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The President of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, has called on stakeholders in the insurance sector to adopt artificial intelligence (AI) as a means to improve customer service and streamline operational processes. She made this appeal during the 2024 Office Representatives Committee (ORC) Workshop, which was organized by the institute in Lagos, under the theme, “AI and the Future of the Insurance Industry.”
In her keynote speech, Ilori emphasized that AI is not a threat to employment but a tool to enhance efficiency across various roles in the insurance industry, including underwriting, brokering, and loss adjustment.
“AI is not here to take over our jobs, but rather to help simplify processes and deliver maximum satisfaction to our customers,” Ilori stated. “Whether you are an underwriter, broker, or loss adjuster, or involved in educating members, AI can improve how we serve our clients.”
The workshop convened key players from across the insurance sector to discuss how AI could be leveraged to transform business operations and improve customer interactions.
Monica Nwachukwu, Chairman of the ORC, highlighted the role of AI in modernizing the insurance industry. She explained that AI can automate processes related to customer service and claims management, allowing insurers to provide faster and more efficient services.
“AI can extract data from legacy systems and feed it into decision-making processes, improving operations across the board,” Nwachukwu said. “With the integration of AI and APIs, insurers can unlock valuable data, enhancing both customer service and operational efficiency.”
In his address, Orlando Odejide, Managing Partner at A4S and Training Heights, stressed the need for insurance companies to align their strategies with future technologies like AI as they prepare for 2025 and beyond.
“Any organization that wants to grow in the future must have its strategic plan in place,” Odejide advised. “If your 2025 strategy is not ready yet, it should be finalized by October.”
He urged participants to use the workshop as an opportunity to critically assess how AI could be incorporated into their business models to remain competitive.
Jimi Fasina, co-founder and CEO of Tsaron Technologies Limited, echoed these sentiments, emphasizing the importance of AI-driven solutions for sales and marketing. He urged insurance companies to rethink their strategies and leverage AI to attract and retain customers more effectively.
“By leveraging AI in areas like sales and marketing, insurance companies can enhance their customer acquisition and retention efforts,” Fasina remarked.
The workshop concluded with a call for the insurance industry to embrace AI as a critical driver of growth and innovation, ensuring that the sector remains competitive and responsive to evolving customer needs.
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