AI key to Insurance Growth in Nigeria – AXA Mansard
AXA Mansard Insurance says technology and innovation, through the adoption of Artificial Intelligence (AI), will transform Nigeria’s insurance landscape.Its Chief Distribution Officer, Jumoke Odunlami, in a statement on Tuesday in Lagos, advised insurers to embrace the improved use of AI to accelerate the growth and adoption of insurance in Nigeria.
Odunlami said technology and Artificial Intelligence (AI) would play crucial roles in bridging the knowledge gap on insurance in Nigeria. She said technology would help get insurance into the hands of more Nigerians, and AI would help address some of the issues that are fueling distrust in insurance products.
“Sometimes, knowledge comes from experiencing a product. When it is used, it is better understood. Technology is a tool that can give that level of access. “For instance, through our telecommunications and financial technology partners, we are reaching over 1.5 million Nigerians with microinsurance.
“These are people who could have been deprived of the opportunity to try out insurance. “But through USSD and savings apps, we are now reaching them, and they are enjoying the benefits of insurance. That is the power of technology.
“While we are reaching more people and getting them to try out insurance, AI will play a crucial role in ensuring that their expectations are not cut short. “We understand that the trust in insurance is still fragile, and if we reach more people and can’t keep the promise, we will break the trust and lose the opportunity to educate them,” she said.
Odunlami noted that it was important for insurers to begin to deploy AI to customise, personalise and increase the speed of fulfillment. She said, “That is going to be a game changer, and that’s what the industry should invest in.”
She noted that the country’s low insurance penetration remained a compelling reason for industry professionals, particularly emerging talents, to embrace AI and customer-focused solutions in driving the sector’s growth.
“The future of the insurance industry will be led by those who champion innovation. This transformation will foster a more resilient and inclusive insurance ecosystem,” she said.
Odunlami said that while pricing and risk assessment remained vital to insurance operations, educating the public was also key to building trust in the industry.
“The challenge with insurance goes beyond mere awareness. People know that insurance is important; they just haven’t found a reason to trust it.
“Understanding the needs of insurance consumers and providing solutions to meet those needs is essential. “Encouraging students to envision themselves as future leaders of the industry is also important,” she said. #AI key to Insurance Growth in Nigeria – AXA Mansard#
