Second Graphic, NIC, GIA insurance fair ends in Kumasi - Patrons call for intensified education on insurance policies
Some members of the public who patronised the annual insurance fair organised by the Graphic Communications Group Ltd (GCGL) together with two other partners in Kumasi have called on insurance companies to intensify education on their policies.
That, they said, would go a long way to convince people to voluntarily sign on to any of the policies of their choice for their own benefit.
“We believe that insurance companies should up their game by intensifying public education on their various policies to attract the attention of the general public towards growing the industry,” they stressed.
Fair
They made the remarks during the second edition of the insurance fair held at Adum in Kumasi in the Ashanti Region. The GCGL collaborated with the National Insurance Commission (NIC) and the Ghana Insurers Association (GIA) to organise the event.
Josephine Nsiah (left), a representative of Glicolife Insurance, exposing Franklin Sowa (middle), Director, Marketing and Sales, GCGL, to their products, during an insurance fair in Kumasi. Those looking on include Dr Kingsley Kwesi Kwabahson (right), Chief Executive Officer, GIA, and Faruk Dramani, Ashanti Regional Manager, NIC. Pictures : EMMANUEL BAAH
The three-day event, which ended last Friday at the forecourt of the Ghana Post Company Limited, was on the theme: “Boosting insurance in the formal and informal sectors of Ghana”.
It followed an earlier one which was successfully held at the Accra Mall Food Court in Accra.
Education
The patrons stated that it was important for the companies to properly educate the public for them to fully understand the available insurance policies, saying “if we are not adequately educated on the policies, enrolling on any of them becomes difficult”.
“There is a need for the staff of the companies to have the patience to explain the importance of insurance and their respective policies to the public to convince people to enrol on any of them,” they stated.
One of the patrons, Isaac Amoakoh, said the wrong public perception about insurance policies was one of the reasons why people shy away from enrolling on any of the policies to reap their full benefits.
Participants
The annual event brought together players in the insurance industry, especially insurance companies and members of the general public who visited the stands of the companies to understand their policies so as to invest in the sector.
Companies
Participating companies included Nsia Insurance, Glico General, Glico Life, SIC Insurance PLC, Prudential Life Insurance Ghana, Enterprise Insurance, Enterprise Life, Millenium Insurance, Coronation and Hollard Insurance Life.
The rest were Vanguard Assurance Company Limited, miLife Insurance, Old Mutual, National Insurance Commission, Imperial General Assurance, Serene Insurance, Bedrock Insurance and Equity Health Assurance.
Commendable
At the event, the acting Commissioner of Insurance, Dr Abiba Zakariah, in a speech read on his behalf, said it was commendable that as industry players were getting closer to their policyholders and potential clients, more people are beginning to show interest in insurance.
She said there was, therefore, the need to reshape public perception by clarifying policy terms and promoting insurance as a tool for resilience, particularly amid global threats like climate change.
Dr Zakariah reiterated the three strategic pillars aimed at guiding insurers in their approach to the public through well-designed and visually appealing exhibition stands to make insurance services more accessible and attractive.
Strategic pillars
Touching on the strategic pillars, she said despite ongoing efforts, unethical practices such as premium undercutting continue to exist in the industry, saying “it is time to put an end to such practices”.
“The NIC has established a committee on premium undercutting and within six months of its establishment, we have observed a significant reduction in unethical behaviours,” she indicated.
Another one, she said, is the formation of the insurance penetration committee to provide research-backed analysis and actionable recommendations for insurers and key stakeholders.
Lastly, Dr Zakariah said by adhering to the aforementioned strategic pillars, Ghana’s insurance market stands to benefit from increased international exposure and foreign investor interest
“This partnership between the insurance industry and the GCGL has become a critical enabler of our collective goals.
I am confident that it will continue to serve as a catalyst for driving forward our three strategic pillars,” she pointed out.
Importance
The Chief Executive Officer (CEO), GIA, Dr Kingsley Kwesi Kwabahson, underscored the importance of enrolling on insurance policies and urged the general public to insure businesses, buildings, vehicles, among others against eventualities.
He stated that over GH¢10 million was paid daily as insurance claims to individuals with various insurance policies, saying “insurance enables you to rely on your funds in times of death, motor accidents and other emergencies”.
Dr Kwabahson advised the public to take insurance seriously as it was the surest way to prepare against any future emergency situations.
Media organisation
The Director, Marketing and Sales, GCGL, Franklin Sowa, said as a relevant media organisation, GCGL did not just want to highlight the challenges confronting the insurance sector but to be part of the solution.
He said: “Part of the solution is to bring insurance closer to the people, allowing them to communicate their frustrations, needs and expectations directly to the companies, so that insurance firms can provide solutions that meet those expectations”.
“As a relevant media outlet, we want to lead in providing solutions to the needs of the market.
We are providing an opportunity for brands to leverage our credibility to engage the market towards improving the insurance sector,” Mr Sowa stated.
Writer’s email: gilbert.agbey@graphic.com.gh