Nigeria: Omosehin urges actuaries to lead insurance future with AI

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance, has urged members of the Nigerian Actuarial Society (NAS) to work together, innovate, and pioneer advancements in the Nigerian insurance sector. He emphasized the importance of continually evolving and developing skills, particularly in utilizing artificial intelligence (AI) and other machine learning tools.

Speaking at the 2024 Nigerian Actuarial Society’s Annual Industry Conference in Lagos, Omosehin highlighted the critical need for actuaries to embrace collaboration, innovation, and leadership. He cautioned that failing to do so could result in being left behind in the evolving landscape of the industry.

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 emphasized that actuaries hold a crucial position in the insurance industry, responsible for assessing risk, setting prices, and ensuring financial stability. They employ advanced methodologies such as data science and predictive analytics to analyze intricate data and make well-informed decisions.

He highlighted the growing significance of the actuarial profession in today’s data-driven environment, stressing that actuaries are highly sought after across diverse economic sectors.

He also referenced discussions among older actuaries who reminisce about a time before the advent of spreadsheets, when calculations were meticulously performed by hand.

He noted that the introduction of spreadsheets did not render actuaries obsolete; instead, it enhanced their capabilities and enabled them to delve into new dimensions of their profession.

He highlighted that these advancements prompted the Federal Government of Nigeria to strategize positioning Nigeria as a leading hub for AI solutions across Africa.