THE Insurance Council of Zimbabwe (ICZ) recently honoured three university students for their research on how artificial intelligence (AI) and machine learning could transform the country’s insurance sector.
The AI and Machine Learning Research Awards ceremony seeks to promote innovation-driven solutions that help insurers to adapt to emerging risks and opportunities. It also aims to generate practical insights to help the sector navigate technological disruption and foster innovation-led growth.
The three top finalists walked away with cash prizes of US$4 000, US$2 800 and US$1 500, respectively after their research projects were evaluated by a panel of professors and industry experts.
ICZ chief executive officer Donald Mhute said the initiative was part of a broader effort to prepare the industry for emerging risks such as cyber threats.
“The industry needs to position itself to respond to emerging challenges and opportunities,” Mhute said.
“The rise of AI and machine learning means some of the traditional products we offer may become obsolete.
“But it also presents opportunities for new offerings such as cyber risk and liability insurance. Insurers must start positioning themselves to serve new customer needs with these kinds of products.”
University of Zimbabwe student Augustine Mupeti, who took home the top prize of US$4 000, said his breakthrough algorithm had the potential to reshape the insurance sector.
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“I believe the next step is to optimise it and make it ready for real-world deployment in insurance operations,” he said.
