Niyi Onifade, the Sector Head of Heirs Insurance Group, which is recognized as Nigeria's fastest-growing insurance organization, has advocated for the integration of Artificial Intelligence (AI) to transform the insurance landscape in West Africa.

During his keynote address at the West African Insurance Companies Association Conference held in Accra, Ghana, on November 18, 2024, he underscored the significant impact that AI could have on the future of the insurance industry in the region.

The conference, hosted at Labadi Beach Hotel, gathered industry leaders, policymakers, and technology innovators from across Africa to explore the future of insurance in West Africa.

In his presentation, titled “Artificial Intelligence and the Future of Insurance in West Africa,” Onifade stressed the importance of insurance companies adopting AI to remain competitive and address the evolving needs of modern consumers. He detailed how AI is transforming the insurance experience by automating processes like claims management, improving risk assessments, and offering personalized customer service.

“AI is not merely a technological advancement; it represents the gateway to the next generation of insurance. In West Africa, where insurance penetration remains low, AI presents a unique opportunity to engage more customers, lower operational costs, and enhance the overall customer experience. Today's insurance consumers are increasingly digital, and this trend will only intensify in the future. Our industry must accelerate its digital transformation to meet current and future demands,” he stated.

L-R Niyi Onifade, Sector Head, Heirs Insurance Group and Bubacaarr Jarju, President, West African Insurance Companies Association (WAICA)
Onifade also emphasized Heirs Insurance Group’s pioneering role in leveraging technology, particularly AI-driven solutions, to improve customer experiences, enhance risk management, and promote financial inclusion. He highlighted the Group’s commitment to investing in digital platforms that optimize operations and broaden access for underserved communities.

The 2024 Education Conference served as an essential forum for discussing the future trajectory of the insurance sector in the region.

In his closing remarks, he urged stakeholders in West Africa to work together in embracing artificial intelligence and creating regulatory frameworks that encourage innovation while safeguarding consumer rights. He emphasized the urgency of the situation, stating, “We must act now to seize this moment and transform the insurance industry.”

Heirs Insurance Group operates as the insurance division of Heirs Holdings, a prominent pan-African investment firm with a presence in 24 countries across four continents. With a swiftly growing retail network and a comprehensive digital platform, Heirs Insurance Group caters to both corporate and individual clients throughout Nigeria.