Damola Oloko, Co-founder of the InsurTech Business Series Podcast, shares insights on his 10- year journey in the Insurance industry, despite his roots in communication, in an exclusive interview with Boma Amos-Atuboyedia of the Sparklight News.
Sparklight News: Background and Career path?
Damola Oloko: I grew up in Iba, on the outskirts of Lagos, and my worldview was initially shaped by that environment. I attended boarding schools in Ogun State for both secondary school and university. I studied Mass Communication at Babcock University and later earned a Master’s degree at the University of Lagos. While I initially worked in radio and magazine media, I eventually transitioned into the insurance industry.
Sparklight News: What attracted you to the insurance industry, considering your academic background in Mass communication?
Damola Oloko: Despite my background in Mass communication, I stumbled into the insurance industry after a friend connected me to an interview. Initially hesitant, I eventually embraced the opportunity after realising it was a chance to gain experience and began my journey.
Sparklight News: Did you at any point take courses to professionalize your insurance career, and how did you go about it?
Damola Oloko: Yes, I did. About a year into my insurance career, I realised I needed to understand the field better and build my credentials. With my parents’ support, I started my professional certification in 2016. Today, I am proud to be an Associate of the Chartered Insurance Institute of Nigeria.
Sparklight News: Can you talk about the certifications or qualifications you’ve pursued in the insurance field?
Damola Oloko: I am an Associate of the Chartered Insurance Institute of Nigeria. I pursued this qualification because I wanted to establish myself professionally in the field.
Sparklight News: What have been some of your major successes and milestones in the insurance industry?
Damola Oloko: I’ve worked with reputable companies like Mutual Benefits Assurance and Leadway Assurance, where I received awards for my performance in sales and team leadership. One of my proudest achievements is co-founding the InsurTech Business Series Podcast in 2020, which has become a leading platform for insurance innovation in Africa. We also hosted the first-ever virtual InsurTech conference in Africa and launched a roundtable initiative with the Nigerian Insurance Association to address industry challenges.
Sparklight News: How has your role evolved over the years in the insurance space?
Damola Oloko: My role has evolved from sales to innovation management, focusing on identifying problems and collaborating with innovators to solve them. From B2C sales to Digital Partnerships (B2B) at AXA Mansard during the COVID-19 pandemic. I later moved into an innovation role, managing innovation programs and partnerships across AXA Mansard’s health, insurance, and asset management arms. My focus is now on identifying problems within the value chain and working with innovators to solve them.
Sparklight News: What challenges did you face as a salesperson in the insurance market, especially pre- and post-COVID?
Damola Oloko: Before COVID, I faced a lot of rejection, mistrust, and indifference toward insurance. Many people preferred spiritual alternatives or only bought the minimum required coverage. These challenges led me to seek deeper knowledge about insurance. Post-COVID, awareness and openness to digital insurance improved, especially in the B2B space, which became one of the busiest times in my career.
Sparklight News: How did those challenges fuel your interest in innovation and technology within the insurance sector?
Damola Oloko: Those rejections sparked my curiosity about how insurance works elsewhere. I started engaging with professionals globally, especially during the pandemic, and learned how innovation was helping in other markets. I wanted to bring those lessons home. That led to launching the InsurTech Business Series Podcast to share knowledge, inspire innovation, and connect industry players.
Sparklight News: What is the idea behind Insurtech?
Damola Oloko: InsurTech is the fusion of “insurance” and “technology.” It’s about using technology to make insurance more efficient, trustworthy, and accessible. In Africa, InsurTech is still emerging, but it holds great promise. The goal is to address structural challenges and improve how insurance is delivered and understood.
Sparklight News: What motivated you to start a podcast on insurance technology and innovation in Africa?
Damola Oloko: I wanted to centralise the insights I was gaining from international interactions and make them accessible to others in the African insurance ecosystem. Alongside a colleague with a similar background, we launched the podcast in April 2020 to educate, connect, and inspire innovation across the continent.
Sparklight News: What impact do you believe your work—podcasts, conferences, articles—has had on the insurance industry in Africa?
Damola Oloko: The impact has been meaningful. I’ve received feedback from listeners who implemented new ideas in their organisations after listening to our episodes. Our roundtables and conferences have facilitated collaboration among regulators, innovators, and insurers. We’ve helped foster a culture of learning and cooperation that is vital for the industry’s growth.
Sparklight News: Looking back, are you proud of the journey you’ve taken in the insurance industry?
Damola Oloko: Yes, I’m very proud. The journey hasn’t been easy—starting with commission-based sales taught me resilience. I’ve grown immensely, both personally and professionally. I used to be shy, but now I confidently lead discussions on innovation in insurance. I have no regrets about the path I’ve taken.
Sparklight News: If given the chance to start over, would you still choose an insurance career?
Damola Oloko: Those initial years were tough. Looking back now, I’m happy I had those experiences because they shaped me, but I can’t say they’re something I would want to relive. It would have been interesting to see how my journey would have evolved in communications. I think I have a good grasp of that space—after all, I run a podcast today and manage everything that surrounds it because of my background in communications. So, if I had the chance to start all over again, maybe I would explore communications a little more deeply.
Sparklight News: What opportunities do you see in the future for the insurance industry, particularly around innovation and digital transformation?
Damola Oloko: There are many opportunities. I believe the right kind of technology and innovation can truly help bring insurance closer to people who need it the most. Innovation can simplify insurance and make it more relatable and user-friendly. It can empower insurance companies to deliver better value to customers.
One of our biggest industry challenges is the mindset of “this is how we’ve always done it.” That has to change. We need to start thinking differently—thinking innovatively—about how we serve people, especially in Nigeria and across Africa.
A major issue is that many of the insurance products in our markets are imported concepts from developed countries. These don’t always reflect our local realities. We need to localise insurance—to make it insurance for Africans by Africans. For instance, here in Africa, our sense of community is strong. It doesn’t make sense to exclude extended family like brothers or uncles from insurance policies, because culturally and financially, we are responsible for them when challenges arise.
We also need to consider the economic context—pricing, affordability, and accessibility. That’s why microinsurance is gaining traction. It allows us to offer coverage that ordinary Nigerians, Ghanaians, and Kenyans can afford. Inclusive insurance can make a real difference in helping vulnerable populations manage risk and avoid falling back into poverty when life happens.
