The Insurance Students’ Association (ISA) of the University of Ghana Business School (UGBS) launched its annual week celebration at the Executive Hall on 2nd November, 2017. The event was under the theme “The Role of Brokerages and Bancassurance in the Insurance Industry”. The speakers for the day were Mr. Jochen Ramcke of Ghana Insurance College and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ); Mr. Nathan Adu, President of Ghana Insurance Brokers Association (GIBA); Mr. Wilson Tei, National Chairman of Insurance Awareness Coordinators Group; Mrs. Esther Armah of National Insurance Commission and Mr. Yaw Boadu of Universal Merchant Bank (UMB).
Speaking on the topic “The Role of GIZ in Upscaling Insurance Awareness in Ghana”, the Chairman, Mr. Jochen Ramcke said insurance provides additional funding in case of eventualities, hence people must know what insurance and risk management is all about. He further added that knowledge about various insurance products must be propagated in churches, communities and the society as a whole through educational outreach programmes. Mr. Nathan Adu, President of GIBA who spoke next, defined a broker as an independent insurance professional who represents the interest of his clients in search of insurance coverage. He said the Ghana Insurance Brokers Association is an umbrella body of all licensed insurance brokers in the country, and its main objective is to group together all registered insurance brokers and consultants in Ghana. He also stated that one of the association’s function is to help train and organise workshops for staff and member firms.
Mrs. Esther Armah of the National Insurance Commission (NIC) was the third person to speak. Her presentation was on the topic “The Role of Brokerages and Bancassurance in the Insurance Industry”. She identified the mandate of NIC as the regulation of insurance businesses in Ghana and further added that the concept of Bancassurance was introduced in 2007 by the NIC to increase life premiums. On his part, Mr. Wilson Tei, the Current National Chairman of Insurance Awareness Coordinators Group, believes that most people do not understand the need for insurance but realise its need in the event of catastrophes. This, he said, was because of the lack of personnel who are well experienced in insurance related disciplines. He opined that“The more insurance inclined personnel there are in industries, the more knowledge and awareness on insurance there will be out there.”
Speaking on Bancassurance, Mr. Yaw Boadu, Head of Business Transactions, UMB, explained the term as the legal relationship between a bank and an insurance company to offer predetermined personalised products. He further added that banks receive premiums on behalf of insurance companies in exchange for a commission, and this provides an avenue for extra revenue.
During the question and answer session, Mr. Wilson Tei suggested that emphasis should be placed on the benefits of the insurance products rather than on the product itself. Some speakers shared their experiences in the insurance industry. Students were encouraged to actively patronise insurance and utilise the knowledge gained.
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