Experts urge insurance firms to embrace AI, strengthen regulation
By Rebecca Okine
Experts in the financial and technology sectors are calling on insurance companies in Ghana to embrace the benefits of Artificial Intelligence (AI) while deepening collaboration with regulators to ensure secure and efficient digital transactions.
This call was made at a recent forum organized by Deloitte Ghana, where panelists discussed resilience in the financial sector, especially amid technological disruptions and cyber risks.
One panelist noted that while fears about AI persist, its potential to positively transform the insurance industry cannot be overlooked.
“Everybody is worried about AI, but I can tell you that AI has its good side to deal with technology. Insurance companies must work together with the regulators to ensure that verification and other important transactions are easily done,” the speaker said.
The growing use of AI in insurance, including claims processing, fraud detection, and customer service, has raised concerns about data privacy, ethical algorithms, and regulatory oversight.
However, the panelists emphasized that these challenges can be addressed through proactive policy frameworks and industry cooperation.
The panel featured Clayton Thomopoulos, Partner, Forensic, Deloitte Africa; Niia Asafoatse Abbey, Associate Director, Forensic, Deloitte Ghana; and Sheriff Issah, Manager, Cyber Risk, Deloitte Ghana.
They collectively stressed the importance of aligning AI innovation with strong risk management systems and clear regulatory guidance.
“We must not only adopt the technology but also build trust around it,” one speaker added. “This requires an ecosystem approach that includes insurers, regulators, and technology experts.”
Cybersecurity, data protection, and digital identity verification were also highlighted as critical areas where insurance firms must collaborate with regulators to protect consumers and ensure compliance.
With Ghana’s insurance industry expanding and increasingly adopting digital tools, the experts concluded that responsible AI use, backed by robust regulation and strategic partnerships, will be key to driving efficiency, safeguarding sensitive data, and fostering public trust.
