This was a major takeaway from the 2024 Nigerian Actuarial Society NAS contained in the keynote address delivered by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin.

Laying emphasis to the theme “Actuaries and AI: Strength, Opportunities, Weaknesses, and Threats” Omosehin stated “Today, actuaries play a critical role in risk assessment, pricing, and financial stability using advanced technologies 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.”

He noted that each time advancement spreads actuaries have indeed used it to improve service and AI would not be different. “AI may represent another major leap forward, but it is very unlikely to replace actuaries.”

The CFI said the Federal Government already recognised the developments that AI creates and plans to position Nigeria as the AI hub for AI solutions in Africa. This is to be achieved through the development and implementation of a National Artificial Intelligence Strategy aimed at accelerating AI adoption in Nigeria. It is thus important that the insurance industry and by extension, actuaries are at the forefront of its adoption.”

He said the Commission is focused on this and “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.”

Believing that AI would act as an enhancer Omosehin said, “the convergence of actuarial science and artificial intelligence holds immense potential for transforming our industry. By embracing the strengths and opportunities of AI while addressing its weaknesses and threats, we can navigate this new landscape with confidence and foresight.”