By Bisi Bamishe
The Commissioner for lnsurance, Olusegun Omosehin has said that Nigerian Actuarial Society (NAS) has a vital role to play in equipping its members with access to the necessary skills to navigate the world of AI.
Omosehin stated this at the 2024 annual industry conference of the Society held in Lagos today.
According to him, 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 who was represented by the Deputy Commissioner for Insurance, noted that the conference, themed “Actuaries and AI: Strengths, Opportunities, Weaknesses, and Threats” was timely and crucial, as it perfectly captured an exciting yet critical conversation needed today.
He said, “as we gather here today, 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.
“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”, he added.
Noting that 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, Omosehin stated that the profession has become increasingly important in a data-driven world, with actuaries in high demand across various economic sectors.
According to him, 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.
“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. AI would readily be instrumental in the emerging Insurtech landscape and financial inclusion by enabling the development of microinsurance solutions that cater to the underserved population, Insurtech AI underwriting, etc.
Accordingly, as an insurance industry regulator, we believe that this is the time to strengthen our collaborative efforts to ensure responsible AI adoption in order to maximize the strength and opportunities of Actuaries and AI”, he added.
Omosehin reiterated that National Insurance Commission (NAICOM) is seriously concerned about the current inadequate professionally qualified actuaries in the Nigerian insurance industry and is committed to supporting all initiatives and developments that are likely to facilitate actuarial capacity development in Nigerian and/or enable the Nigerian insurance industry to access qualified actuaries.
“This is part of the reasons we, at the Commission, are excited about the prospects that AI brings to the actuarial profession in Nigeria” he added..
