Efforts to deepen insurance penetration in Nigeria took centre stage at the 2026 INSURQUEST Hackathon Competition, where stakeholders emphasized the need to build public trust, improve accessibility, and increase awareness about insurance services across the country.
The event, held at the College of Insurance and Financial Management in Ogun State, brought together young innovators who presented technology-driven solutions aimed at addressing major challenges facing Nigeria’s insurance industry.
Participants focused on developing ideas that could make insurance more attractive, accessible, and relevant to ordinary Nigerians while increasing the sector’s contribution to national economic growth.
Speaking at the event, President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, said the insurance industry possesses huge potential for job creation, wealth generation, and economic development if properly harnessed.
According to her, the hackathon was organised to bridge the knowledge gap about insurance and encourage greater acceptance of insurance products among Nigerians, particularly young people.
Mrs. Ilori noted that the initiative was also designed to nurture innovation and expose participants to opportunities within the insurance industry.
She expressed satisfaction with the quality of ideas presented during the competition, describing the outcome as evidence that Nigerian youths can compete globally when provided with the right support and opportunities.
The CIIN president explained that contestants underwent weeks of intensive training, mentorship, and masterclasses before presenting solutions covering areas such as claims settlement, insurance accessibility, and increased insurance uptake.
Programme Manager of INSURQUEST, Mr. Adedamola Oloko, said the competition was introduced to close the gap between the insurance industry and the Nigerian public, especially young professionals and innovators.
According to him, this year’s edition focused on inclusive insurance and data-driven artificial intelligence solutions capable of solving industry-specific problems.
He disclosed that 25 groups initially applied for the competition, while six teams advanced to the final stage after several rounds of screening and presentations.
Mr. Oloko explained that the competition featured four major stages, including application and selection, masterclass workshops, demo presentations, and the final pitch and award session.
He said the broader objective was to position insurance as a platform for innovation, entrepreneurship, and national development.
Also speaking, Chairman of the Education Working Committee of Insurance Week, Dr. Yeside Oyetayo, commended stakeholders for supporting the initiative and described the programme as impactful for the future of the industry.
The event formed part of activities commemorating the 2026 Insurance Week with the theme, “Insurance: A Future Redefined.”The six finalist teams included ConverBox, Mediclaim AI, Team Topsborg, InsurScenaria, Team Nexus, and The Risk Architects.As part of efforts to inspire younger generations, secondary school students attended the event and participated in insurance quiz sessions where they won educational materials and souvenirs.
At the end of the competition, Team Topsborg emerged overall winner, while Mediclaim AI and ConverBox secured second and third positions respectively.
Other finalists included The Risk Architects, Team Nexus, and InsurScenaria.A representative of the winning team, Elizabeth Anyaogu, expressed excitement over the victory and commended the organisers for creating a platform that encouraged innovation and learning within the insurance industry.
Reporting by Innocent Onoh