Summarized by AI Model:sshleifer/distilbart-cnn-12-6
Heirs Insurance Group sector head Niyi Onifade has advocated for the use of artificial intelligence (AI) to transform the West African insurance market . He urged West African parties to work together in implementing AI and creating regulatory frameworks that support it . The insurance division of Heirs Holdings is the top pan-African investment firm with holdings in 24 nations .Heirs Insurance Group sector head Niyi Onifade has advocated for the use of artificial intelligence (AI) to transform the West African insurance market. At the West African Insurance Companies Association Conference in Accra, Ghana, Onifade gave the keynote talk and emphasised the crucial role artificial intelligence (AI) may play in determining the direction of the insurance industry in West Africa.
Onifade underlined in his presentation, “Artificial Intelligence and the Future of Insurance in West Africa,” that insurance businesses must adopt AI in order to remain competitive and satisfy the needs of contemporary consumers. He described how artificial intelligence (AI) is transforming the insurance industry by improving risk assessments, automating claims processing, and offering individualised client support.
“AI is the key to the future generation of insurance, not merely a new invention. The insurance penetration rate is substantially lower in West Africa, our subregion. AI presents a previously unheard-of chance to improve customer experience, lower operating expenses, and reach a wider audience. The modern insurance customer is more technologically savvy than they were in the past and will continue to do so. To fulfil the demands of the present and the future, our industry must increase its digitisation efforts,” he stated.
Onifade went on to emphasise how Heirs Insurance Group is at the forefront of utilising technology, especially AI-powered solutions, to boost financial inclusion, better risk management, and improve customer experiences. He underlined the Group’s investment in digital platforms that increase access to underserved groups and streamline operations.
One of the most important forums for discussing the future of insurance in the area was the 2024 Education Conference. In order to promote innovation and safeguard the interests of consumers, he urged West African parties to work together in implementing AI and creating regulatory frameworks that support it. “We need to take immediate action to take advantage of this opportunity and transform the insurance industry,” he stated.
The insurance division of Heirs Holdings, the top pan-African investment firm with holdings in 24 nations on four continents, is called Heirs Insurance Group. Heirs Insurance Group services both corporate and individual clients throughout Nigeria with a fast growing retail base and an omnichannel internet presence.
