Ag. Commissioner of Insurance charges stakeholders to collaborate and transform insurance market

The acting Commissioner of Insurance, Dr Abiba Zakariah, has called upon insurance industry practitioners to embrace innovative methods of conducting insurance business.

She made this statement while outlining several strategic pillars aimed at improving insurance penetration in the country.

“I am challenging all of us to set the pace for changing and sanitising our market, and I believe that if we are determined, it can happen, and it will change Ghana,” she remarked.

Dr Zakariah made these comments as the Chairperson while addressing the 10th Annual Educational Conference and Exhibition of the Insurance Brokers Association of Ghana (IBAG) held in Nkwatia-Kwahu, Eastern Region.

In her address as the Chairperson of the occasion, Dr Abiba Zakariah, seized the opportunity to highlight the importance of industry practitioners adhering to professional ethics to foster public trust and enhance the insurance sector.

“IBAG serves as the national voice of insurance brokers and advocates the interests of insurance consumers,” she noted.

She elaborated on the direction the insurance regulator is taking to better position the industry, to improve the insurance penetration rate, which currently stands at a mere 1% of the country’s GDP.

According to Dr Zakariah, the three pillars underpinning this new direction are sanitising the insurance market, growing the insurance market through technology, and positioning Ghana’s insurance market internationally.

The regulator firmly believes that these pillars will revolutionise the industry, with stakeholders, including consumers such as transport unions, market traders, and other organised groups, becoming involved in the decision-making process regarding insurance products—not just as consumers of these services.

Dr Zakariah also encouraged industry players to uphold professional ethics as a means of advancing the growth of the sector.

She commended members of the association for their dedication to promoting the insurance business.

The IBAG President’s Address

In his opening statement, President of IBAG, Shaibu Ali, urged insurance companies to operate with integrity and foster cooperation to counter some of the less favourable perceptions surrounding the business of insurance.

He emphasised the critical role of insurance in financial planning and encouraged Ghanaians to invest in insurance policies to protect against unforeseen future events.

Mr Ali reiterated IBAG’s commitment to addressing the sector’s challenges and called on industry players to maintain professionalism and enhance service delivery.

The IBAG President further urged insurance companies to improve their recruitment processes and the working conditions of their sales executives, to promote professionalism and ethical conduct in selling insurance products and services.

Mr Ali stressed that insurance companies must work with integrity to change the negative perceptions people have of the industry.

He acknowledged that clients often face difficulties when making claims, often due to misinformation from field staff or a lack of adequate policy information.

For this reason, he encouraged companies to improve recruitment standards and working conditions to foster professional growth and improve customer satisfaction.

Mr Ali also highlighted the importance of insurance policies, urging individuals from all walks of life to invest in policies for their future security.

Participation

The conference, which attracted approximately 300 participants from across the country, served as a platform to assess the industry’s progress and to strategise for the future.

Theme of the Conference and Resource Persons

The conference, marking its tenth edition, was held under the theme: Leadership: Building Resilience through Cooperation and Ethical Conduct.

Some of the key speakers who presented thought-provoking insights and strategies included former CEO of Dalex Finance Kenneth Kwamina Thompson, Captain (Rtd) Prince Kofi Amoabeng, and former Black Stars Football Captain and Coach of the Senior National Team C.K. Akonnor.

They shared their diverse thoughts and perspectives on the thematic area, engaging the participants in a dynamic learn-unlearn-and-relearn approach.

Insurance from the Lens of the Justices of the Courts of Law

One of the main presentations focused on the theme from the perspective of the Justices of the courts of law, aptly delivered by Kweku Tewia Ackaah-Boafo, a Justice of the Court of Appeal of the Republic of Ghana.

He emphasised the need for continuous engagement with the judiciary to ensure a mutual understanding of the technical ambiguities often encountered when insurance cases are presented in court.

Health and Wealth

‘Health and wealth go hand in hand, ’ it is often said. This was a key theme explored by Justina Owu-Agyiri, a practising licensed counselling psychologist, who engaged participants on the importance of mental health.

She highlighted the need to take mental health seriously, despite the heavy expectations placed on employees to perform.

She argued that it is nearly impossible to be productive if one is not mentally well while fulfilling their duties.

Exhibitions

Numerous insurance companies, brokers, and ancillary service providers set up stands to explain the benefits of their various insurance products to the participants.

Among those who visited the exhibition stands were the Commissioner of Insurance (ag.), Dr. Zakariah, the IBAG President, and all past Presidents of IBAG, along with other dignitaries.

What is IBAG?

The Insurance Brokers Association of Ghana (IBAG) is the national trade association for NIC-licensed insurance brokers in Ghana and serves as the recognised voice of insurance brokers.

These brokers act as advocates, advisors, and consultants for insurance consumers, offering their services at no charge to policyholders.

Who is an Insurance Broker?

An insurance broker acts as a technical intermediary between a policyholder (or prospective policyholder) and an insurance company/underwriter.

A broker is an entity equipped with both technical expertise in insurance and the ability to advise policyholders on the policies best suited to their needs.

Brokers receive commissions (also known as brokerages) from insurers for their services to a policyholder, not from the policyholders themselves.

The commission is usually calculated as a percentage of the premium.

It is important to note that insurance brokers also facilitate the claims process for policyholders by assuming responsibility for handling claim settlements and payments with insurance companies on behalf of the policyholder.

Source: myjoyonline.com