Stakeholders in Nigeria’s insurance sector have shown strong support for Nigeria Reinsurance Corporation’s new artificial intelligence (AI) strategy, lauding its balanced and forward-thinking approach. The strategy aims to integrate advanced technology with human expertise, a move described by public affairs commentator Ade Adesokan as one that highlights how strategic leadership can harmonize these two elements. This endorsement reflects optimism about AI’s role in revolutionizing industry practices.
Nigeria Re recently launched a training initiative titled “Reinsurance Accounting System and Claims Handling,” designed to improve the professional skills of insurance operators. The initiative, which was held in partnership with GIC Re South Africa Limited, focused on enhancing knowledge in key areas such as accounting systems and claims management. The event, hosted in Lagos, drew participants from 30 insurance companies and six broking firms, signaling the importance of continuous professional development in the industry.
The CEO of Nigeria Re, Mr. Akinsola Ale, shared insights into the company’s broader vision of AI adoption, emphasizing that the technology would fundamentally change how data is analyzed, claims are managed, and tasks are assigned. He stressed that AI will not replace the human touch but will work alongside human expertise to bring about greater efficiency and precision. The company is also focused on creating AI solutions tailored to Africa’s unique market conditions, particularly addressing challenges like fluctuating foreign exchange rates.
Nigeria Re’s initiative goes beyond technological innovation by fostering a collaborative ecosystem within the industry. Despite being a competitor, Nigeria Re continues to maintain a strategic partnership with Africa Re, focusing on claims reconciliation and professional training. GIC Re South Africa’s leaders also praised the program, highlighting its importance in raising industry standards and improving claims settlement efficiency, thereby contributing to the growth of the insurance sector as a whole.
Source: punch