Niyi Onifade, the Sector Head of Heirs Insurance Group, Nigeria’s fastest-growing insurance company, has called for the transformative adoption of Artificial Intelligence (AI) to reshape the insurance landscape in West Africa.
On November 18, 2024, he delivered the keynote address at the West African Insurance Companies Association Conference, held at the Labadi Beach Hotel in Accra, Ghana, where he spotlighted the pivotal role of AI in the future of the industry.
In his presentation, titled “Artificial Intelligence and the Future of Insurance in West Africa,” Onifade highlighted the urgent need for insurance companies to leverage AI to remain competitive and meet the ever-evolving expectations of today’s digitally-savvy consumer. He discussed how AI is revolutionising the insurance experience—automating claims management, improving risk assessments, and personalizing customer service.
“AI is not just an innovation; it’s the gateway to the next generation of insurance,” Onifade emphasized. “In West Africa, where insurance penetration remains low, AI presents a unique opportunity to broaden reach, reduce operational costs, and elevate customer experiences. As the digital landscape evolves, our industry must scale up its digital efforts to stay relevant and meet the needs of tomorrow’s insurance consumer.”
Onifade also highlighted Heirs Insurance Group’s leadership in integrating AI-driven solutions to enhance customer satisfaction, improve risk management, and promote financial inclusion.
The Group’s commitment to innovation is evident through its investment in digital platforms that simplify operations and increase access to underserved populations.
The 2024 Education Conference proved to be an important forum for discussing the future of insurance in West Africa. In closing, Onifade called for collective action among stakeholders to embrace AI and develop regulatory frameworks that will support innovation while safeguarding consumer interests. “We must act now to seize this moment and change the insurance sector for the better,” he urged.
