The announcement comes at a time when reforms in Nigeria’s insurance industry are changing the market and opening up opportunities for digital-first players.

Oreagba steps into the role with more than 17 years of leadership experience in corporate risk management, financial planning, and operational transformation. 

She has held senior positions across energy, aviation, and infrastructure, including her most recent role as General Manager, Fulfilment and Corporate Services at Viathan Group.

At Casava, her focus will be on scaling processes, strengthening operations, and preparing the company for rapid growth under the new insurance framework.

“The future of insurance is not just about technology; it’s about building operational resilience that can adapt to rapid market changes and consumer needs,” said Bode Pedro, founder and chief executive of Casava. 

“Solabomi’s expertise in streamlining complex systems and her deep understanding of business transformation are precisely what we need to scale our mission. Her leadership will be instrumental in not only managing our growth but in defining the operational gold standard for the African insurtech landscape.”

President Tinubu Signs Insurance Reform (NIIRA) Bill 2025

Her arrival coincides with the signing of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, a law that consolidates outdated regulations and pushes the industry into a new growth era. 

The legislation raises capital requirements, mandates insurance coverage for sectors like agriculture, SMEs, and cyber liability, and requires insurers to digitise licensing, claims, and reporting. Analysts project the market will expand from ₦2.2 trillion today to nearly ₦8 trillion by 2030.

For Casava, a pioneer of subscription-based insurance that delivers health, income protection, and life policies directly via mobile platforms, the timing is strategic. 

The company’s API-driven onboarding process allows Nigerians to secure cover within minutes, a feature that aligns directly with the NIIRA 2025 digital-first mandate. With insurance penetration in Nigeria still under 3%, the reforms present fertile ground for Casava to expand aggressively.

“I have always believed that true innovation is only as effective as the operational foundation that supports it,” said Oreagba. “I am honoured to join Casava, a company that is not only revolutionising the insurance industry but is also making a tangible difference in the lives of everyday Nigerians.

“My focus will be on building scalable processes and fostering a culture of continuous improvement, ensuring that we can deliver on our promise of accessible and delightful insurance experiences as we enter this next phase of hyper-growth.”

Casava’s investors, including Enza Capital and Techstars, have backed its inclusive approach, which has already earned it a place in global insurtech rankings.

With the regulatory changes now in force, the company is positioned to push further into compulsory insurance categories, expand partnerships with telcos and digital banks, and serve the growing gig and informal economy.

The National Insurance Commission (NAICOM) has pledged tough enforcement of the new law, including digitisation across the value chain, faster claims resolution, and tougher penalties for unregistered agents. Industry analysts anticipate mergers, foreign capital inflows, and deeper regional integration through frameworks such as the ECOWAS Brown Card System.

The appointment of Solabomi Oreagba by Casava is the company’s aim to anchor its operational structure ahead of the sector’s transformation. Her mandate will be to ensure the company is well positioned for growth and resilient enough to change the standard for the market’s sustainable.

The post Casava Appoints Solabomi Oreagba as COO to Drive Next Phase of Growth appeared first on Tech | Business | Economy.

Following a successful rollout to key industry stakeholders, the mobile application is now available for download on the Google Play Store and Apple App Store for both Android and iOS users.

InsurEase allows customers to purchase a variety of insurance policies, health, device, motor, and travel directly from their smartphones. Designed with user convenience in mind, the app offers a seamless, user-friendly experience, enabling users to explore, compare, and secure coverage in just a few taps.

Transparency Scape aims to empower customers with access to affordable, reliable, and convenient insurance policies while giving them the flexibility to choose from a wide range of offerings from top-tier insurance providers. 

These partners include AXA Mansard Insurance Plc., NEM Insurance Plc., Leadway Assurance Company Limited, Coronation Insurance Plc., Cornerstone Insurance Plc., Consolidated Hallmark Insurance Plc, Bastion HMO, and Tangerine Africa. The app is also integrated with trusted payment gateways Paystack and Budpay to ensure smooth and secure transactions.

“We are thrilled to officially go live,” said Oluseyi Ifaturoti, managing director and CEO of Transparency Scape. “Reaching this milestone has been a journey of perseverance, and we are excited to offer our customers peace of mind through a smart, easy-to-use app. Our goal is to be a trusted partner as they navigate the often complex world of insurance.”

Transparency Scape has also partnered with key regulatory bodies, including the National Insurance Commission, NAICOM, Nigerian Insurers Association (NIA), Chartered Insurance Institute of Nigeria, CIIN, The Nigerian Council of Registered Insurance Brokers, NCRIB, to ensure full compliance and uphold the highest industry standards.

“We extend our sincere gratitude to our regulators for fostering innovation within Nigeria’s insurance space,” Ifaturoti added. “We are also grateful to our insurance partners for their trust and for allowing us to integrate their APIs. This has been instrumental to our success.”

Speaking further on the impact of the launch, Olufela Olurin, chief operating officer of Transparency Scape Insurance Brokers Limited, said,

“InsurEase reflects our core values of transparency and trust. By breaking down the barriers to insurance accessibility, we have made it easier for Nigerians to secure the protection they need. Our app simplifies the entire insurance journey, giving users greater peace of mind and security for their future.”

InsurEase is now available for download on the Google Play Store and Apple App Store. For more information about the company, visit the website or follow us on Instagram, Twitter, Facebook, and LinkedIn.

The post Transparency Scape InsurEase, Nigeria’s First Innovative InsurTech Platform Now Live appeared first on Tech | Business | Economy.

