The National Insurance Commission has called on the National Actuarial Society(NAS) to spearhead the reshaping of the future of the nation’s insurance industry for a sustainable and inclusive insurance ecosystem to the benefits of all players.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin who was represented by the Deputy Commissioner, Dr. Usman Jankara Jimada stated this 2024 Nigerian Actuarial Society Annual National Conference held in Lagos.

He said for the insurance industry to benefit all stakeholders, there is the need for NAS to contribute significantly by making sure a more sustainable and inclusive insurance ecosystem.

“I therefore call on the NAS to seize this moment to collaborate, innovate, and lead the way in shaping the future of the Nigerian insurance industry in order to facilitate the enthronement of a more sustainable and inclusive insurance ecosystem that benefits all stakeholders”.

He further urged Actuaries to embrace recent technological advancement such as the use of Artificial Intelligent (AI) as it will strengthen and revolutionalise the way the work instead of the false insinuation that it will phase them out.

“One of the things that some older actuaries talk about is the time before spreadsheets existed, when calculations were done by hand. The advent of spreadsheets did not eliminate actuaries; rather, it allowed them to do more and explore new aspects of their work. AI may represent another major leap forward, but it is very unlikely to replace actuaries.

“It is therefore exciting to witness conversations around AI especially since the release of Chat-GPT in 2022 which was followed by other AI Chatbots and other technologies to integrate these advancements to improve operational efficiency.

“There may be credence to this sentiment, if like actuaries, we are to observe historical patterns. However, technological advances have always changed the landscape regarding jobs and relevant skill-sets. Like other technological disruptors, AI has the potential to transform the insurance industry and by extension the actuarial profession,” he said.

He tasked Actuaries to continue to embrace evolving technologies, urging the Nigerian Actuarial Society to ensure the up-to-date upskilling of its members so as to keep them relevant in the face of technological advancement as far as their work is concerned.

“The pace at which AI is evolving means that actuaries have to also continuously evolve and develop skill sets that utilize AI and other machine learning tools or risk being left behind. The Nigerian Actuarial Society (NAS) has a vital role to play in equipping its members with access to the necessary skills to navigate the world of AI. This is why I am inclined to believe that this is one of the reasons we are having this conference.

“In the changing landscape, using AI for vast data analysis will be commonplace. This will enable actuaries to delve deeper into large data; uncovering insights, and developing more accurate risk pricing models and innovative insurance products for the Nigerian populace. AI would readily be instrumental in the emerging Insurtech landscape and financial inclusion by enabling the development of microinsurance solutions that cater to the underserved population, Insurtech AI underwriting”, he stated.

He further pledged the Commission’s support initiatives aimed at upgrading the professional competence of Actuaries.

“Therefore, equipping actuaries with skills in data science, machine learning, and AI will be essential.
Permit me to reiterate that the Commission is seriously concerned about the current inadequate professionally qualified actuaries in the Nigerian insurance industry and is committed to supporting all initiatives and developments that are likely to facilitate actuarial capacity development in Nigerian and/or enable the Nigerian insurance industry to access qualified actuaries.

“This is part of the reasons we, at the Commission, are excited about the prospects that AI brings to the actuarial profession in Nigeria. The convergence of actuarial science and artificial intelligence holds immense potential for transforming our industry. By embracing the strengths and opportunities of AI while addressing its weaknesses and threats, we can navigate this new landscape with confidence and foresight.