Omosehin Charges Actuaries on Shaping Future of Insurance With AI

Ebere Nwoji

The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has charged members of the Nigerian Actuarial Society (NAS) to collaborate, innovate, and lead the way in shaping the future of the Nigerian insurance industry through continuous evolvement and development of skill sets that utilise artificial intelligence (AI) and other machine learning tools.

Omosehin who stated this at the 2024 Nigerian Actuarial Society’s Annual Industry Conference held in Lagos said the actuaries should take the above steps or risk being left behind.

Delivering the keynote address, Omosehin, said the year’s conference with the theme,   “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 revolutionise 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 utilise the power of technology to shape the future of insurance in Nigeria”.

He said actuaries play a critical role in risk assessment, pricing, and financial stability using advanced techniques such as data science and predictive analytics to analyse complex data and make informed decisions. 

He noted that the actuarial profession had become increasingly important in a data-driven world, with actuaries in high demand across various economic sectors.

He pointed out that one  of the things that some older actuaries talk about was  the time before spreadsheets existed, when calculations were done by hand. 

He however observed that the advent of spreadsheets did not eliminate actuaries; rather, it allowed them to do more and explore new aspects of their work. 

He said it was in recognition of these developments that the Federal Government of Nigeria planned to position Nigeria as the AI hub for AI solutions in Africa.