LLMs and Agentic AI in Insurance Decision-Making: Opportunities and Challenges For Africa
It addresses the problem of leveraging AI for insurance decision-making in Africa, focusing on local gaps and partnerships, but is incremental as it reviews existing concepts without new empirical results.
The paper explores the potential of Large Language Models and agentic AI to transform the insurance sector in Africa, identifying opportunities and challenges while calling for collaborative efforts to develop inclusive AI solutions.
In this work, we highlight the transformative potential of Artificial Intelligence (AI), particularly Large Language Models (LLMs) and agentic AI, in the insurance sector. We consider and emphasize the unique opportunities, challenges, and potential pathways in insurance amid rapid performance improvements, increased open-source access, decreasing deployment costs, and the complexity of LLM or agentic AI frameworks. To bring it closer to home, we identify critical gaps in the African insurance market and highlight key local efforts, players, and partnership opportunities. Finally, we call upon actuaries, insurers, regulators, and tech leaders to a collaborative effort aimed at creating inclusive, sustainable, and equitable AI strategies and solutions: by and for Africans.