AXA Facilitates Insurtech Development Through Innovative Initiatives

AXA Mansard, a part of the global insurance and asset management company AXA, has launched its second cohort of the ‘Innovation Exchange Programme’ in Nigeria. This 15-week accelerator initiative aims to nurture and scale Insurtech startups, focusing on improving distribution, claims management, underwriting, customer service, and payment processes within the insurance market.

The inaugural edition of the ‘Innovation Exchange Programme’ began in 2022 and included five startups. AXA Mansard’s Chief Financial Officer, Ngozi Ola-Israel, expressed excitement about the upcoming second cohort. She highlighted the positive impact of the first edition, emphasizing that working with these startups had underscored the importance of such initiatives for the growth and sustainability of the insurance industry.

Ngozi Ola-Israel emphasized the need to enhance insurance penetration in Nigeria through innovation, simplification, and accessibility. She stressed the importance of a shared vision for a resilient economy with insurance as a key component. Encouraged by the success of the first edition, she announced a stronger commitment and increased investment in the ‘Innovation Exchange Programme’ for its second edition.

The CEO of AXA Mansard Insurance, Kunle Ahmed, highlighted the significance of digital transformation in driving insurance sector growth. He emphasized the pivotal role insurance plays in any economy and the need for partnerships at various levels. He stated that the ‘Innovation Exchange Programme’ aims to serve as a platform for fostering partnerships, where they plan to collaborate with promising solutions from the program.

In addition to external partnerships, AXA Mansard envisions program members collaborating with each other to enhance the insurance sector. The Innovation Exchange Programme will offer selected partners mentorship, guidance, and the potential opportunity to launch their solutions, as stated in their announcement.

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