Insurance needs artificial intelligence backed with technical skills – Daniel

Fola Daniel

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Chuks Udo Okonta

As insurance companies devote billions of Naira to acquire softwares that would enable them drive their operations through Artificial intelligence (AI), they should also not let go the place of technical knowledge, as they need the harmonisation of both to effectively deploy their products and services.

The Chief Executive Officer FBS Reinsurance Fola Daniel, who raised this concern in an interview with Inspenonline, expressed worries that experienced driven underwriting is fast fading away.

He noted that the concern informed a training program conducted recently by his firm and Munich Reinsurance of South Africa, stating that the training was aimed at addressing technical knowledge gaps in the insurance industry.

According to him, a good number of underwriters presently rely on software applications to do their underwriting, adding that experienced driven underwriting is fast fading away and that in an era of artificial intelligence, there is virtually no subject that cannot be interrogated and an answer is obtained.

According to him in spite the transformation brought in by artificial intelligence, experience still remains valuable, as there are aspects of insurance that artificial intelligence cannot do.

He noted: “For instance, marketing. People need to see your face; you need to talk about the company profile. You can do that in prints, but it creates a better impression when they meet you, speak with you and ask questions which answers cannot be obtained from the publications on your website.
So, the purpose of this training, having recognized the knowledge gaps, in the Nigerian and other African market, is to bridge the technical knowledge gaps, thus, impacting the much-needed knowledge.”

The former Commissioner for Insurance submitted that his company would remain at the forefront in empowering insurance practitioners on the necessary skills required in taking insurance business to lofty heights.

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