The Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has expressed concerns over the current inadequate professionally qualified actuaries in the Nigerian insurance industry.
Actuaries are Professionals who compile and analyse statistics and use them to calculate insurance risks and premiums.
Speaking on Wednesday at the 2024 Nigerian Actuarial Society (NAS) Annual Industry Conference held in Lagos , Mr. Omosehin said, the Commission is seriously concerned over the development, 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.
He said, as the Nigerian insurance industry continues to evolve, the intersection of actuarial science and Artificial Intelligence (AI) presents a unique opportunity to further utilize the power of technology to shape the future of insurance in Nigeria.
Mr. Omosehin said, today, actuaries play a critical role in risk assessment, pricing, and financial stability using advanced techniques such as data science and predictive analytics to analyze complex data and make informed decisions,
He said, the profession has become increasingly important in the data-driven world, with actuaries in high demand across various economic sectors.
The NAICOM boss noted that the Federal Government of Nigeria plans to position Nigeria as the AI hub for AI solutions in Africa, through the development and implementation of a National Artificial Intelligence Strategy aimed at accelerating AI adoption in Nigeria.
“It is thus important that the insurance industry and, by extension, actuaries are at the forefront of its adoption”, he said.
In conformity with the above, Mr. Omosehin said, “the Commission is committed to the Federal Government strategy. We will ensure that our sectoral regulatory policies are consistent with the outlined goals of the Federal Government while enhancing the stability of the Nigerian Insurance Industry.
“Even though, there are perceptions that disruptive technologies like AI will replace every job and make a lot of skills obsolete. 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”,
