AXA Propels the Expansion of Insurtech Industry

AXA Mansard, a subsidiary of the global insurance and asset management giant AXA, has announced the launch of the second phase of its innovative insurtech accelerator initiative, known as the ‘Innovation Exchange Programme,’ within the Nigerian market.

According to a press release, the Innovation Exchange Programme is a 15-week accelerator scheme meticulously crafted to foster the development of innovative Insurtech solutions. This initiative aims to nurture startup growth, facilitate commercialization, and scale these startups in a manner that can streamline the distribution of insurance services, manage claims efficiently, enhance technical underwriting processes, improve customer management, and facilitate seamless payment methods across various market segments.

The inaugural edition of this program was launched in 2022, admitting five promising startups into its fold.

Expressing her thoughts on this initiative, Ngozi Ola-Israel, the Chief Financial Officer of AXA Mansard, expressed the company’s enthusiasm for the potential offered by the second phase. She emphasized the profound impact of the initial edition and the invaluable experience gained from collaborating with startups. This firsthand experience further solidified the company’s belief in the necessity of such endeavors for the continued growth and sustainability of the industry.

Ola-Israel articulated, “To bolster insurance penetration in Nigeria, there’s a substantial amount of groundwork required in terms of evolving insurance offerings, simplifying processes, and ensuring easy accessibility at any time and from anywhere. Achieving this demands not just technological advancements, but also a collective commitment to constructing a robust economy intertwined with insurance. Building on the success of our inaugural edition, the Innovation Exchange Programme possesses the potential to drive this evolution forward.”

“This conviction is what prompted us to launch the second edition and escalate our dedication and investments in the program,” Ola-Israel added.

Kunle Ahmed, the Chief Executive Officer of AXA Mansard Insurance, also chimed in, underscoring the pivotal role of digital transformation in accelerating the expansion of the insurance sector. Ahmed remarked, “Insurance occupies a pivotal role in any economy, and to tap into its full potential, fostering collaborations at various levels is imperative. Our objective is to employ this program as a conduit for fostering fruitful partnerships. We aim to collaborate with viable solutions that emerge from the program.”

“Furthermore,” Ahmed continued, “we recognize the potential for participants in the program to also form partnerships amongst themselves, thereby fortifying our sector.”

The select participants chosen to partake in the Innovation Exchange Programme will be provided with mentorship, guidance, and potentially a launchpad for introducing their solutions, the press release concluded.

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