Seminar on Life Insurance Business for stakeholders opens

The Ghana Insurance Association with support from Claims International Ghana Limited on Thursday organized a life business seminar for stakeholders in the industry to build their capacity to adhere to professional standards.

The objective of the seminar is to equip stakeholders in the industry to individually and collectively understand client’s definite expectations, strife to enhance the profitability of the life insurance operators and emphasized the need for operators to be united in responding to common environmental challenges.

The seminar is on the theme: “Life Insurance Business: Stakeholders expectation”

Mr Ivan Abubakar Avereyireh, President of the Ghana Insurance Association, speaking at the opening ceremony said, the seminar was the second capacity building workshop, in line with the Association’s commitment to develop and empower the industry players to be professional.

Mr Avereyireh said the seminar is necessary because the quest for knowledge is part of the life of a company to excel in its operations, adding that, “The more we learn, the more we realize how much we do not know”.

He said the major objective of the Association was to improve Insurance penetration in the country by increasing it from 1.5 per cent to 3 per cent.

He expressed concerns on poor perception among the public about the insurance industry and that these phenomenon has contributed to low penetration of insurance in the country.

Mr Avereyireh said to erase the poor perception among the public is to equip players in the industry with the needed knowledge and skills to be professional in the discourse of their duties.

He urged the participants to make good use of the skills acquired and share it with their members for improved excellence of practice in the industry.

He would also work on the poor perception among the public about the insurance industry.

Mr Avereyireh noted that because the insurance companies provide services that touch every aspect of human endeavour, members of the Association must work hard to improve the trust and confidence of the people.

Mr Forkuo Kyei, Managing Director of GLICO Life Insurance, said the country’s insurance market has a huge potential for growth and that there is the need for players in the industry to respond to the expectations of customers.

He urged Insurance companies to offer customers value for money by delivering on their promises, and that, the industry’s core value is to pay legitimate claims to clients.

Mr Ope Oredugba, Managing Director of Claims International Ghana Limited, said the foundation of life insurance is the recognition of the value of human life and the possibility of indemnification of the loss of that value.

He said it behooves on insurance professionals to manage and ensure that customer’s expectation are met, and that, it is expected that at the end of the workshop participants would acquire the requisite knowledge and enhance the operations of the insurance industry.