The Commissioner for Insurance, Mr Olusegun Ayo Omosehin has urged the members of the Nigerian Actuarial Society (NAS) to work together and be at the forefront in spearheading the development of the insurance market in Nigeria by constantly evolving and enhancing skills that incorporate AI and other machine learning features.
Omosehin who spoke this at the 2024 Nigerian Actuarial Society’s Annual Industry Conference that took place in Lagos, said the actuaries should take the above steps or else they will be left out.
Delivering the keynote address, Omosehin, said the year’s conference with the theme, “Actuaries and AI: SWOT”, which stands for “Strengths, Opportunities, Weaknesses, and Threats,” was appropriate and urgent, since it encapsulated an important conversation of today aptly.
“As we gather here today, the world is experiencing a significant transformation, driven by technological advancements and the 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,” he said.
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“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 told the gathering that actuaries are very essential in risk management and management of funds through the use of such tools as data analytics, and predictive analytics among others to parse data and make the right decisions.
He mentioned that actuarial science as a profession had gained significance in the contemporary society due to its emphasis on the use of statistics.
Furthermore, he indicated that one of the topics that some older actuaries used to discuss included the pre-spreadsheet era where computations were manual.
He, however, noted that the existence of spreadsheets did not reduce the number of actuaries, instead they can do more as well as consider other elements of what they do.
Likewise, he said it was regarding these developments that the Federal Government of Nigeria will be strategizing to transform Nigeria into the AI centre for AI solutions in Africa.
