Experts back Nigeria Re’s AI strategy for sector growth

Stakeholders in Nigeria’s insurance industry have expressed support for the latest artificial intelligence strategy of Nigeria Reinsurance Corporation for its balanced approach.

According to a public affairs commentator, Ade Adesokan, the move highlights how strategic leadership can harmonise advanced technological capabilities with deep human expertise.

Nigeria Re recently launched a training initiative titled ‘Reinsurance Accounting System and Claims Handling’ to elevate the professional capabilities of insurance operators, with further focus on critical areas such as accounting systems and claims management. The event, which was organised in conjunction with GIC Re South Africa Limited, was held in Lagos and attended by practitioners from 30 insurance companies and six broking firms.

Speaking on AI adoption in a piece published by Adesokan, the Managing Director/Chief Executive Officer of Nigeria Reinsurance Corporation, Mr Akinsola Ale, provided a compelling vision of technological integration that goes beyond mere implementation.

“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.

According to him, the corporation’s future AI strategy will be particularly noteworthy, with plans to develop a bespoke system tailored specifically to Africa’s unique market dynamics. This includes sophisticated capabilities to navigate complex variables such as fluctuating foreign exchange rates, demonstrating a nuanced understanding of local economic landscapes.

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.”