6 days Ago By Adeyinka Salami
The Managing Director, Nigeria Reinsurance Corporation, Mr. Akinsola Ale, has observed that while the insurance industry is grappling with a significant challenge as it increasingly adopts technological applications like Artificial Intelligence (AI), there’s growing concern that the human element—crucial for building sustainable customer relationships—is rapidly diminishing. Ale stated this along other insurance and reinsurance experts present at a comprehensive training program titled, “Reinsurance Accounting System and Claims Handling,” organised by the reinsurance firm in Lagos.
He noted that training and retraining insurance professionals remained essential, as human presence is still critical for customer confidence. “The training was specifically designed to target accounting systems and claims handling to upscale participants’ underwriting skills,” he said. He said that the company had scheduled additional training sessions for practitioners, noting that while the current program focused on non-life operators, similar training for life operators would be organised before year-end.
Ale emphasised on reinsurers having consistently met their claims responsibilities when called upon by insurers, stating that both reinsurers and insurers make significant sacrifices to ensure payment of insurance claims. Addressing Nigeria’s deployment of AI in claims settlements, he said it was essential for any company to position itself in alignment with AI. According to him, Nigeria Re plans to use AI in analysing huge data, creating clear distinctions in claims management processes while redefining task assignment procedures.
” He noted that AI delivers efficient results, effectively identifies potentially fraudulent transactions, ensures quick outcomes, and reduces costs. “There are still other areas in the insurance business where AI will create ease for officers in the organisation,” Ale noted, adding that “Nigeria Re is planning to take effective steps to actualise the required transformation.” Also speaking, Managing Director/CEO of GIC Re South Africa Limited, Jetho Jhamnani explained that his firm partnered with Nigeria Reinsurance due to its belief in the Nigerian insurance market.
The training aimed to expose participants to reinsurance companies’ expectations regarding accounting and claims handling. On the matter of prompt claims settlement, Jhamnani urged all stakeholders—reinsurers, insurers, and policyholders—to fulfil their responsibilities to ensure timely payments. Speaking, Chief Operating Officer of GIC Re South Africa Limited, Varum Bhardwaj added that the training would significantly improve participants’ ability to handle claims promptly, as they have been exposed to all necessary processes for ensuring timely.
