The Managing Director and Chief Executive Officer of Coronation Insurance Plc, Olamide Olajolo, has called for responsible artificial intelligence deployment in Africa’s insurance industry.
Speaking at the Africa Financial Industry Summit 2025 during a strategic roundtable titled “Smart Insurance: Sharpening up Claims, Risk Modelling and Operations with AI and Insurtech,” Olajolo, according to a statement on Monday, outlined how disciplined innovation can redefine claims management, risk modelling, and operational efficiency across the continent.
The high-level session, moderated by Mohamed Ali Jebira, Partner, Financial Services Advisory at Deloitte, featured other industry leaders, including Bernard Ohemeng-Baah, Deputy Commissioner of Ghana’s National Insurance Commission. Discussions focused on how AI and insurtech are transforming Africa’s insurance landscape through smarter data use, process automation, and enhanced customer experience.
Olajolo identified claims processing as the area where AI currently delivers the most measurable impact. According to him, automation technologies are already shortening claims cycles and improving accuracy.
“AI delivers the fastest and most visible value in claims,” he explained. “From automated image recognition for vehicle damage to predictive models that flag potential fraud, it shortens claim cycles dramatically while improving fairness. The reason is straightforward: structured data, clear decision trees, and high volume. Between 60 and 70 per cent of major insurers globally have already deployed AI solutions in claims management.”
On underwriting transformation, Olajolo described how machine learning enables insurers to assess risks more accurately and inclusively.
“Machine learning enables real-time risk scoring by combining behavioural, environmental, and financial data. This makes pricing more accurate and inclusion broader, especially for underserved segments. Critically, it also makes pricing fair and acceptable to customers,” he stated.
However, the Coronation Insurance boss warned against rushing into AI adoption without strong ethical and regulatory foundations. He revealed that his firm has often adjusted rollout plans to maintain trust and compliance.
“There have been instances where we’ve adjusted AI rollouts to ensure that regulatory clarity, data privacy, and customer confidence were not compromised,” he said. “While piloting AI-driven underwriting tools and chatbot solutions, we realised the need to strengthen data governance and transparency so that both customers and regulators could trust how the algorithms made decisions.”
Olajolo noted that many insurers across Africa struggle to move beyond pilot projects because AI is often treated as a technology experiment rather than a core business transformation initiative.
“The main reason many insurers get stuck at the pilot stage is that AI initiatives often begin as experimental tech projects rather than business transformations,” he explained. “To achieve large-scale adoption, AI projects must be tied to clear business outcomes—whether in underwriting accuracy, claims efficiency, or fraud reduction—and championed by senior leadership.”
Addressing human capital development, Olajolo underscored the importance of building talent as a critical success factor in AI adoption. He advocated a hybrid approach combining insurtech collaboration, outsourcing, and in-house capability development.
“Human capability is indeed the deciding factor in AI adoption,” he emphasised. “The most successful insurers balance all three approaches strategically: collaboration with insurtech helps access cutting-edge innovations quickly; outsourcing works for highly technical areas like data engineering and cybersecurity; whilst building in-house teams is essential for long-term control over data, intellectual property, and customer experience.”
He concluded with a message that resonated strongly across the roundtable: “Responsible AI adoption is not about moving fast; it’s about moving with discipline, empathy, and trust—values that define our brand and the future of smart insurance in Africa.”
Olajolo’s insights positioned Coronation Insurance as a thought leader navigating the delicate balance between innovation, regulation, and customer trust in the continent’s evolving insurance landscape. His emphasis on data readiness, cross-functional collaboration, and measured deployment provided a clear roadmap for insurers seeking to harness AI’s transformative potential responsibly.
The strategic roundtable formed part of AFIS 2025’s broader programme exploring how digital transformation and technological innovation can accelerate Africa’s financial sovereignty and long-term growth.
