BimaLab – Neo Insurers Training Initiative

The BimaLab Neo Insurers Training Initiative (NITI), supported by IFC and implemented by Tellistic Technology Services between 2021 and 2022, aims to transform traditional insurance companies in Nigeria into digital insurers. The program focuses on establishing innovation hubs and digital sandboxes to test new solutions, specifically targeting the agriculture and health insurance sub-sectors.

• The Neo Insurers Training Initiative (NITI) seeks to address the lack of innovation and nascent risk markets in Africa by training incumbent insurance companies in Nigeria to become digital insurers through the creation of internal innovation hubs that utilize digital sandbox mechanisms for regulator interaction.
• The initiative's specific objectives include creating a roadmap for innovation and technology to scale Neo Insurers, helping two insurance companies validate Insurtech models and penetration strategies for at least two products (preferably in health and agriculture), and providing input for the review of the NAICOM Regulatory sandbox.
• Two incumbent Nigerian insurance companies from the BimaLab Accelerator Program were selected for a four-week training program, which was in its second week as of the October 2022 update.

APA

FSD Africa (2022). BimaLab – Neo Insurers Training Initiative. https://fsdafrica.org/wp-content/uploads/2025/05/Risk-Resilience-BimaLab-–-Neo-Insurers-Training-Initiative-1.pdf

Chicago

FSD Africa. BimaLab – Neo Insurers Training Initiative. 2022. https://fsdafrica.org/wp-content/uploads/2025/05/Risk-Resilience-BimaLab-–-Neo-Insurers-Training-Initiative-1.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=BimaLab – Neo Insurers Training Initiative |date=October 2022 |url=https://fsdafrica.org/wp-content/uploads/2025/05/Risk-Resilience-BimaLab-–-Neo-Insurers-Training-Initiative-1.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2022bimalab, author = {{FSD Africa}}, title = {{BimaLab – Neo Insurers Training Initiative}}, institution = {FSD Africa}, year = {2022}, month = oct, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Risk-Resilience-BimaLab-–-Neo-Insurers-Training-Initiative-1.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }