Knowledge, attitude and perception of artificial intelligence and its application in the key operations of insurance in Nigeria

Abstract

As the influence and use of artificial intelligence grows and its transformative potential in financial services becomes more apparent, many questions have been raised regarding its application in the key operations of insurance companies. The Nigerian insurance industry opinion like others as well plays an important role in these discussions, influencing its adoption and commercial development. This research work was aimed at examining how knowledgeable the Nigerian insurance industry is, their attitude and perception towards artificial intelligence, as well as to investigate if the application of artificial intelligence will have a significant improvement on insurance claims provision, marketing of insurance services, customer service delivery and insurance underwriting within the industry. A questionnaire adapted from a previous study was used for the eliciting of information from respondents. The population of the study consisted of all the insurance companies in the Nigerian insurance industry, and a total of 60 employees were purposely selected from the 60 companies for the study. Inferential and descriptive statistics were also adopted to present the data collected and chi-square was used to test the formulated hypothesis. The study shows that the insurance companies in the Nigerian insurance industry are knowledgeable on the issue of artificial intelligence, have a positive attitude towards artificial intelligence, and also perceive artificial intelligence positively as an innovation that stands to improve the key operations of insurance companies. The study further concluded that the application of artificial intelligence has a significant improvement on the marketing, underwriting, claims, and service delivery of insurance companies within the Nigerian insurance industry.