AXA’s Jumoke Odunlami Advocates AI, Innovation for Industry Expansion

Speaking recently at the Ambassadors Project on Insurance Awareness at the Lagos State University (LASU), she said AI would play a crucial role in bridging the knowledge gap about insurance in Nigeria.

According to her, technology will help get insurance into the hands of more Nigerians and address some of the issues that are fuelling distrust in insurance products.

“Sometimes, knowledge comes from experiencing a product. When you use it, you understand it better. Technology is a tool that can give that level of access.

“For example, through our telecoms and fintech partners, we are reaching over 1.5 million Nigerians with microinsurance.

“These are people who could have been deprived of the opportunity to try out insurance. But through USSD and savings apps, we are now reaching them and they are enjoying the benefits of insurance. That is the power of technology.

“While we are reaching more people and getting them to try out insurance, AI will play a crucial role in ensuring that their expectations are not cut short. We understand that the trust in insurance is still fragile and if we reach more people and can’t keep the promise, we will break the trust and lose the opportunity to educate them.

“But imagine where we can deploy AI to customize, personalize and increase the speed of fulfilment. That is going to be a game changer, and that’s what we should all invest in as an industry,” Ms Odunlami stressed while delivery a lecture at the event organized by the Chartered Insurance Institute of Nigeria (CIIN) in partnership with LASU’s Insurance Department.

The insurance expert noted that while pricing and risk assessment remain vital to insurance operations, educating the public is key to building trust in the industry.

“The challenge with insurance goes beyond mere awareness. People know that insurance is important; they just haven’t found a reason to trust it.

“Understanding the needs of our consumers and providing solutions to meet those needs is essential. Encouraging students to envision themselves as future leaders of the industry,” she stated.

Ms Odunlami highlighted the transformative power of innovation and digital advancements in shaping the future of insurance in Nigeria. She pointed to the country’s low insurance penetration as a compelling reason for industry professionals, particularly emerging talents, to embrace AI and customer-focused solutions in driving the sector’s growth.

“The future of our industry will be led by those who champion innovation. This transformation will foster a more resilient and inclusive insurance ecosystem,” she added.

“The event served as an invaluable platform for vibrant discussions between thought leaders and the next generation of insurance professionals from LASU.

Others who graced the occasion included the chief executive of Consolidated Hallmark Insurance, Ms Mary Adeyanju, and others.

As Nigeria’s insurance sector continues to develop, the message is clear: the industry’s future depends on embracing technology, driving innovation, and ensuring inclusivity.

With the next generation of professionals poised to make their mark, the call to action is unmistakable: leverage technology, innovate, and lead the transformation of Nigeria’s insurance landscape for a brighter tomorrow.