Adopt AI Revolution Or Lose Your Jobs, Insurance Commissioner Tell Actuaries

The Commissioner for Insurance National Insurance Commission (NAICOM) Olusegun Omosehin on Wednesday called for the evolution of Actuary practices in Nigeria as a result of vast adaption to Artificial Intelligence (AI) across sectors.

An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty.

At the Annual Insuramce Industry Conference, themed “Actuaries and AI: Strengths, Opportunities, Weaknesses, and Threats” Omosehin said the evolution was timely and crucial, as the world is experiencing a significant transformation, driven by technological advancements and data revolution.

He said, “As the Nigerian insurance industry continues to evolve, the intersection of actuarial science and AI presents a unique opportunity to further utilize the power of technology to shape the future of insurance in Nigeria.

“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.

“Even though, there are perceptions that disruptive technologies like AI will replace every job and make a lot of skills obsolete. There may be credence to this sentiment if, like actuaries, we are to observe historical patterns.

“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.”

However, he expressed optimism that in the changing landscape, using AI for vast data analysis will enable actuaries to delve deeper into large data; uncover insights, and develop more accurate risk pricing models and innovative insurance products for the Nigerian populace.

Omosehin also told participants that the Federal Government plans to position Nigeria as the AI hub for AI solutions in Africa”.

The plan, he said, would 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, in conformity with the above, the Commission is committed to the Federal Government strategy,” the NAICOM boss said.  

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