BY NKECHI NAECHE-ESEZOBOR–The National Insurance Commission, NAICOM, on Wednesday called on the Nigerian Actuarial Society to lead the way in shaping the future of the Nigerian insurance industry in order to facilitate the enthronement of a more sustainable and inclusive insurance ecosystem that benefits all stakeholders.
The Commissioner for Insurance, CFI, Mr Olusegun Omosehin, gave the advise at this year’s Annual Industry Conference, with the them: “Actuaries and AI: Strengths, opportunities, Weaknesses, and Threats”is timely and crucial’ while urging them to take advance of the existing collaboration, innovate, in the industry.
The Commission who was represented by Dr. Usman Jankara Jimada, Deputy Commissioner NAICOM, said: “Today, actuaries play a critical role in risk assessment, pricing, and financial stability using advanced techniques such as data science and predictive analytics to analyze complex data and make informed decisions.
“The profession has become increasingly important in a data driven world, with actuaries in high demand across various economic sectors.
“One of the things that some older actuaries talk about is the time before spreadsheets existed, when calculations were done by hand. The advent of spreadsheets did not eliminate actuaries; rather, it allowed them to do more and explore new aspects of their work. AI may represent another major leap forward, but it is very unlikely to replace actuaries.
“It is therefore exciting to witness conversations around AI especially since the release of Chat-GPT in 2022 which was followed by other AI Chatbots and other technologies to integrate these advancements to improve operational efficiency.
He noted that it is in recognition of these developments that the Federal Government of Nigeria plans to position Nigeria as the AI hub for AI solutions in Africa. This is to be achieved through the development and implementation of a National Artificial Intelligence Strategy aimed at accelerating AI adoption in Nigeria. It is thus important that the insurance industry and, by extension, actuaries are at the forefront of its adoption.
He added that the Commission is committed to the Federal Government strategy. “We will ensure that our sectoral regulatory policies are consistent with the outlined goals of the Federal Government while enhancing the stability of the Nigerian Insurance Industry.”
