The Managing Director of Hilal Takaful Nigeria Limited, Haj. Thaibat Adeniran has highlighted how the trio of emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Robotics will transform the insurance industry in Nigeria.
Presenting a paper on ‘Leveraging Emerging Technologies for National Development’ at the Digital Agenda Forum, which was organized by Technology Africa last week in Lagos, Haj. Thaibat noted that leveraging these emerging technologies will seismically impact the broader industry in the next few years.
She argued that these emerging technologies underpin insurance solutions, compelling large numbers of insurers to implement them. For Artificial intelligence (AI), she stated that Insurance is a data-driven industry, so adopting artificial intelligence-powered tools provides an opportunity to gain new data insights with greater accuracy and speed.
“AI specifically benefits the insurance value chain, back-office, and customer front-end processes such as risk management, underwriting, benefits management and claims, product development, pricing, distribution, and sales,” she highlighted.
According to her, the Internet of Things (IoT) Industry-leading insurance firms already use telematics solutions to advance their core insurance products, stressing that telematics is the future of connectivity, as it promises to reshape insurance products.
“When customers use their IoT-enabled devices, insurers collect their data shared for a more accurate understanding of their needs and the ongoing risks involved, especially when people make purchases,” she added.
She also explained that Robotics Robotics technology is already making a splash in the insurance industry, with a handful of insurance firms already using robotic applications.
“For a data-focused industry, intelligent process automation (IPA) and robotic process automation (RPA) are exciting because insurers can now automate manual, tedious, back-office processes faster.,” she emphasized further.