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NAICOM ADOPTS AI FOR INCLUSIVE INSURANCE ECOSYSTEM

The Commissioner for Insurance/Chief Executive Officer of National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, has tasked members of the Nigerian Actuarial Society on the need to develop skill sets that utilizes Artificial Intelligence (AI) and other machine learning tools to ensure sustainable and inclusive insurance ecosystem or risk being left out.
Speaking at the annual industry conference of the Nigerian Actuarial Society(NAS), in Abuja, themed “Actuaries and AI: Strengths, Opportunities, Weaknesses, and Threats”, the Commissioner for Insurance, National Insurance Commission(NAICOM), Olusegun Omosehin acknowledged that the world is experiencing a significant shift, driven by technological advancements and data revolution.
Represented by the Deputy Commissioner, Usman Jankara, the CFI said that “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 revolutionize the way we conduct business.
 He therefore called on the Nigerian Actuarial Society (NAS) to play a vital role in equipping its members with access to the necessary skills to navigate the world of AI.
He said “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.”
Omosehin noted that it is in recognition of this development that the Federal Government plans to position Nigeria as the Artificial Intelligence(AI)hub for AI solutions in Africa.
This he stated would be achieved through the development and implementation of a National Artificial Intelligence Strategy aimed at accelerating AI adoption in Nigeria.
On the importance of actuaries to the economic sector, he stated that the profession has become increasingly important in a data-driven world, with actuaries in high demand across various economic sectors.
He says,  there is need to Foster partnership between actuaries and AI developers  as this would tcreate solutions that are both effective and ethically sound.”
He called on the NAS to collaborate, innovate, and lead the way in shaping the future of the Nigerian insurance industry in order to facilitate the enthronement of a more sustainable and inclusive ecosystem that will benefit the nation.
“The pace at which AI is evolving means that actuaries have to also continuously evolve and develop skill sets that utilize AI and other machine learning tools or risk being left behind”, Omosehin noted.
“The actuarial profession needs to embrace continuous learning to stay relevant in the AI age. Therefore, equipping actuaries with skills in data science, machine learning, and AI will be essential,” he said.
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