Insurance professionals move to sustain client value amid rising inflation

Players in the insurance sector last week gathered at the 2022 Chartered Insurance Institute of Ghana’s (CIIG) Educational Conference to deliberate on the impact of the country’s rising inflation on insurance premiums and how the industry can sustain the value of their clients in the face of it.

The annual conference, among other things, sought to ensure that practitioners look at the impact of inflation in the insurance business from the perspectives of Life Insurance, General Insurance, Health and Pensions.

The conference was also to identify challenges hampering the growth of the industry and map up strategies to sustain client value in the current economic challenges.

Speaking to the media at the closing ceremony of the conference, the President of the Chartered Insurance Institute of Ghana (CIIG), Mr Tawiah Ben-Ahmed, said insurance companies existed because of their clients, hence the need to dedicate the 2022 conference to how they could sustain value for clients.

“We have come here as Insurance practitioners to assess the impact of this rising inflation on insurance premiums and cover amounts and how we can sustain value to the clients we serve because we exist because of our clients. If you look at the economic environment today, as at October, inflation is said to be about 40.4 percent. Same period last year Inflation was 11 percent.

“So if the benefit we pay suffer inflation then we need to rethink and find out how we can sustain client value; that’s why we are here”, he explained.

Mr Ben-Ahmed also added that the annual educational conference provided a perfect platform for Insurance professionals to come together to learn, unlearn and relearn.

He said this would help the industry serve the good people of Ghana very well.

Engendering trust

In his address, the Commissioner of Insurance, Dr. Justice Ofori, who chaired the event urged insurance professionals to live above reproach in ensuring that clients get value for their money.

This, he said, would further engender trust in the industry.

The guest speaker, Mr Gustav Siale, who is a former Managing Director of Ghana Re Insurance Plc, on his part also admonished the young professionals to be more diligent in the discharge of their duties as insurers.

“The future of the industry is in your hands. The momentum in building a strong and enviable institution which we can now see, which is evident should not be allowed to flack but the flames must be fanned,” he stated.

Demonstrate professionalism

Lawyer and Veteran Insurance Practitioner, Mr. Larry Jiagge, in a presentation also emphasized the need for insurance professionals in the country to demonstrate professionalism, Integrity and Excellence in the discharge of their duties.

He presented a paper analyzing a recent judgement in a case where the insurer was made to pay the full sum insured in tandem with the premium paid.

Mr Jiagge admonished practitioners to honour their promise by paying legitimate claims promptly and in tandem with the premium received at the inception of an insurance contract.

The CIIG was established in 1970 as the pioneer professional insurance body to unify and provide a common platform for insurance professionals in Ghana to deliberate on issues pertaining to the enhancement of professionalism.

Its objectives were, among others, to secure the maintenance of professional standards, discipline and etiquette among persons who are members of the Institute and to also localize the insurance professional examinations to make them more relevant to the needs of the local insurance market and be more meaningful and interesting to students.

This year’s conference was attended by over one hundred and seventy insurance professionals throughout the country. It was also used to elect new officers to steer the affairs of the Institute for the next two years.