Olamide Olajolo, MD/CEO of Coronation Insurance Plc, says claims processing, talent development, and data governance are critical enablers of insurance transformation across Africa.
He made this known during the recent Africa Financial Industry Summit (AFIS) 2025 strategic roundtable themed, ‘Smart Insurance: Sharpening up Claims, Risk Modelling and Operations with AI and Insurtech,’ where he championed disciplined AI adoption.
Olajolo identified claims processing as the most mature application area while addressing where AI delivers the most tangible value. “AI delivers the fastest and most visible value in claims. From automated image recognition for vehicle damage to predictive models that flag potential fraud, it shortens claim cycles dramatically while improving fairness,” he stated.
The session was moderated by Mohamed Ali Jebira, partner, financial services advisory at Deloitte, while Bernard Ohemeng-Baah, deputy commissioner of Ghana’s National Insurance Commission, joined Olajolo to examine how artificial intelligence and Insurtech are reshaping Africa’s insurance landscape.
He however cautioned against rushing AI deployment without proper foundations, revealing that Coronation has always ensured stakeholders’ confidence in initiatives. “There have been instances where we’ve adjusted AI rollouts to ensure that regulatory clarity, data privacy, and customer confidence were not compromised.
“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,” said Olajolo.
He underscored the central challenge facing African insurers from moving from pilot projects to scaled operations. He disclosed that 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.
“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 of the organization,” Olajolo stated.
