Why insurance companies need youth-driven research development units
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Chuks Udo Okonta
Insurance practitioners have said the establishment of youth-driven research and development (R&D) units has become a strategic necessity for companies that desire growth and relevance in today’s dynamic market.
They noted that while experience remains important, the dominance of traditional thinking in many insurance firms has limited innovation and weakened connection with the youthful population that constitutes the largest segment of Nigeria’s economy.
Insurance development expert, said the industry can no longer rely solely on conventional product templates if it hopes to deepen penetration.
His words: “The risks young people face today are completely different from what existed 10 or 15 years ago. They earn income online, run digital businesses and operate in the gig economy. Only structured youth-led research can help insurers understand these realities and convert them into bankable products.”
The expert added that a dedicated youth R&D unit would provide continuous insights on consumer behaviour, technology adoption and emerging risk patterns, enabling companies to design flexible covers, micro-insurance and simplified claims processes.
A Managing Director disclosed that involving young employees in research has helped her company to rethink service delivery.
She said: “Our youthful team conducted surveys among students, start-ups and ride-hailing drivers. From their findings we redesigned our onboarding process and introduced monthly premium options. The response from the market has been encouraging.”
According to her, young professionals bring digital skills, creativity and speed that are required to compete in a technology-driven environment.
Stakeholders also believe that youth-driven R&D units will help insurers tackle the image problem that has long affected the sector. Many young Nigerians still see insurance as complex and distant, a perception that can only change when their peers participate in shaping solutions.
Publisher of Inspenonline, Chuks Udo Okonta, said recapitalisation efforts in the industry should be complemented with intellectual renewal.
“Raising capital without investing in fresh thinking will not deliver the expected results. Insurance companies need young minds researching the market daily, challenging old processes and developing products that speak the language of the new economy,” he stated.
Okonta maintained that such units must be given real authority, budget and access to top management decisions to avoid becoming mere ceremonial structures.
Experts further argued that youth-led research would open doors to underserved segments such as online vendors, content creators, artisans and small business owners who currently fall outside traditional insurance models.
They recommended partnerships with universities, tech hubs and insurtech start-ups to provide data and experimentation platforms for the proposed units.
As competition intensifies and customer expectations evolve, industry watchers insist that the question is no longer whether insurers need youth-driven research desks, but how quickly they can establish and empower them to shape the future of insurance operations in Nigeria.
