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Mr. Sunday Thomas, the Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), emphasized the pivotal role of artificial intelligence (AI) in shaping the future of the insurance industry in Nigeria.
Speaking at the 8th BusinessToday annual conference & exhibition themed “The World of AI: How Insurance and Pension Sectors Can Explore Opportunities for Market Penetration” in Lagos, Thomas, represented by Ajibola Olabisi Bankole, the Deputy Director of NAICOM’s Lagos Office, urged insurance providers to embrace AI technologies. He highlighted AI’s capacity to enhance productivity, profitability, and efficiency in service delivery and claims settlement for insurance consumers.
Thomas underscored technology adoption as a crucial component of the insurance industry’s 10-year roadmap. He assured stakeholders that NAICOM, as the regulatory authority, would continuously develop policies to foster industry growth, expand market penetration, and bolster the nation’s GDP.
In his goodwill message, the conference chairman, Mr. Tope Smart, who also chairs NEM Insurance Plc, discussed the challenges facing insurance penetration in Nigeria compared to global benchmarks. He attributed the low penetration rate to factors such as inadequate enforcement of compulsory insurances. Smart expressed the industry’s commitment to collaborating with enforcement agencies to address this issue and boost insurance uptake.
Smart acknowledged consumers’ reluctance to renew policies due to past negative experiences but assured Nigerians of accessible complaint channels for addressing grievances. He encouraged individuals to leverage platforms like the Nigerian Insurers Association (NIA) and NAICOM to resolve legitimate claims promptly.
Mr. Edwin Igbiti, the President of the Chartered Insurance Institute of Nigeria (CIIN), emphasized the need to derisk the nation’s economy to facilitate the growth of the burgeoning insurance industry. He advocated for partnerships with the government and other stakeholders to deepen insurance penetration, highlighting AI’s potential to drive premium growth, improve service delivery, and amplify the sector’s contribution to the nation’s GDP.
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