AXA Mansard, a member of AXA, a global insurance and asset management firm, says it has opened the second cohort of its insurtech accelerator initiative, tagged the ‘Innovation Exchange Programme’ in the Nigerian market.

In a statement, it said, the Innovation Exchange Programme is a 15-week accelerator programme designed to help develop Insurtech solutions, grow startups, commercialise and scale them in ways that could aid seamless distribution, claims management, technical underwriting, customer management, and payment for insurance services across different segments of the market.

The first edition of the programme started in 2022, with five startups admitted into the programme.

Commenting on the programme, the Chief Financial Officer, AXA Mansard, Ngozi Ola-Israel, said the company was excited about the possibilities of the second cohort.

She noted that the inaugural edition and the experiences from working with the startups were profound; explaining that the outcome further convinced the company that initiatives like these were essential for the growth and sustainability of the industry.

She said, “To increase insurance penetration in Nigeria, there is so much work that needs to be done about evolving insurance offerings, simplifying the processes, and making it easily accessible anytime and everywhere.

“This requires not just technology, but a shared vision for building a resilient economy with insurance. From what we have seen with the first edition, the Innovation Exchange Programme can be a force in this evolution.

“That’s why we have commenced the second edition and have increased our level of commitment and investment in the programme.”

Also speaking on the development, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, stressed the importance of digital transformation in accelerating the growth of the insurance sector.

He said, “Insurance plays a crucial role in any economy, and to fully harness the opportunities, it is essential to foster partnerships at different levels. Our goal is to use this programme as a platform where partnerships can thrive as we will partner with viable solutions from the programme.

“But beyond that, we also see the possibilities of members of the programmes partnering with one another to strengthen our sector.”

Selected partners participating in the Innovation Exchange Programme would receive mentorship, guidance, and potentially a platform to launch their solutions, the statement said.

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