‘Go Digital or Disappear’: Baywood Chairman Warns Insurers of Extinction as New AI-Powered Platform Launches

The Executive Chairman of Baywood Group, Chris Ibe, has warned traditional insurance companies operating on paper-based and offline models that they risk becoming obsolete within the next five years unless they embrace digital transformation.

Speaking during a media briefing, Ibe said rapid technological innovation has become essential for corporate survival, stressing that businesses that fail to adapt to the digital era face an uncertain future.

“In today’s world, if you are not embracing technology, you are almost dead,” he said, noting that the future of insurance lies in digital accessibility and innovation.

His remarks came as CBI Partnering Insurtech Limited, a subsidiary of Baywood Holdings Limited, unveiled a new app-driven and web-based insurance marketplace designed to simplify the purchase and management of insurance products across Nigeria.

The company, which recently secured a web aggregator licence, said the platform will enable users to discover, purchase and manage insurance policies directly from their mobile devices, eliminating many of the barriers that have historically limited insurance penetration in the country.

“Whether you are at home, in the office, or travelling across the country, insurance should be entirely accessible via your mobile devices,” Ibe stated.

According to him, low insurance adoption in Nigeria has been driven less by a lack of products and more by challenges relating to accessibility, complexity and consumer trust.

“Our target is to make insurance accessible to all Nigerians,” he said, adding that the platform is designed to bring the entire insurance ecosystem together on a single digital interface.

To power the initiative, CBI Partnering Insurtech is deploying generative artificial intelligence, advanced algorithms and interactive chatbots aimed at improving customer experience and simplifying insurance processes.

Ibe explained that while the company is not an insurance underwriter, it will serve as a technology marketplace connecting consumers with insurance providers while facilitating services ranging from policy creation to claims support.

He emphasised that efficient claims processing remains critical to building trust within the industry.

“The true test of insurance is not when a policy is purchased but when a claim is made,” he said, adding that the company’s AI-powered systems are designed to deliver faster and more transparent claims experiences.

To support broader industry digitisation, the firm also announced plans to assist traditional insurers and Health Maintenance Organisations (HMOs) by developing custom Application Programming Interfaces (APIs) that will allow them to integrate seamlessly with the digital marketplace.

The initiative is expected to provide retail customers, small businesses and corporate organisations with easier access to insurance products through a mobile-first platform.

Ibe commended the National Insurance Commission (NAICOM) for encouraging innovation and digital growth within Nigeria’s insurance sector, describing the regulator’s approach as key to expanding insurance coverage and financial inclusion.

He noted that the operational web aggregator licence granted to CBI Partnering Insurtech aligns with the Federal Government’s newly enacted insurance reforms aimed at driving digital transformation across the industry.

According to him, the company spent more than a year developing its technological infrastructure and operational systems before obtaining regulatory approval.

“Long before receiving approval, we invested heavily in technology, infrastructure and operational readiness,” Ibe said, stressing that operational preparedness should always precede market entry.

Operating strictly as a technology-driven marketplace, CBI Partnering Insurtech said it intends to bridge the gap between conventional insurance providers and millions of uninsured Nigerians through digital innovation and enhanced accessibility.