Ghana’s Insurance Industry Must Innovate or Risk Irrelevance, Says Former President of Ghana Insurers Association
Former Managing Director of Vanguard Assurance and ex-President of the Ghana Insurers Association, Emmanuel Mahama Baba, has challenged Ghana’s insurance industry to embrace innovation as a strategic tool for future relevance and competitiveness.
Delivering the keynote address at the 18th graduation ceremony of the Ghana Insurance College, Mr Baba urged industry stakeholders to proactively shape the sector’s future through digitisation, strategic education, and a rethinking of traditional business models.
Speaking on the theme “Innovating the Future: The Role of Education in Transforming Ghana’s Insurance Landscape”, he emphasised that transformation can no longer be driven by the past or constrained by the demands of the present.
“The past is gone, the present is too rigid for meaningful transformation. It is the future—clean and unwritten—that offers the best opportunity for innovation,” Mr Baba stated.
Quoting management guru Peter Drucker, he reiterated that the only two true functions of business are “innovation and marketing”, noting that any industry that fails to innovate risks being disrupted in today’s chaotic environment.
Highlighting global trends influencing the insurance industry, Mr Baba pointed to digitisation, the growing use of smart data, artificial intelligence, and partnerships with insurtechs as key developments. He noted that in many advanced economies, insurers are building digital-first infrastructures powered by technologies such as virtual assistants and chatbots to enhance efficiency and customer experience.
“Digital transformation is sweeping across the world. Insurers now leverage wearables, telematics, and data analytics to offer personalised coverage and pricing,” he noted.
He further touched on the sector’s struggle to attract and retain talent, citing a “human capital pain point” as younger professionals gravitate towards more glamorous industries such as tech and finance.
“Insurance worldwide suffers from an old and stuffy image. We must change that image to attract the next generation of professionals,” he asserted.
While acknowledging efforts by Ghana’s insurance industry to embrace change, Mr Baba said much remains to be done.
“The National Insurance Commission deserves commendation for regulatory reforms and initiatives like the insurance sandbox that has created space for insurtechs,” he said. “But whether the innovations being implemented are systematic and transformative enough is another matter.”
He underscored the need for education and training to evolve if the insurance sandbox is to become a genuine driver of industry innovation. According to him, insurance curricula must be expanded to cover emerging areas such as artificial intelligence, machine learning, cybersecurity, and digital customer engagement.
“McKinsey estimates that demand for technological skills will rise by 55% through 2030. Our educational content must reflect that reality,” he advised.
Mr Baba also called for a shift in teaching and learning methods, criticising the industry’s over-reliance on book memorization at the expense of critical thinking, analysis, and creativity.
“We need to move beyond memorization. Open-book exams and collaborative learning could be more effective in building professional competence,” he said.
He concluded with a call for stakeholders to ensure education transforms not only the heads and hands but also the hearts of future insurance professionals, thereby equipping them with both technical and soft skills necessary for industry transformation.
Graduates at the ceremony received Diplomas in Applied Insurance Studies, Advanced Diplomas in Insurance, and Certificates in Insurance for successfully completing the 2024/2025 academic year.
Established in 2006, the Ghana Insurance College is mandated to provide education and training in insurance to improve governance and professionalism in the sector. It also promotes the work of the Insurance Institute of Ghana and supports the Institute in its efforts to attain full autonomy in the certification of insurance professionals.
The College has, since its inception, trained thousands of professionals who are now contributing to the growth and development of Ghana’s insurance industry.