Companies that want to stay resilient are adapting fast, and two of Nigeria’s oldest and most trusted insurers, Leadway Assurance and AIICO Insurance Plc, are scaling up without losing focus.

In a country where insurance penetration is under 2%, these two industry giants are working alongside other innovators in the sector to ensure the gap is bridged.

Leadway has been around since 1970, and AIICO since 1963. Both have weathered Nigeria’s unstable economic cycles and regulatory instability. But now, digitisation is taking over, the industry is facing total disruption from mobile penetration, changing consumer expectations, and pressure to reduce costs of operations. 

78% Surveyed Insurance Execs Say Closing $1.8trillion Protection Gap is an Ethical Obligation

It’s interesting to look closely at how both firms are adapting, where they’re focusing, and how well they’re delivering on customer expectations in this new phase. So, let’s do that:

Company Overview

Leadway Assurance is a private, family-founded company that has built a reputation for dependable service. It offers a wide range of insurance products, life, general, motor, health, and has expanded into pensions and asset management. Over time, it’s developed strong partnerships and a solid distribution model that includes brokers, agents, and digital platforms.

AIICO Insurance Plc, on the other hand, is publicly listed. Its roots are in life insurance, but it now operates across retail and corporate segments with products in general insurance, pensions, health, and investments. Unlike Leadway, it’s accountable to shareholders, which may influence its speed of innovation, but it stands as one of the most financially solid insurers in the country.

Market Focus and Services

Both companies have broad portfolios, but they’ve taken slightly different paths.

• Leadway has a stronger hold in motor insurance, health, and agricultural insurance. It also offers estate planning and microinsurance products aimed at individuals and small businesses.
• AIICO is seen more in life insurance and retirement planning. It also has strong partnerships with corporate clients, particularly in oil and gas, and offers group life insurance and pensions.

Both have pension subsidiaries: Leadway Pensure and AIICO Pension Managers. These arms manage thousands of Retirement Savings Accounts (RSAs), but Leadway’s approach has been more aggressive in digital outreach, while AIICO has leaned on regulatory compliance and steady growth.

Claims and Customer Experience

When it comes to claims, what most people care about, Leadway leads by example. In 2023 alone, the company paid out over ₦67.1 billion in claims. It has consistently ranked as one of the top claim payers in Nigeria over the last five years. That level of consistency matters. In a market where trust is thin, the ability to settle claims promptly sets you apart.

AIICO, while not disclosing its total claims for 2023, reported a profit after tax of ₦12.02 billion in the same year. That figure speaks to strong financial management, but it doesn’t necessarily tell us how quickly or easily customers get paid. Nonetheless, customer feedback reveals that AIICO has made solid improvements in this area, especially through digital self-service tools.

Digital Shift

Now, let’s talk about what really matters in this phase of change, digital adaptation. Both companies are no longer operating in a paper-heavy world, but their approaches differ.

Leadway has taken steps towards simplifying insurance. It introduced LOLA, a chatbot that helps customers buy insurance, track claims, and get support online. It also launched VehiScanner, a tool that lets users assess car damage with their phone camera. More importantly, it partnered with Octamile to provide flexible motor insurance payment plans, which helps address affordability, a major issue in Nigeria.

AIICO has also upgraded. Its mobile app and online portal allow users to buy policies, file claims, and view policy status. It recently partnered with ETAP, a platform that rewards good driving with lower premiums. This step indicates AIICO is ready to personalise pricing, a model that has seen success abroad.

Financial Strength

Here’s a quick financial snapshot:

What these numbers show is that both are strong, but in different ways. Leadway tops in claims servicing and premium volume, while AIICO is focused on efficient profit management and sustainable growth.

Health Insurance Segment

Another space where competition is rising is health insurance. Nigeria’s public health infrastructure is weak, and HMOs (Health Maintenance Organisations) are stepping in.

Leadway Health, a newer subsidiary, is building digital-first health plans. It provides virtual consultations, digital prescriptions, and customised wellness programmes. Its app allows users to manage benefits and speak with doctors remotely.

AIICO offers health insurance through NHIS-accredited plans. It hasn’t created a separate HMO arm yet, but its health plans are part of its insurance suite and target both individuals and corporates.

In terms of depth and digital readiness, Leadway appears to be ahead in this area.

Challenges and Risks

There’s no shortage of obstacles.

• Penetration is still low: With insurance penetration below 2%, both firms are fishing in shallow waters. Public awareness remains poor, and many still see insurance as a luxury.
• Economic challenges: High inflation, job losses, and currency instability mean fewer people can afford regular premiums.
• Trust issues: The industry still suffers from a trust deficit, especially in rural areas and among low-income earners.

However, even with the issues, digital access is growing, and both firms are using that as a path forward.

Finally?

It’s not a matter of who’s better, but who is doing what better.

• If you want a provider that’s leading with speed, innovation, and user experience, Leadway is clearly ahead.
• If you value financial consistency, corporate reputation, and structured expansion, AIICO has a solid case.

Leadway seems more aggressive in its modernisation efforts, while AIICO is more measured but stable. From a consumer’s point of view, both are viable and dependable. From a competitive standpoint, Leadway is pushing harder to define the next phase of insurance in Nigeria.

Insurance in Nigeria is at a turning point and companies like Leadway and AIICO are adjusting. But success won’t be defined by who has been around the longest, it will depend on who listens to the customer, who simplifies the process, and who makes insurance feel less like a burden and more like a necessity.

At Techeconomy, we believe brand comparisons like this help users and decision-makers see through the noise. In a market with huge potential and still not leveraged as well as it should, the clearer and faster you move, the more relevant you become.

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