The former Managing Director of Hilal Takaful Insurance, Mrs Thaibat Adeniran, has called for collaboration between insurance companies to ease the investment in artificial intelligence and other technological innovations in the sector.
Adeniran made this call on Thursday during a panel session at the 2025 Artificial Intelligence Conference organised by SuperNews under the theme ‘Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience’.
She said, “If a single insurance company cannot handle it, join as a consortium so that the financial implications on a single company will not be too much. Instead of that, some insurance companies will be competing, but we don’t need that right now. What we require is for us to come together, build the industry, and the industry will drive the market.
“I’m usually unhappy each time I hear that we have less than one per cent taking up insurance in Nigeria, whereas in the developed world, it is automated. You just must have insurance. I think we still have a long way to go, but if we can start now, we can still get to our destination. What stops us from putting customer service under AI?”
Adeniran echoed the assertion of the Chairman of the Nigerian Insurers Association, Kunle Ahmed, at the last quarterly media briefing of the association.
Ahmed, who highlighted the need for innovation in claims processing and payment, said, “One thing we have noted about innovation and fintech is the fact that when you go it alone as an insurance company, it might be a lot more expensive for you, but if we come together as an industry, it will be cheaper for each company, but the impact will be massive for all of us.”
At an earlier forum, Ahmed emphasised the transformative impact of emerging technologies such as artificial intelligence, blockchain, big data, and the Internet of Things.
Ahmed noted that digital disruption offers unprecedented opportunities for efficiency, enhanced customer experience, and new business models.
However, he cautioned that it also presents challenges that demand agility and strategic foresight.
“Our industry, known for its rich history and established practices, must now embrace digital transformation to remain relevant. How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making? Most importantly, how can we create a seamless digital experience that exceeds customer expectations?”
