Heirs Insurance Group has unveiled a new innovation challenge aimed at harnessing student-led technology solutions to address structural gaps within Nigeria’s insurance industry, with a total prize pool of N9 million up for grabs.
The initiative, structured as the company’s first-ever hackathon, is open to students of universities, polytechnics and other recognised tertiary institutions across the country. Participants are expected to develop practical, technology-enabled solutions capable of improving insurance delivery, efficiency and accessibility for Nigerians.
Brandspur Banking News Desk reports that the challenge focuses on critical segments of the insurance value chain, including underwriting processes, claims settlement, product distribution, data analytics, customer engagement and internal operational efficiency. Organisers say the goal is to generate ideas that can be deployed in real-world insurance environments rather than theoretical concepts.
Registration for the hackathon closes on February 16, 2026, while shortlisted teams will progress to a final stage, culminating in a grand finale scheduled for April 2026, where winning entries will be announced and rewarded.
Heirs Insurance said the programme is designed not only as a competition but also as a talent development and innovation pipeline, providing young Nigerians with the opportunity to apply emerging technologies such as artificial intelligence and data-driven tools to real financial services challenges.
Commenting on the initiative, the Chief Executive Officer of Heirs Life Assurance, Niyi Onifade, said the hackathon reflects the company’s conviction that youth-driven innovation and technology adoption are essential to resolving long-standing inefficiencies in the insurance sector.
According to him, solutions developed through the challenge are expected to support faster claims processing, improve customer experience and expand access to affordable insurance products, ultimately strengthening trust in the industry.
The hackathon is being delivered in partnership with Redtech, the digital payments and technology subsidiary of Heirs Holdings. Redtech will provide technical guidance while assessing submissions based on originality, scalability, feasibility and potential real-world impact.
Also speaking, the Chief Digital Officer of Heirs Insurance Group, Peace Philips, said the initiative was created to give young innovators a platform to transform their ideas into deployable solutions that can contribute to a more inclusive and efficient financial system.
She noted that beyond the prize money, participants would gain exposure to industry experts and practical problem-solving experience within Nigeria’s evolving insurance and financial services landscape.
The innovation challenge comes amid increased calls for digital transformation in Nigeria’s insurance industry, as operators seek technology-driven models to deepen penetration, enhance service delivery and attract younger consumers.
