By David Akinmola
Stakeholders in the insurance industry across Africa said optimal adoption of artificial intelligence (AI) is needed to increase the penetration and growth of the industry.
Insurance experts who gathered at the just-concluded West African Insurance Companies Association Conference in Accra, Ghana, said AI adoption would transform the industry.
AI technology, according to them, has gained so much popularity in businesses that analysts put global business value earned through artificial intelligence at $3.9 trillion in 2022, from $1.2 trillion in 2018.
The technology is believed to be capable of bridging the gap between the masses and insurers, helping to bring insurance closer to the people.
Speaking on ‘Artificial Intelligence and the Future of Insurance in West Africa’, the Sector Head of Heirs Insurance Group, Niyi Onifade, called for the adoption of AI to revolutionise insurance in West Africa.
He outlined how AI is revolutionising the insurance experience by automating processes such as claims management, enhancing risk assessments and providing personalised customer service.
According to him, AI is not just an innovation but a gateway to the next generation of insurance. The insurance penetration rate is much lower in our sub-region, he said.
“AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience,” he said.
Onifade further highlighted Heirs Insurance Group’s leadership in integrating technology, particularly AI-driven solutions, to enhance customer experiences, improve risk management and drive financial inclusion.
He explained the group’s investment in digital platforms that streamline operations and expand access to underserved populations.
