Accra, October 20, 2017//-Insurance companies operating Ghana have been urged to take advantage of technology to enable them grow their businesses in the county and beyond.
The President of the Ghana Insurers Association (GIA), Ms. Aretha Duku, made the call at the opening of the maiden National General Insurance Conference held in Accra.
She noted: “In the face of social media proliferation, digitisation and technological advancement, the insurance industry cannot afford to remain unconcerned”.
Ms Duku was quick to add that business innovation is the key to survival in these times, stressing that insurance companies must take advantage of the speed, effectiveness and efficiency that come with these changes at the same time keeping an eye on disruption associated with technology and digitisation.
The issues of sophisticated fraudulent claims, fake insurance stickers and licences, low insurance penetration, poor public perception, risk management measures and loss reduction measures on gas explosion can be enhanced using innovation, she told the participants at the well-attended conference.
Touching on the theme conference-‘Transforming the General Insurance Industry in Ghana Through Self-regulation, Financial Capacity and Business Innovation’, Ms Duku maintained that self-regulation couple with regulation could together to achieve efficient market outcome.
She observed: “Regulation be it self or external presents benefits to both consumers and insurance companies. As the consumer is assured of fair terms and the insurance company is able to operate on a level playing field efficiently,
In a speech read for a Deputy Minister of Finance, Kwaku Kwarteng explained that insurance industry regulation sets up the parameters within which companies must operate in a highly sensitive manner to ensure safety of policyholders’ funds. Existing guidelines such as the Risk Based Supervisory Framework, the Solvency Framework and Governance and Risk Management Framework have supported the National Insurance Commission to effectively regulate insurance companies.
He said: “The Ghana Insurers Association (GIA) has a fundamental responsibility to self-police and deal with rogues in the industry and to also ensure that members do what is right in order to prevent undue interference from the regulator”.
Mr Kwarteng was therefore optimistic that the participants who were mainly drawn from the insurance industry will come out with viable suggestions for ensuring an effective Self-Regulatory Regime in Ghana.
He used the opportunity to assure the players in the insurance industry that Ministry of Finance would continuously work with the regulator to closely monitor developments so that risks in the market are effectively identified and appropriately managed to ensure sanity in the Insurance Industry thereby improving the image of the industry.
The Chairman of the General Insurance Council, Kwame Ofori said General Insurance is an important mechanism for reducing the impact associated with unforeseen events such as catastrophes, emergencies, accidents and natural disasters.
Steven Oluoch, the Chief Executive Officer of ICEA Lion General Insurance, one of the most prominent general insurance companies in Nairobi, Kenya and the entire East Africa stressed need for government and insurers to be working together for the betterment of the insurance industry.
By Masahudu Ankiilu Kunateh
Email: mk68008@gmail.com
