The rapid advancement of Financial Technology (Fintech) is reshaping the insurance sector globally, with significant implications for operational performance. This study explores the relationship between the adoption of digital payment platforms (ADPP) and operational performance, specifically cost management (CM), in listed insurance companies in Nigeria. Using a quantitative approach, the study examines data from 200 respondents across 10 Nigerian insurance firms. The findings reveal a moderate positive correlation (0.4642) between ADPP and CM, with a statistically significant regression result (p-value = 0.0002). These results suggest that the integration of digital payment platforms enhances cost management by streamlining payment processes, reducing transaction costs, and improving operational efficiency. The study also highlights the role of regulatory frameworks and consumer readiness in facilitating this adoption. Additionally, while the adoption of digital payment systems offers several benefits, challenges such as cyber security risks and high implementation costs must be addressed. The study concludes that digital payment platforms play a crucial role in improving cost management for Nigerian insurance companies and recommends further investment in digital tools and employee training to maximize operational efficiency.