Niyi Onifade, Sector Head of Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has called for the adoption of Generative Artificial Intelligence (AI) to revolutionise insurance in West Africa.
Niyi Onifade, (in the featured picture (left) and Bubacaarr Jarju, President WAICA) delivered the keynote address and theme paper at the West African Insurance Companies Association Conference in Accra, Ghana, on November 18, 2024, highlighting the critical role Artificial Intelligence (AI) can play in shaping the future of the insurance sector in West Africa.
Its quite pertinent that GenAI preponderance at seminars and webinars is a norm that the globe has keyed into. Its advent has profound implications for companies and governments, both positive and negative, but the positive is driving the corporate and government to embrace while the negative is creating high demand for cyber security services.
Held at Labadi Beach Hotel in Accra, the conference gliding on the positive side, brought together industry leaders, policymakers, and tech innovators from across Africa to discuss the future of Insurance in West Africa. The 2024 Education Conference served as a crucial platform for dialogue on the future of insurance in the region.
In Onifade’s presentation, titled “Artificial Intelligence and the Future of Insurance in West Africa,” he emphasised the need for insurance companies to embrace AI to stay competitive and meet the demands of the modern consumer. He outlined how AI is revolutionising the insurance experience by automating processes such as claims management, enhancing risk assessments, and providing personalised customer service.
“AI is not just an innovation; it is the gateway to the next generation of insurance. In our sub-region, West Africa, the insurance penetration rate is much lower. AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience. The insurance consumer of today is more digital than before and will become much more digital in future. Our industry has to scale up on digitalisation to meet the needs of today and tomorrow,” 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 emphasised the Group’s investment in digital platforms that streamline operations and expand access to underserved populations.
He capped his speech with call on West African stakeholders to collaborate in adopting GenAI and developing supportive regulatory frameworks to foster innovation and protect consumer interests. He said: “We must act now to seize this moment and change the landscape of the insurance sector.”
