Insurance sector players to explore use of AI in deepening uptake
Business
By
Macharia Kamau
| May 02, 2024
Insurance industry players are set to explore how they can employ artificial intelligence (AI) and other emerging technologies to increase insurance uptake in the country.
The sector will meet in Nairobi next week for a two-day conference on innovation in retail insurance.
A key focus area will be micro-insurance which has for years been seen as growing insurance penetration in the country but players have failed to make inroads. At three per cent of the gross domestic product, Kenya has the third-lowest insurance penetration rate in Africa.
The stakeholders are now exploring the use of AI and machine learning (ML) to deepen the uptake of insurance products. They will explore modalities of expanding their reach in Kenya during the conference organised by the Association of Kenyan Insurers (AKI), in collaboration with Caava VantagePoint AI (CVPAI).
Founder and CEO of Caava VantagePoint AI Ayisi Makatiani said at the meeting that players would "dive into the transformative potential of AI and ML in the retail insurance sector, with a special focus on micro-insurance."
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"The high-level conference represents a unique opportunity for stakeholders in the financial services sector to gain invaluable insights into leveraging AI and ML technologies to drive innovation and enhance customer engagement in the insurance industry," Makatiani said
"Building on the success of the inaugural event in February this year, the conference seminar will explore the implementation and adoption of strategies crucial for propelling the industry forward."
According to Makatiani, the partnership with AKI aims to drive innovation and knowledge exchange in the insurance sector through AI and ML technologies.
"Our objective for the seminar is to catalyse the adoption of AI and ML innovations by the insurance industry to transform retail insurance products and insurance operations from pricing, underwriting, to distribution and even claims management," said AKI Executive Director Tom Gichuhi.