Stakeholders in Nigeria’s insurance industry have expressed support for Nigeria Reinsurance Corporation’s new AI strategy, commending its balanced approach.
Public affairs commentator, Ade Adesokan, noted that the initiative showcases how effective leadership can merge cutting-edge technology with deep human expertise.
Nigeria recently introduced a training initiative called ‘Reinsurance Accounting System and Claims Handling’ aimed at enhancing the professional skills of insurance operators.
The event, organized in collaboration with GIC Re South Africa Limited, took place in Lagos and attracted practitioners from 30 insurance companies and six broking firms, focusing on key areas like accounting systems and claims management.
In a piece published by the Managing Director/CEO of Nigeria Reinsurance Corporation, Adesokan, Mr. Akinsola Ale,shared a compelling vision for AI adoption.
He emphasized that technological integration should extend beyond simple implementation, focusing on creating a strategic, impactful synergy between technology and the industry’s core functions.
“Our adoption of AI will revolutionise how we analyse data, manage claims, and assign tasks. It’s a tool that guarantees clarity, precision and speed. Critically, this is part of our broader vision to drive innovation while maintaining the human touch,” Ale said.
Ale pointed out that Nigeria Reinsurance Corporation’s future AI strategy will be particularly remarkable, with plans to develop a tailored system specifically for Africa’s unique market conditions.
The system will include advanced features to handle complex factors such as fluctuating foreign exchange rates, showcasing a thorough understanding of local economic nuances.
Beyond technological innovation, Nigeria Re said it is also fostering a collaborative ecosystem. The corporation still maintains a strategic relationship with Africa Re, transcending traditional competitive boundaries, despite being a competitor. This partnership extends to critical domains like claims reconciliation and professional training, emphasising a collective commitment towards industry growth.
Adesokan added that by integrating “technological innovation with profound human expertise, the corporation is not just adapting to change; it is actively shaping the future of the insurance industry.
“It’s worthy of note that in this era of rapid technological advancement, the most successful organisations will be those that recognise technology as an enabler, not a replacement for human skill, empathy and strategic thinking.”
On the training initiative, the Managing Director/CEO of GIC Re South Africa Limited, Mr Jetho Jhamnani, said, “These training programmes are not just about individual skill development but about aligning the entire industry with the highest standards of professional excellence.”
Chief Operating Officer of GIC Re South Africa Limited, Mr Varum Bhardwaj, added, “We are equipping participants with tools and insights that enable prompt, efficient claims settlement. This is about raising the collective bar of excellence.”
