Coronation Takes the Lead: How AI Is Reshaping Africa’s Insurance Future
✅ Detailed Breakdown of the News
Africa’s insurance sector is entering a major transformation era powered by artificial intelligence — and Coronation Insurance Plc is positioning itself at the center of this shift.
During the Africa Financial Industry Summit (AFIS) 2025, Coronation’s Managing Director/CEO, Olamide Olajolo, laid out a bold and responsible roadmap for using AI to modernize insurance across the continent.
1. The Big Idea: “Innovation must be responsible”
At AFIS 2025, Olajolo emphasized a central message:
AI can transform insurance — but only if deployed responsibly, ethically, and with strong regulation.
He warned that insurers must not rush AI adoption without:
• Proper data governance
• Regulatory clarity
• Customer trust
This is because insurance relies heavily on fairness and transparency, and AI must not disrupt that balance.
2. AI’s Biggest Impact Today: Claims Processing
Olajolo explained that claims management is the area where AI is creating the fastest and clearest value in Africa and globally.
AI is already improving claims by:
• Using image recognition to assess vehicle damage
• Using predictive algorithms to detect possible fraud
• Automating simple decisions to speed up claim payments
He noted that 60–70% of major global insurers have already deployed AI in claims — and Africa is catching up quickly.
This results in:
✅ Faster payouts
✅ More accurate assessments
✅ Fewer disputes
✅ Improved customer trust
3. Underwriting Is Being Rewritten by Machine Learning
AI is now helping insurers evaluate risk more precisely.
Machine learning combines:
• Customer behavior
• Environmental data
• Financial information
…to produce real-time, fairer pricing.
Olajolo highlighted that this will especially help:
• Underserved population segments
• Small businesses
• Low-income households
Because AI enables more inclusive insurance pricing, with lower chances of human bias.
4. A Warning: “Don’t treat AI like a tech experiment.”
Many African insurers are stuck in the “pilot project stage.”
Why?
Because they treat AI as a shiny new gadget instead of a core business transformation strategy.
Olajolo offered a simple rule:
Tie AI to clear business outcomes — underwriting accuracy, fraud detection, claims efficiency — and ensure top leadership drives the vision.
Without this, AI investments collapse before scaling.
5. Building Human Talent: The Real Key to Success
Even the best AI systems fail if people cannot manage them.
Olajolo stressed a balanced human-capital strategy:
✅ Collaborate with insurtechs
To access cutting-edge innovations quickly
✅ Outsource highly technical work
Like cybersecurity and data engineering
✅ Build in-house teams
For long-term control over:
• Data
• Customer experience
• Intellectual property
He called human capabilities the “deciding factor” in Africa’s insurance modernization.
6. Responsible AI Is the Future
Olajolo closed with a message that deeply resonated at the summit:
“Responsible AI is not about moving fast. It’s about moving with discipline, empathy, and trust.”
These values, he said, define Coronation Insurance’s approach.
7. Why This Matters for Africa
Coronation’s stance signals a bigger shift across the continent.
AI will help Africa’s insurers:
• Operate more efficiently
• Detect fraud early
• Offer better customer service
• Price insurance more fairly
• Reach more people at lower cost
But — and this is critical — only insurers who build strong governance and skilled teams will succeed long-term.
8. Where It Happened
The roundtable was part of AFIS 2025’s broader theme:
using digital transformation to advance Africa’s financial sovereignty and economic growth.
Industry leaders from Deloitte, Ghana’s National Insurance Commission, and other regulators also participated.
✅ Detailed Breakdown of the News
Africa’s insurance sector is entering a major transformation era powered by artificial intelligence — and Coronation Insurance Plc is positioning itself at the center of this shift.
During the Africa Financial Industry Summit (AFIS) 2025, Coronation’s Managing Director/CEO, Olamide Olajolo, laid out a bold and responsible roadmap for using AI to modernize insurance across the continent.
1. The Big Idea: “Innovation must be responsible”
At AFIS 2025, Olajolo emphasized a central message:
AI can transform insurance — but only if deployed responsibly, ethically, and with strong regulation.
He warned that insurers must not rush AI adoption without:
• Proper data governance
• Regulatory clarity
• Customer trust
This is because insurance relies heavily on fairness and transparency, and AI must not disrupt that balance.
2. AI’s Biggest Impact Today: Claims Processing
Olajolo explained that claims management is the area where AI is creating the fastest and clearest value in Africa and globally.
AI is already improving claims by:
• Using image recognition to assess vehicle damage
• Using predictive algorithms to detect possible fraud
• Automating simple decisions to speed up claim payments
He noted that 60–70% of major global insurers have already deployed AI in claims — and Africa is catching up quickly.
This results in:
✅ Faster payouts
✅ More accurate assessments
✅ Fewer disputes
✅ Improved customer trust
3. Underwriting Is Being Rewritten by Machine Learning
AI is now helping insurers evaluate risk more precisely.
Machine learning combines:
• Customer behavior
• Environmental data
• Financial information
…to produce real-time, fairer pricing.
Olajolo highlighted that this will especially help:
• Underserved population segments
• Small businesses
• Low-income households
Because AI enables more inclusive insurance pricing, with lower chances of human bias.
4. A Warning: “Don’t treat AI like a tech experiment.”
Many African insurers are stuck in the “pilot project stage.”
Why?
Because they treat AI as a shiny new gadget instead of a core business transformation strategy.
Olajolo offered a simple rule:
Tie AI to clear business outcomes — underwriting accuracy, fraud detection, claims efficiency — and ensure top leadership drives the vision.
Without this, AI investments collapse before scaling.
5. Building Human Talent: The Real Key to Success
Even the best AI systems fail if people cannot manage them.
Olajolo stressed a balanced human-capital strategy:
✅ Collaborate with insurtechs
To access cutting-edge innovations quickly
✅ Outsource highly technical work
Like cybersecurity and data engineering
✅ Build in-house teams
For long-term control over:
• Data
• Customer experience
• Intellectual property
He called human capabilities the “deciding factor” in Africa’s insurance modernization.
6. Responsible AI Is the Future
Olajolo closed with a message that deeply resonated at the summit:
“Responsible AI is not about moving fast. It’s about moving with discipline, empathy, and trust.”
These values, he said, define Coronation Insurance’s approach.
7. Why This Matters for Africa
Coronation’s stance signals a bigger shift across the continent.
AI will help Africa’s insurers:
• Operate more efficiently
• Detect fraud early
• Offer better customer service
• Price insurance more fairly
• Reach more people at lower cost
But — and this is critical — only insurers who build strong governance and skilled teams will succeed long-term.
8. Where It Happened
The roundtable was part of AFIS 2025’s broader theme:
using digital transformation to advance Africa’s financial sovereignty and economic growth.
Industry leaders from Deloitte, Ghana’s National Insurance Commission, and other regulators also participated.