United Kingdom Financial Adviser and Executive Director, Eminent Financial Limited, Mr. Festus Arishe has urged the Federal Government to have vision for Artificial Intelligence in all sectors of the country.
Festus, who spoke in an exclusive interview with Nigerian Tribune on Wednesday, noted that the deployment of AI in other climes is more far-reaching than that of Nigeria and Africa.
He, therefore, encouraged governments 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.
Explaining its impact on the insurance industry as an instance, The ED said 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.
“It is very important for the 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 minds to AI in Nigeria more and of course to invest more in technology.
“We need to get on the world stage about AI because it is going to take over the world.
“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 in 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 humans. AI has more information than humans.
“People will not lose jobs due to the deployment of AI. AI will not only create different jobs but make things easier for everybody.
“Underwriting is about assessing the risk of individuals or the case you are bringing on board to be kind of assessed if the risk is worth it. If the risk worth 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.
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