The National Insurance Commission ( NAICOM) has challenged actuaries to develop requisite skills and explore the opportunities associated with Artificial Intelligence (AI) and other machine learning tools to remain in business.

The insurance commissioner, Olusegun Omosehin made this call while delivering a keynote address at the 2024 Nigerian Actuarial Society (NAS) yearly industry conference in Abuja.

NAICOM’s Chief Executive explained that the convergence of actuarial science and artificial intelligence holds immense potential to transform the industry.

He said the commission is 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 Nigeria and/or enable the Nigerian insurance industry to access qualified actuaries.

“Today, actuaries play a critical role in risk assessment, pricing, and financial stability using advanced techniques such as data science and predictive analytics to analyse complex data and make informed decisions. The profession has become increasingly important in a data-driven world, with actuaries in high demand across various economic sectors. 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,” he said.

He called on the insurance industry and actuaries to be at the forefront of Nigeria’s position as an AI hub for AI adoption and solutions. He noted that 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.

“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.

“Like other technological disruptors, AI has the potential to transform the insurance industry and by extension the actuarial profession. 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.

“As an insurance industry regulator, we believe that this is the time to strengthen our collaborative efforts to ensure responsible AI adoption to maximize the strength and opportunities of Actuaries and A.I”

He urged NAS to collaborate, innovate, and lead the way in shaping the future of the Nigerian insurance industry to facilitate the enthronement of a more sustainable and inclusive insurance ecosystem that benefits all stakeholders.