AI Revolution Key to Insurance Growth, Says Heirs Insurance Head
Niyi Onifade, Sector Head of Heirs Insurance Group, has called for the adoption of Artificial Intelligence (AI) to transform the insurance industry in West Africa. Speaking at the West African Insurance Companies Association (WAICA) Conference held on November 18, 2024, at the Labadi Beach Hotel, Accra, Ghana, Onifade emphasised the urgent need for technological innovation to meet evolving consumer demands.
In his keynote address titled “Artificial Intelligence and the Future of Insurance in West Africa,” Onifade outlined how AI is redefining the insurance landscape through automation, enhanced risk assessment, and personalised customer service.
“AI is not just an innovation; it is the gateway to the next generation of insurance,” Onifade remarked. “In our sub-region, the insurance penetration rate is much lower. AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience. The insurance consumer of today is more digital than before and will become much more digital in the future. Our industry must scale up digitalisation to meet the needs of today and tomorrow.”
The conference, which brought together policymakers, industry leaders, and technology innovators from across Africa, provided a platform to discuss the future of insurance in the region.
Onifade highlighted Heirs Insurance Group’s leadership in leveraging AI-driven solutions to improve customer experiences, streamline operations, and expand access to underserved populations. “Our investment in digital platforms demonstrates our commitment to driving financial inclusion and modernising the insurance experience for all,” he noted.
Concluding his address, Onifade urged stakeholders across West Africa to collaborate in adopting AI and developing regulatory frameworks to support innovation while safeguarding consumer interests. “We must act now to seize this moment and change the landscape of the insurance sector,” he said.
Heirs Insurance Group, a subsidiary of Heirs Holdings, is renowned as Nigeria’s fastest-growing insurance company. With a strong retail presence and omnichannel digital platforms, the Group serves corporate and individual clients, contributing to economic growth and innovation across the region.
The WAICA Conference 2024 reinforced the importance of innovation in shaping the future of the insurance sector, spotlighting the critical role of AI in driving growth and meeting the demands of adigital future.
