Why insurance companies need Executive Director Youth Market

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Chuks Udo Okonta

As the Nigerian insurance industry grapples with low penetration and weak public perception, experts are increasingly drawing attention to a largely untapped opportunity: the youth market.

With over 60 per cent of Nigeria’s population under the age of 30, stakeholders say insurance companies can no longer afford to engage young people as an afterthought. Instead, they are calling for the creation of a dedicated Executive Director, Youth Market role within insurance companies.

Industry watchers argue that the absence of executive-level ownership of the youth segment has slowed innovation, weakened trust-building efforts, and limited long-term growth across the sector.

While insurers frequently run youth-focused marketing campaigns, analysts insist that without boardroom representation, such initiatives lack strategic depth and sustainability.

Young Nigerians—students, young professionals, entrepreneurs, gig workers and creatives—represent the future premium base of the insurance industry. Yet, many remain uninsured due to poor awareness, lack of trust, rigid products, and weak value propositions.

According to insurance analysts, an Executive Director, Youth Market would be tasked with developing a comprehensive strategy to attract, onboard, and retain young policyholders, ensuring that youth engagement is embedded across product development, distribution, customer experience, and claims management.

“Youth insurance should not be treated as CSR or social media engagement; it is a strategic growth pillar that deserves executive focus,” an industry expert said.

One of the major benefits of appointing an Executive Director for the youth market is accelerated innovation. Young consumers are digitally savvy and demand simplicity, flexibility, and relevance. They are more likely to embrace insurance products that align with their lifestyles, income patterns, and aspirations.

With a dedicated executive driving the agenda, insurers can fast-track youth-friendly solutions such as microinsurance, pay-as-you-go covers, gadget insurance, health plans for freelancers, and embedded insurance offerings delivered through digital platforms.

The role would also promote strategic partnerships with fintechs, insurtechs, tertiary institutions, ride-hailing platforms, and SMEs where young people are actively engaged.

Trust deficit remains a major challenge facing the Nigerian insurance industry, particularly among young people who often perceive insurance as complex, unreliable, or unnecessary.

A focused executive leadership role would prioritise insurance education, transparency, and empathy-driven engagement tailored to the youth demographic.

By introducing insurance early and delivering consistent value—especially through prompt claims handling—insurers can nurture lifelong customers and gradually build a strong insurance culture.

“Young policyholders who trust insurance early are more likely to remain insured for life,” another stakeholder noted.

From a commercial perspective, early youth engagement translates to long-term profitability. Customers acquired young tend to have higher lifetime value, as they grow with the insurer—transitioning from entry-level products to more sophisticated covers such as motor, health, life, and retirement plans.

An Executive Director, Youth Market would help insurers deliberately map this customer journey, reduce churn, and strengthen customer loyalty over time.

Insurance companies that elevate youth engagement to executive level signal innovation, inclusiveness, and forward-thinking leadership. This not only improves brand perception among young Nigerians but also positions insurers as contributors to financial inclusion, youth empowerment, and economic development.

In an era where purpose-driven brands resonate strongly with young consumers, such positioning can provide a competitive edge.

As the insurance industry searches for sustainable growth pathways, the creation of an Executive Director, Youth Market role is increasingly seen as a strategic imperative.

By giving young people a voice at the executive table, insurance companies can unlock innovation, deepen trust, grow penetration, and secure their relevance in Nigeria’s youthful economy.