The Role of Artificial Intelligence and Machine Learning in Healthcare: Implications for Actuarial Models and Predictive Analytics in Lagos State Nigeria

This paper examined the role of artificial intelligence and machine learning in healthcare using implications for actuarial models and predictive analytics in Lagos State, Nigeria. Four research questions guided the study. The descriptive survey research design was adopted for this study. The population of this study comprised of all the healthcare professionals in Lagos State University Teaching Hospital (LASUTH) and all actuarial managers from the 27 insurance companies in Lagos State, Nigeria. The purposive sampling technique was used to select an actuarial manager from each of the 27 insurance companies in Lagos State, making a total of 27 actuarial managers that participated in the study. Purposive sampling technique was also used to select 30 healthcare professionals in LASUTH. In total, the sample size consisted of 57 respondents. The study used a structured questionnaire called “Role of Artificial Intelligence and Machine Learning in Healthcare Questionnaire” (RAIMLHQ) to gather data on the application of AI and ML in healthcare. The questionnaire was divided into two sections and responses were based on a 4-point Likert scale. The researchers administered the questionnaire directly, and descriptive statistics were used to analyze the bio-data. The results showed that healthcare professionals and actuarial managers had low knowledge of AI and ML’s application in healthcare. However, they rated AI and ML technologies as effective in improving healthcare outcomes in Lagos State. Furthermore, they agreed on the implications of integrating AI and ML into actuarial models for healthcare insurance in Lagos State.