Ag. Commissioner of Insurance charges stakeholders to collaborate and transform insurance market

**Dr. Abiba Zakariah's Call for Innovation in Insurance**

The acting Commissioner of Insurance, Dr. Abiba Zakariah, urged insurance practitioners to adopt innovative methods.

She made this call while discussing strategies to improve insurance penetration in Ghana.

“I challenge us all to change and sanitise our market,” she said.

Dr. Zakariah spoke as Chairperson at the 10th Annual Educational Conference of IBAG in Nkwatia-Kwahu.

She emphasized the need for adherence to professional ethics in the industry. This will help build public trust and enhance the sector.

“IBAG is the national voice of insurance brokers,” she noted.

Dr. Zakariah outlined three strategic pillars for improving insurance penetration, currently at just 1% of GDP.

These pillars include sanitising the market, leveraging technology, and positioning Ghana’s insurance internationally.

She believes these changes will revolutionise the industry. Stakeholders like transport unions and market traders should be involved in decision-making.

Dr. Zakariah encouraged industry players to uphold professional ethics for growth.

She praised IBAG members for their commitment to promoting insurance.

**IBAG President's Address**

In his opening statement, IBAG President Shaibu Ali called for integrity among insurers. He stressed cooperation to counter negative perceptions about insurance.

Mr. Ali highlighted the importance of insurance in financial planning. He encouraged Ghanaians to invest in policies for future protection.

He reiterated IBAG’s commitment to addressing sector challenges and enhancing professionalism.

Mr. Ali also urged companies to improve recruitment processes and working conditions for sales executives.

He acknowledged that clients often struggle with claims due to misinformation or inadequate policy details.

To address this, he called for better recruitment standards and improved customer satisfaction through professionalism.

**Conference Participation**

The conference attracted around 300 participants from across Ghana. It served as a platform to assess industry progress and strategize for the future.

**Theme of the Conference**

This year’s theme was “Leadership: Building Resilience through Cooperation and Ethical Conduct.”

Key speakers included Kenneth Kwamina Thompson, Captain (Rtd) Prince Kofi Amoabeng, and C.K. Akonnor.

They shared insights on leadership and engaged participants in a dynamic learning approach.

**Legal Perspectives on Insurance**

One presentation focused on legal perspectives by Justice Kweku Tewia Ackaah-Boafo from the Court of Appeal.

He stressed continuous engagement with the judiciary regarding technical ambiguities in court cases involving insurance.

**Mental Health Discussion**

Justina Owu-Agyiri discussed mental health's importance alongside wealth during her session at the conference.

She argued that productivity is nearly impossible without good mental health amid workplace pressures.

**Exhibitions at the Conference**

Numerous companies set up stands showcasing their various insurance products during exhibitions.

Attendees included Dr. Zakariah, Mr. Ali, past IBAG Presidents, and other dignitaries who visited these stands.

**About IBAG**

The Insurance Brokers Association of Ghana (IBAG) represents NIC-licensed brokers nationwide.

It serves as an advocate for consumers by offering advisory services at no charge.

**Role of an Insurance Broker**

An insurance broker acts as an intermediary between policyholders and insurers.

Brokers have technical expertise and advise clients on suitable policies.

They earn commissions from insurers based on premiums but do not charge policyholders directly.

Brokers also facilitate claims processes by handling settlements with insurers on behalf of clients.