UNITED Kingdom-based Financial Adviser and Executive Director, Eminent Financial Limited, Mr. Festus Arishe has stated that Artificial Intelligence (AI) will simplify insurance process in Nigeria.
Festus, who spoke in an exclusive interview with Nigerian Tribune on Wednesday, noted there would be accuracy in the risk assessment and premium charged.
According to him, Artificial Intelligence is more accurate than humans because of its access to aggregated data and information in seconds.
This was just as he urged the Federal Government to have vision for Artificial Intelligence in all sectors in the country.
He noted that the deployment of AI in other climes is far reaching than that of Nigeria and Africa.
She, therefore, encouraged government across all levels to open their minds to the newest technology and invest more, adding that it is going to take centre stage in the world.
“It is imperative to note that Artificial Intelligence (AI) will simplify insurance process in Nigeria.
“Using Life Insurance as an instance, at times some clients are overrated because of the perceived risk through the underwriting.
“But, if Artificial Intelligence (AI) is involved, there will be accuracy of the assessment of the risk the insurance company is taking and there will be accuracy in the assessment of what will be charged in premium.
“Instead of you doing linear programming and all that, AI will put all those things together. It is just going to instruct that you assess this.
“And the person at the end here can make a decision because AI is more accurate than human. AI has more information than human.
“Underwriting is about assessing the risk of individuals or the case you are bringing on board to be kind of assessed if the risk worths it. If the risk worths it, how much risk are we taking?
“Artificial Intelligence is about access to information. Underwriting in Insurance is about permutation and combination.
“With AI having the kind of brainbox of combining information from various sources, it can help to quickly make a decision about a case.” He said.
“I would also urge Federal Government to have vision for the deployment of Artificial Intelligence to all sectors in the country.
“This is because the world is about 10 miles ahead of Nigeria and Africa in terms of using Artificial Intelligence in its operations.
“I think my encouragement is for us to open our mind to AI in Nigeria the more and of course to invest more in technology.
“We need to get in the world stage about AI because it is going to take over the world.” He said.
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