The insurance industry is rapidly adopting technology to enhance efficiency and customer service, driven by the National Insurance Commission (NAICOM) and Commissioner Mr. Olusegun Ayo Omosehin. Omosehin is leading the shift from traditional models to tech-driven solutions, increasing the use of mobile apps for insurance distribution in Nigeria.
Tech Integration
Insurance firms are utilizing AI for automated underwriting and risk assessment, alongside IoT devices for real-time data and personalized pricing. Partnerships with insurtech companies are also expanding market reach.
Omosehin has emphasized the importance of AI and machine learning for the future of insurance, urging actuaries to lead innovation. NAICOM supports the Federal Government’s AI strategy and is committed to aligning regulatory policies with technological advancements.
Technological Impacts
Digital Transformation: Enhances customer experience and operational efficiency through digital platforms.
Risk Assessment: AR and VR enable virtual property inspections.
Data Analytics: Improves decision-making and fraud detection with real-time data and AI.
Telematics: Personalized premiums based on driving behavior.
Smart Home Devices: Offers proactive home insurance through early risk detection.
NAICOM is focused on leveraging technology to drive growth and innovation in the insurance sector.