Future of the Insurance Industry: Machine Learning, Artificial Intelligence & Web 3.0

Submitted by: Joshua Aizebeokhai - Nigeria 

"The Actuarial industry is constantly an evolving space, which ushers in the age of ""ActuarialOps"" across the different Actuarial societies, however might be met with challenges in the Nigerian insurance industry, as this new age is significantly data driven. 

Given the current state of Nigeria's insurance experience with its penetration at 0.5% being the lowest in Africa. This can be attributed to the economic segmentation as the industry looks to improve financial inclusion by creating products which specifically meet the needs of its consumers. 

Speaking on the future of the insurance industry with the introduction of Web 3.0, I was able to go in-depth to identifying measures which would improve the insurance experience, with the introduction of data science, artificial intelligence, machine learning and block chain technology. These measures look to address the following: 

• Pricing and Underwriting 
• Real time insights and analytics 
• Optimized claim processing  
• Fraud detection 
• Data privacy 
• Reinsurance optimization"