Artificial Intelligence adoption will transform African insurance industry – Onifade

Niyi Onifade, sector head of Heirs Insurance Group, has called for the adoption of Artificial Intelligence (AI) to revolutionise insurance industry in West Africa.

Onifade made the remark in keynote address at the West African Insurance Companies Association Conference in Accra, Ghana, highlighting the critical role Artificial Intelligence (AI) can play in shaping the future of the insurance sector in West Africa.

In Onifade’s presentation, titled “Artificial Intelligence and the Future of Insurance in West Africa,” he emphasised the need for insurance companies to embrace AI to stay competitive and meet the demands of the modern consumer. He outlined how AI is revolutionising the insurance experience by automating processes such as claims management, enhancing risk assessments, and providing personalised customer service.

“AI is not just an innovation; it is the gateway to the next generation of insurance. In our sub-region, West Africa, the insurance penetration rate is much lower. AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience. The insurance consumer of today is more digital than before and will become much more digital in future. Our industry has to scale up on digitalisation to meet the needs of today and tomorrow,” he said.

Onifade further highlighted Heirs Insurance Group’s leadership in integrating technology, particularly AI-driven solutions, to enhance customer experiences, improve risk management, and drive financial inclusion. He emphasised the Group’s investment in digital platforms that streamline operations and expand access to underserved populations.

The 2024 Education Conference served as a crucial platform for dialogue on the future of insurance in the region.

Concluding his speech, he called on West African stakeholders to collaborate in adopting AI and developing supportive regulatory frameworks to foster innovation and protect consumer interests. He said: “We must act now to seize this moment and change the landscape of the insurance sector.”

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.