RENOWNED robotics expert and thought leader Arthur Mutambara has called for African nations, including Zimbabwe, to actively embrace artificial intelligence (AI) to revolutionise their insurance industries.
Speaking on the sidelines of the ongoing Insurance Strategic Leadership Summit in South Africa, Mutambara emphasised the transformative impact of AI, which has already contributed an estimated US$130 billion to the global insurance sector.
He stressed that African countries cannot afford to be left behind in this technological revolution.
“AI is reshaping the insurance business globally, and it is imperative that Zimbabwe and the rest of Africa participate in these benefits,” he told Zimbabwe Independent.
However, he cautioned that adopting AI requires more than just incremental changes.
“It cannot be business as usual. Insurance companies must develop clear AI strategies to drive efficiencies, enhance productivity, and reduce costs.”
A key component of this transformation, according to Mutambara, is the development of a skilled workforce.
“Companies must build a talent pool and equip their teams with the skills needed to deploy and utilise AI effectively,” he said.
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He also urged African insurers to learn from global best practices and avoid reinventing the wheel.
“We must learn from South Africa, the rest of the continent, the Global South, and the Global North. AI is a global phenomenon, and we must leverage the experiences of others.”
Mutambara, who is a director at the Institute for the Future of Knowledge, highlighted the critical role of data in driving AI.
“Data is the lifeblood of AI. Without data, there is no AI,” he said. He called on Zimbabwean insurance companies to invest in software and data systems that enable them to collect and manage data effectively.
“This data will be the foundation for AI-driven innovations in the industry.”
Beyond the insurance sector, Mutambara advocated for a comprehensive national approach to AI.
“Zimbabwe needs a national AI vision, strategy, and implementation matrix that can cascade into key sectors such as manufacturing, mining, finance, and insurance,” he said.
He pointed to Rwanda, South Africa, and Kenya as examples of African nations making strides in AI adoption, while also urging Zimbabwe to learn from global leaders such as China, India, Singapore, and the Global North.
Mutambara also challenged Africa to move beyond being mere consumers of AI technology.
“We must become creators of AI. To fully benefit, we must develop and build our own systems,” he said.
He highlighted the importance of engaging in the hardware that drives AI, such as semiconductors.
“As a continent with a combined GDP of US$3,1 trillion and a population of 1,4 billion, Africa has the scale to become a player in the technology and hardware that power AI.”
Mutambara added: “Africa must transition from being a consumer of AI to becoming a producer. This is the only way to ensure sustainable growth and competitiveness in the global economy.”
His remarks underscore the urgent need for Africa to harness AI’s potential, not just in insurance but across all sectors, to secure its place in the Fourth Industrial Revolution.
Mutambara, a presenter at the summit, spoke on the topic: Implications of the AI Revolution for the Insurance Industry: Understanding the New Context and Imperatives.
The summit, which ends on Friday, is running under the theme Rethinking Insurance for a New Era: Strategies for Zimbabwean Companies to Thrive in a Changing Industry.
It was organised by the Insurance Institute of Zimbabwe.
