.
“The idea was to leverage innovation and creative challenges to attract young people, innovators, and professionals into the insurance industry and help them see insurance as a platform for innovation, growth, and national development.”
On her part, the Chairman of the Education Working Committee of Insurance Week, Dr. Yeside Oyetayo, also described the competition as highly impactful and commended stakeholders for their contributions toward its success.
The programme formed part of activities marking the 2026 Insurance Week, themed: “Insurance: A Future Redefined.”
The six finalist teams were ConverBox, Mediclaim AI, Team Topsborg, InsurScenaria, Team Nexus, and The Risk Architects.
As part of efforts to inspire younger generations, secondary school students were invited to witness the competition and participate in insurance quiz sessions.
The students answered insurance-related questions and received gifts including school bags, books, caps, and polo shirts.
At the end of the competition, Team Topsborg emerged overall winner, followed by Mediclaim AI in second place, while CoverBox secured third position.
The remaining rankings were:
4th Position — The Risk Architects
5th Position — Team Nexus
6th Position — InsurScenario
A representative of the winning team, Elizabeth Anyaogu, expressed excitement over the victory and appreciated the organisers for the opportunity given to participants.
“I feel elated. It has been a month-long journey of almost sleepless nights involving masterclasses, mentorship sessions, and other activities. I want to give a big shout-out to CIIN for putting this together,” she said.
The event drew representatives from various organisations and stakeholders in the insurance sector, including NICON Insurance.
Reporting By Innocent Onoh