The Commissioner for lnsurance and CEO of the National Insurance Commission (NAICOM), Olusegun Omosehin has said that Nigerian Actuarial Society (NAS) has a vital role to play in equipping its members with access to the necessary skills to navigate the world of Artificial intelligence (AI).
Omosehin, who stated this at the 2024 annual industry conference of the Society held in Lagos, noted that the pace at which AI is evolving means that actuaries have to continuously evolve and develop skill sets that utilise AI and other machine learning tools or risk being left behind.
Represented by the Deputy Commissioner for Insurance, Omosehin noted that the conference, with the theme, ‘Actuaries and AI: Strengths, Opportunities, Weaknesses and Threats,’ was timely and crucial as it perfectly captured an exciting yet critical conversation needed at present.
He said: “As we gather here today, the world is experiencing a significant transformation, driven by technological advancements and data revolution. The financial sector, in particular, is at the point of a significant shift, with artificial intelligence (AI) poised to revolutionise the way we conduct business.
“As the Nigerian insurance industry continues to evolve, the intersection of actuarial science and AI presents a unique opportunity to further utilise the power of technology to shape the future of insurance in Nigeria.”
Omosehin noted that actuaries play a critical role in risk assessment, pricing, and financial stability using advanced techniques such as data science and predictive analytics to analyse complex data and make informed decisions, adding that the profession has become increasingly important in a data-driven world, with actuaries in high demand across various economic sectors.
He highlighted that the pace at which AI is evolving means that actuaries have to also continuously evolve and develop skill sets that utilise AI and other machine learning tools or risk being left behind.
He further stated, “In the changing landscape, using AI for vast data analysis will be common place. This will enable actuaries delve deeper into large data; uncovering insights, and developing more accurate risk pricing models and innovative insurance products for the Nigerian populace.
“AI would readily be instrumental in the emerging Insurtech landscape and financial inclusion by enabling the development of microinsurance solutions that cater to the underserved population, Insurtech AI underwriting, etc.”
According to him, “As an insurance industry regulator, we believe that this is the time to strengthen our collaborative efforts to ensure responsible AI adoption in order to maximize the strength and opportunities of Actuaries and AI”.
Omosehin reiterated that NAICOM is concerned about the current inadequate professionally qualified actuaries in the insurance industry in Nigeria, and is committed to supporting all initiatives and developments that are likely to facilitate actuarial capacity development to enable the Nigerian insurance industry access qualified actuaries.
“This is part of the reasons we, at the Commission, are excited about the prospects AI brings to the actuarial profession in Nigeria,” Omosehin stressed.
