NIC to adopt market conduct supervisory framework to enhance fair treatment - Michael Andoh

As part of efforts to enhance the fair treatment of customers by insurance firms in the country, the National Insurance Commission (NIC) is gearing up to implement a market conduct supervisory framework.

According to the Acting Commissioner of Insurance, Michael Kofi Andoh, the National Labour Commission (NLC) will soon also issue a directive of conduct of business for insurance institutions as part of the framework.

Speaking at the ninth annual educational conference and exhibition of the Insurance Brokers Association of Ghana (IBAG) in Bolgatanga, the acting NIC Commissioner said the directive aims to address a number of regulatory requirements.

He explained that the directive will focus on product requirements and policy holder cancellation rights, provision and disclosure of policy information, claims processing and complaints requirements as well as requirements on the appointment and training of agents.

“The directive would also require all insurance companies to develop and publish service level standards on claims and complaints and to display a summary of their claims payment and complaint resolution procedures in every branch, contact and agency office,” Michael Andoh added.

The Acting NIC Commissioner also underscored the importance of customer satisfaction towards increasing insurance penetration especially among undeserved communities.

“Indeed, building a consistent customer service culture is not merely a desirable trait but an essential tool for expanding the reach of insurance services to previously underserved communities,” Andoh noted.

He stressed that these gains will only be achieved once insurance firms adopt a multi-faceted approach that address the diverse needs and challenges facing the insurance public.

“This could entail leveraging technology to enhance accessibility, tailoring products to suit needs and preferences, simplifying policies, enhancing transparency and prioritizing customer complaints” he highlighted.

President of IBAG, Shaibu Ali on his part pointed that one of the key reasons for low insurance penetration was due poor customer service.

He cited the recently published survey of the Ghana Customer Service Index which saw the insurance industry placed in the bottom position.

In addition, the President of the Chartered Insurance Institute of Ghana (CIIG), Solomon Lartey said it was currently working on ensuring that all insurance professionals in the country were in good standing.

He said the CIIG would soon compile and publish a list of all insurance professionals in good standing.

MA/NOQ

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