The Tribune

BY ANNELIA NIXON

TRIBUNE Business Reporter

anixon@tribunemedia.net

THE INSURANCE Commission of The Bahamas is expanding its compliance and innovation drive with a new artificial intelligence (AI) component to aid greater understanding of emerging technologies.

The regulator, which has launched the InsurTech Compliance, Innovation and Regulatory Practices (ICIRP) programme, is hoping AI and technology can help insurance innovation while addressing persistent protection gaps.

The eight-week online course, which begins in September, will introduce participants to AI applications in insurance, regulatory frameworks and real world case studies, while providing graduates with a direct pathway to the Commission’s newly-established innovation hub where they can further develop business ideas into potentially regulated ventures.

Rodney Bain, deputy superintendent of insurance at the Insurance Commission, said the addition of AI reflects the industry’s rapidly-evolving landscape and the need to equip entrepreneurs and professionals with practical knowledge of new technologies.

“We have now something I’ll call an innovation hub,” Mr Bain said. “We have a team within house who essentially takes someone’s idea and walks them through the process of what they need to get registered and regulated with the Commission. So now the bigger difference is you essentially can take your capstone project and go straight from class to the hub, and see if it actually can possibly work.”

The programme continues its partnership with the University of Cambridge, Cambridge Business School, and Bahamas Financial Services Board (BFSB), and has extended the course from six weeks to eight weeks to accommodate the expanded curriculum.

“It’s going to be eight weeks now because we’re going to introduce the AI component and talk about AI and different trends of AI, which we did not talk about before, and a lot more regulatory grounding to see how it actually can work, and also real case scenarios as well,” Mr Bain said.

He added that AI is increasingly being explored across the global insurance sector to improve efficiency rather than replace human decision-making. The Insurance Commission participates in the FinTech Forum of the International Association of Insurance Supervisors, where regulators are examining how AI can streamline operations while maintaining appropriate oversight.

“Our role is essentially to find out how can AI make our job easier,” he said. “Some companies use it mainly for administration purposes, but they’re trying to see how it can be used for more real case scenarios. What we’re using it for is just to make the business process a lot more efficient and productive.”

However, Mr Bain stressed that the programme will place significant emphasis on responsible AI use.

“The biggest thing with AI we’re going to drive home in the course is the need for the human in the loop. We never want to get rid of the human element as relates to technology because that’s what makes the real decisions,” Mr Bain said. He added that many consumers remain sceptical of AI because they neither trust nor fully understand the technology.

“What we recognise, too, with AI from our conversation, they don’t trust it and they don’t understand it,” he said. “And then for insurance, you recognise they don’t trust it and they don’t understand it. So now we’re trying to just bridge the gap to make sure they understand and they trust it as well.”

To support responsible adoption, the Commission has already introduced internal AI policies and intends to promote similar standards across the insurance industry.

“One of the suggestions we give persons is when using AI, treat it like a junior staff member,” Mr Bain said. “The same way we would trust and verify if a junior staff member presents you a report, you do the same thing with AI.”

Beyond AI, Mr Bain said the programme is designed to encourage innovation that addresses real world challenges facing The Bahamas, particularly the country’s insurance protection gap.

“Technology on the whole is here,” he said. “So it’s very much important to understand how you play a role in technology and also, from a business perspective, expand your mind as to what new products can be.” 

Mr Bain said one of the Commission’s primary concerns remains the number of Bahamians without insurance coverage.

“We are looking our endeavour best to solve so many problems, and one of our problems is the protection gap,” Mr Bain said. “It’s hurricane season now. How can we now help those persons who are uninsured, whether they don’t trust it or they can’t afford it? There’s still Bahamians that we need to make sure are protected.”

The course is open to anyone aged 18 and older, regardless of whether they have experience in insurance.

“You do not need any prerequisite knowledge to take the course,” Mr Bain said. “We take it from the ground up. We want persons who are business-minded, interested in technology, in AI, who want to expand their portfolio and who want a certificate from the University of Cambridge on their wall.”

Interest in the programme is also expanding beyond The Bahamas. Mr Bain said previous cohorts include participants from Turks and Caicos and Jamaica, while the upcoming intake has already attracted registrants from Belize. He added that prospective participants from France and the United Kingdom have also expressed interest.

“When we travel to our conferences, we talk about The Bahamas often, and we demonstrate and showcase the things we’re working on,” he said. “So when we talk about things like the course that piques people’s interest.”

“There is currently no enrolment cap because the programme is delivered entirely online. We had over 100 last year, so we want to keep it open because the digital is easier. All classes are online…”