WAICA Launches Accra 2024 Education Conference on AI and the Future of Insurance

The West African Insurance Companies Association (WAICA) has officially launched its flagship education conference, WAICA-Accra 2024, under the theme, "Artificial Intelligence and the Future of Insurance in the Sub-region."

The event, which took place in Accra saw key stakeholders from the insurance and innovation sectors to explore the transformative impact of Artificial Intelligence (AI) on insurance practices across West Africa.

Speaking at the launch, the Acting Commissioner of the National Insurance Commission (NIC), Mr. Michael Kofi Andoh, emphasized the pivotal role of AI in reshaping the insurance landscape.

He noted that AI offers immense opportunities for the industry to enhance efficiency, improve customer experience, and address operational obstacles in the sub-region.

He said that Artificial intelligence (AI) represents a distinct chance to break some of the barriers to insurance penetration, particularly in underserved areas.

He said that Artificial Intelligence can help us achieve better data analytics, fraud detection, and even automated customer support.

Mr. Sampson Akligoh, the Director of Financial sector division at the ministry of finance representing the Minister of Finance stated that they have passed the Insurance act to help regulate the insurance industry.

Mr. Bubacarr Jarju, the President of the West African Insurance Companies Association (WAICA) also spoke at the Launch and said Insurance penetration in the sub-region is very low and we need to harmonize the legislation governing the insurance regulation to help bridge the gap with other regions.Clinton Akwasi Amoako/Peace FM Newsroom