According to him, the global shift toward digital-first financial services is no longer optional but existential. In his words, “in today’s world, if you are not embracing technology, you are almost dead,” stressing that survival in the insurance sector now depends on speed of innovation and the willingness to reinvent long-standing business models.
A Digital Push to Simplify Insurance Access in Nigeria
At a media briefing, Ibe outlined a new direction aimed at making insurance as simple as everyday mobile communication. He explained that through a new initiative by CBI Partnering Insurtech Limited, buying and managing insurance policies in Nigeria is set to become as easy as sending a text message.
The company, described as a licensed web aggregator and subsidiary of Baywood Holdings, has introduced an app-driven and web-based marketplace designed to remove traditional barriers in the sector—particularly complexity, limited access, and low consumer trust.
“Whether you are at home, in the office, or travelling across the country, insurance should be entirely accessible via your mobile devices,” Ibe stated, highlighting the push toward full mobility and convenience.
AI-Powered Marketplace Built for Simplicity and Scale
The platform is being developed with generative artificial intelligence, advanced algorithms, and interactive chatbots to streamline how insurance is discovered, purchased, and managed.
Ibe clarified that the company is not an underwriter but a technology-driven marketplace connecting consumers to insurance providers. The system is expected to handle end-to-end services, from policy selection to claims support, directly through users’ smartphones.
He further emphasized that Nigeria’s low insurance penetration has historically been driven less by lack of products and more by accessibility challenges. As he put it, “our target is to make insurance accessible to all Nigerians” by consolidating the entire ecosystem into one unified digital interface.
Rebuilding Trust Through Transparent Claims Processing
A major focus of the platform is restoring consumer confidence in the insurance sector, particularly around claims settlement.
Ibe underscored this point by stating, “the true test of insurance is not when a policy is purchased but when a claim is made,” adding that the company is leveraging generative AI to improve speed, accuracy, and transparency in payouts.
The goal, according to him, is to eliminate delays and uncertainty that have historically discouraged many Nigerians from fully engaging with insurance products.
Collaboration With Insurers and Health Providers
To accelerate adoption, CBI Partnering Insurtech announced plans to work closely with traditional insurers and Health Maintenance Organisations (HMOs), offering technical support and digital integration tools.
This includes the development of custom Application Programming Interfaces (APIs) that will allow legacy operators to connect directly to the platform, even if their internal systems are not yet fully digitized.
The model is designed to ensure that retail customers, small businesses, and large corporations can access insurance products instantly and transparently through a single digital gateway.
Regulatory Backing and Push for Financial Inclusion
Ibe also acknowledged the role of the National Insurance Commission in supporting innovation within Nigeria’s insurance ecosystem. He praised the regulator for encouraging digital transformation, describing its approach as forward-thinking and aligned with broader financial inclusion goals.
He noted that the recent operational web aggregator licence issued to CBI Partnering Insurtech reflects a wider policy direction aimed at deepening insurance penetration across the country.
This development also aligns with federal policy objectives promoting digital transformation and expanded access to financial services.
Years of Preparation Before Market Entry
According to Ibe, the company spent over a year building its technological infrastructure before receiving final regulatory approval. He described the licensing process as rigorous but ultimately essential to ensuring operational readiness.
He stated that “long before receiving approval, we invested heavily in technology, infrastructure and operational readiness,” emphasizing that the company prioritized preparation over recognition.
A Marketplace Positioned Between Providers and the Uninsured
Operating strictly as a digital intermediary rather than an underwriter, CBI Partnering Insurtech aims to bridge the gap between insurance companies and underserved populations.
By aggregating products and simplifying access, the platform is positioning itself as a central gateway for expanding insurance uptake across Nigeria, particularly among retail consumers, micro-businesses, and corporate clients seeking faster and more transparent coverage options.