Insurance stakeholders to embark on mass educational campaign

The general public would from the February 19th- 24 receive education on the best options for managing unforeseen life perils as part of a week-long sensitisation campaign by insurance industry stakeholders.

Consumers would also have the rare opportunity to interact with risk management experts across human life-focused, general business-focused and micro-business focused underwriters, fund managers and investors.

At a media launch of the campaign in Accra, Chairman of the Insurance Awareness Coordinating Group, Mr Wilson Tei, said the move is to educate consumers of their rights and obligations when they purchase an insurance product.

It is also to clear the misconceptions about the industry so they develop the needed confidence that the industry is there to serve their interest.

The Ghanaian insurance industry has over the years suffered from perceived or real notoriety of fleecing consumers through the employment of stringent and long legal processes when claims are made. Often, these claimants end up not meeting the required legal standards for payment.

This has contributed in the negative outlook of insurance services among the citizenry retarding efforts at increasing penetration.

Demonstrating the comfort insurance protection brings in times of financial disruption, the chair observed, “Insurance is the one industry that exists so that all other industries can be sustained.”

The group, by this campaign, hopes to deepen insurance awareness and penetration and improve consumer protection mechanisms in the area of customer care, efficient handling of recourse needs of clients, among others.

Tei encouraged consumers to come out and put across their complaints assuring that the group owes allegiance to no particular insurance company hence their concerns would be forwarded to the companies and the regulator for redress.

The sensitisation campaign will be aired on 21 radio stations across the country with insurance practitioners interacting with the general public who are expected to phone in with their questions and concerns.

The program is put together by the Ghana Insurers Association (GIA), Ghana Insurance Brokers Association (GIBA), National Insurance Commission (NIC), Insurance Awareness Coordinators Group of Ghana (IACG) in partnership with the Programme for Sustainable Economic Development (PSED) of the German Development Cooperation (GIZ).

By Godfred Tawiah Gogo

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