Business

Good question! Edug, Insurance companies in Africa are using AI in some pretty exciting ways to solve long-standing challenges. For example, AI is helping insurers reach people in remote areas who’ve never had insurance before. Companies like Pula in Kenya are using AI to offer crop insurance to small-scale farmers – they use satellite data and machine learning to assess crop health and automatically process claims when harvests fail.

Another interesting development is how AI is making insurance more affordable. Traditional insurance in Africa has been expensive because it’s hard to assess risk and process claims in many areas. AI is changing this by automating these processes. For instance, Lami Technologies in several African countries uses AI to analyze customer data and offer personalized insurance products at lower costs.

Mobile insurance is also taking off. Companies are using AI chatbots and simple mobile interfaces to help people buy and manage insurance policies through their phones. This is particularly important since many Africans have mobile phones but might live far from physical insurance offices.

However, there are some real challenges. Many African countries still struggle with limited data infrastructure, which AI needs to work effectively. There’s also the question of trust – some people are hesitant to have AI systems handling their personal