eKYC to debut in insurance sector soon
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Chuks Udo Okonta
Very soon onboarding insurance policyholders will be paperless as operators are anticipating an electronic Know-Your-Customer (eKYC) process.
The Chairman Nigerian Insurers Association (NIA) Innovation Committee/Managing Director AIICO Insurance Plc Babatunde Fajemirokun, said this at the launch of NIA Innovation Lab, yesterday in Lagos, stating that eKYC would be a common onboarding framework with shared data fields and APIs for the industry.
Fajemirokun, in a paper entitled: State of Insurance Innovation in Nigeria 2025
Insights from the industry’s inaugural Innovation Survey said in the inaugural Insurance Innovation Survey conducted by the NIA, respondents highlighted recurring friction points across different areas with the biggest concerns around Customer Acquisition and KYC.
He submitted that customer experience, acquisition, KYC and distribution rank as the top priorities for innovation, while fraud management, eKYC and claims exchange emerged as the most promising areas for industry-wide collaboration.
He said it is time for the industry to adopt eKYC which is the trend in other financial services sectors.
According to him onboarding of customers are now done through facial recognition processes by most companies, adding that customers are no longer interested in paper documentations.
A Member of the Innovation Lab Steering Committee/Innovation Lead, AXA Mansard Adedamola Oloko, while presenting the Innovation Lab Framework noted that
eKYC Infrastructure is presently fragmented
across insurers, lack of real-time
identity systems and duplication
onboarding tools impede policyholders onboarding process.
