Players in the insurance industry must work hard to regain public trust to help promote the growth of the sector, the Outgoing Board Chairman of the National Insurance Commission (NIC), Mr Ray Ankrah has said.
“We all know about the image problem that the insurance industry suffers in Ghana. This is primarily because of the manner we have treated and continue to treat policyholders,” he said at the 2021 Investiture of the Chartered Insurance Institute of Ghana (CIIG).
The programme was on the theme “Defend and Grow Strategy.”
As part of the programme, a 10-member Governing Council was inaugurated to steer the affairs of the CIIG for the next two years.
Addressing the gathering, Mr Ankrah said the objective of growing the insurance industry would not be met if players in the industry did not collectively work to change the bad perception the public had about insurance.
He said the public had the impression that the insurance companies were quick at collecting insurance premium, but delayed in paying insurance claims.
The Outgoing Board Chairman indicated that insurance could play a critical role for the development of the country by providing long term finance for government and businesses.
To this end, he entreated players in the sector to exhibit a high sense of professionalism.
“Professionalism, simply put, is how you conduct yourself at work to represent both yourself and the association you belong to in an efficacious manner,” he said.
Mr Ankrah said the outgoing board had worked for the passage of the Insurance Act and the implementation of the motor insurance database.
He commended the CIIG Council members for their service and entreated them to work hard to grow and deepen the insurance market in Ghana.
The President of CIIG, Mr Tawiah Ben-Ahmed in his address said CIIG was established in 1972 as a professional body to promote the development of insurance profession and practise to ensure the integrity of the insurance profession in the country.
He also said the objective of the body was to ensure that insurance practice and services were of the highest possible standards and conform to internationally accepted best practice.
Mr Ben-Ahmed indicated that the Council led by him had developed a new strategy to promote the growth of CIIG and deepen the insurance industry.
The new strategy dubbed Defend and Grow Strategy, he said had two strategic pillars with the aspiration to grow CIIG within a world class governance environment to improve insurance professionalism, insurance contribution to Ghana, improve insurance trust and confidence as well as for insurance to be accepted in Ghana “as part of our way of life.”
He said under his tenure he would ensure the passage of CIIG, which is currently before the Ministry of Education, into law, saying a Committee would be set to review and ensure its passage.
“Our priority is to move from insurance professional association to a professional body backed by law (Chartership),” Mr Ben-Ahmed said.
The President of CIIG, said the Constitution of CIIG would be reviewed, to among, other things include a representative from the Health and Pensions sectors to join the Council of the CIIG and create affiliate, certificate and diploma membership categories.
The Deputy Commissioner of Insurance, Mr Kofi Andoh commended the new CIIG Governing Council for developing a strategy document for the organisation.