Insurance professionals are encouraged to engage in inclusive insurance, recognizing its potential as an untapped viable business opportunity.
The Ghana Insurance College, under the National Insurance Commission (NIC), in collaboration with the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP’sIRFF), launched the Inclusive Insurance Certification Programme and Inclusive Insurance Awareness Clinics on October 1, 2024.
The awareness initiative began with enumerators visiting several district markets to engage with executives from the Ghana Private Roads Transport Union (GPRTU), the Ghana Barbers Association in Kasoa, and the Kpone-Katamanso Wood and Timber Market Association, among many others.
At the end of a 5-day training course for 39 participants from the insurance industry and academia on Friday, October 11, 2024, Mr Gideon Attarare Oviemo, the master trainer, emphasized that this approach is not merely about physical infrastructure or selling high-end products but being truly inclusive.
He highlighted the importance of building trust, noting that insurance is inherently intangible and typically sold by unfamiliar agents.
He said inclusive insurance is an untapped viable business and insurance professionals must start looking in that direction adding that there is a huge market out there waiting to be served with insurance.
Establishing this trust is crucial for driving inclusive insurance initiatives.
Mr Oviemo, pointed out that inclusive insurance should offer higher commissions compared to traditional insurance, and it requires the creation of a robust infrastructure to facilitate claims processing which should be the catchword for organisations.
He remarked that once customers experience insurance through claims, they are more likely to embrace it.
Dr Princess Amina Sammo, a representative from UNDP’s Insurance and Risk Finance Facility, clarified that business insurance differs from typical life, health, and property insurance.
She explained that inclusive insurance is specifically tailored for individuals in the informal sector, protecting their goods from unforeseen events, thus preventing significant financial losses from accidents.
She further urged the regulators and industry to be intentional about inclusive insurance if we want to see the huge benefits explode to unimaginable levels in the country.
In conclusion, she stated that by industry embracing inclusive insurance which targets achieving the SDGs will go a long way
In her closing remarks, Mrs. Stella Jonah, Head of Supervision at the NIC, expressed her gratitude to the UNDP’s IRFF and the participants for their enthusiasm in promoting inclusive insurance in Ghana by building capacities and creating awareness. At the end of the training programme, certificates were awarded to the participants.
