Dr. Amin Adam urges insurance firms to leverage AI for greater appeal to consumers

The Minister for Finance, Dr. Mohammed Amin Adam, has urged insurance companies in the West African sub-region to utilise Artificial Intelligence (AI) to make insurance more appealing to consumers.

Speaking on behalf of the sector minister at the opening ceremony of the West African Insurance Companies Association (WAICA) Education Conference in Accra, Sampson Akligoh, Director of the Financial Sector Division of the Ministry of Finance, emphasised the importance of aligning regulations with emerging technologies, particularly the rapid evolution of AI, which is revolutionising the insurance industry globally.

Akligoh also mentioned that insurance is critical in reducing risk for lenders by providing financial protection against borrower default.

"Insurance plays a critical role in reducing risks for lenders by providing financial protection against borrower default. Additionally, many insurance companies do not focus on the credit market, despite its importance to their operations," Akligoh stated.

The Acting Commissioner of Insurance, Michael Kofi Andoh, in his remarks, stressed the importance of taking climate change issues seriously as they are impacting insurance operations and sustainability in the insurance industry across the sub-region.

He noted that climate change is a global issue that requires the collective attention of WAICA.

Andoh expressed concern about the low insurance penetration in the sub-region, which leads to the public perception that insurance is not profitable despite significant growth in the past decade.

He urged practitioners to adopt a more collaborative approach to address this issue.

The WAICA Education Conference brought together personalities from Anglophone West African countries such as Ghana, Nigeria, The Gambia, Sierra Leone, and Liberia.

The theme of the conference, "Artificial Intelligence and the Future of Insurance in the Sub-Region," was expertly presented by Niyi Oyifade, Sector Head of Heirs Insurance Group, Nigeria.

The second paper, "Deployment of AI across Insurance Value Chain," was delivered by Ebo Richardson, a non-Executive Director of Innovare at the Accra Digital Centre.

The third insightful paper, "Shaping the Industry's Future – AI – The Way to Go," was presented by David Ofori Atta, Head of I.T. at KEK Insurance Brokers.

A discussion session following these presentations was chaired by Dr Abiba Zakariah, a seasoned Insurance Consultant and former Managing Director of Ghana Reinsurance PLC, as well as the Chief Operations Officer of WAICA Re.

The discussants were Rotimi Fashola, Chairman of the West Africa Insurance Institute (WAII) in The Gambia, and Makaireh Badjan, Managing Director of Royal Insurance Gambia Limited.

The 3-day conference provided participants with a unique opportunity to stay ahead of AI by improving the marketing of insurance products, claims payment procedures, and fraud detection using AI.

President of WAICA, Bubacarr Jarju, urged member countries and companies to utilise AI to grow the insurance industry in their respective jurisdictions, leading to progress for the entire sub-region.

Other notable attendees included Seth Aklasi, President of the Ghana Insurers Association (GIA), Shaibu Ali, President of the Insurance Brokers Association of Ghana (IBAG), and Solomon Lartey, President of the Chartered Insurance Institute of Ghana (CIIG).

MA

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