Develop Innovative Products to Attract More Customers … Former GIA Boss Urges Insurance Companies

Insurance companies must take advantage of the low insurance penetration to develop innovative products to attract more customers, the Former President of the Ghana Insurers Association (GIA), Mr Emmanuel Baba Mahama, has said.

According to him, the low insurance penetration, which currently stands at one per cent, presented opportunities for insurance companies to expand their reach and services.

Speaking at the Ghana Insurance Fair in Accra yesterday, Mr Mahama urged insurance companies to "develop affordable insurance products suitable for the mass market."

Organised by the Ghana Insurers Association (GIA) in partnership with Graphic Business, the fair, under the theme, "Making insurance the Ghanaian way of life," sought to create insurance awareness amongst Ghanaians.

The programme provided opportunity for participant insurance companies to exhibit their programme.

Mr Mahama said insurance companies must translate their insurance policies into the local languages to enhance the understanding of the public on insurance.

He said enhanced public education would help people understand what the insurance companies sells to them and the terms and conditions it comes with.

Mr Mahama charged all insurance companies to be transparent and honest in all their dealings with their customers in order to repair the broken trust between Ghanaians and insurance companies.

The Commissioner of the National Insurance Commission, Dr Justice Yaw Ofori for his part said more education is required on the importance of insurance in order to change the practice where insurance brokers go about looking for persons to buy the packages.

He explained that the fair was a step in the right direction however its goal could not be achieved in a single day adding "it's a never-ending process, we can't give ourselves any time limit, and it's something we have to be doing year in, year out."

He urged all Ghanaians to take advantage of such insurance fairs to increase their knowledge on insurance policies as various insurance companies are readily available to better explain their policies and even make recommendations on 'custom tailored' policies.

The commissioner tasked all Ghanaians to check the insurance status of any public transport they board saying that "dial *920*57# to check whether the vehicle you are traveling has a valid insurance. Access to the short code is free."

The Managing Director of Graphic Communications Group Limited, Mr Ato Afful, said his outfit was happy to be associated with the programme.

He said Graphic Communications Group would support stakeholders in the insurance industry to educate the general public on the relevance of insurance and engender insurance uptake.