NAICOM Advocates AI Adoption for Actuaries

The National Insurance Commission (NAICOM) has emphasised the need for actuaries to embrace artificial intelligence (AI) and shape the future of the industry.

Speaking at the 2024 Nigerian Actuarial Society (NAS) Annual Industry Conference, Commissioner for Insurance, Mr Olusegun Ayo Omosehin, noted that, highlighted the Federal Government’s plans to position Nigeria as the AI hub for Africa and the importance of the insurance industry and actuaries being at the forefront of AI adoption.

The conference, themed “Actuaries and AI: Strengths, Opportunities, Weaknesses, and Threats,” brought together experts to explore the intersection of actuarial science and AI.

The commissioner noted that AI has the potential to transform the insurance industry, but also poses challenges, such as job displacement and ethical concerns.

He called for robust regulations to ensure the ethical use of AI in insurance, focusing on data privacy, fairness, and transparency.

Omosehin also emphasised the need for collaboration between actuaries and AI developers, saying, “Actuaries bring domain expertise, while AI developers provide the technical know-how. This partnership is essential for developing solutions that are both effective and ethically sound.”

The NAS has a vital role to play in equipping its members with the necessary skills to navigate the world of AI, Omosehin added.

He, therefore, encouraged delegates to be open to new ideas and to harness the true potential of AI in the Nigerian insurance industry.

The conference provided a platform for actuaries and industry stakeholders to explore the opportunities and challenges of AI adoption and to chart a course for a more sustainable and inclusive insurance ecosystem.