IBAG launches “Insurance Brokers Awareness Month” to educate Ghanaians on insurance brokerage
In a bid to address the prevailing lack of awareness and understanding of insurance brokerage in Ghana, the Insurance Brokers Association of Ghana (IBAG) has officially launched the Insurance Brokers Awareness Month.
The Insurance Brokers Awareness Month which was launched on Tuesday, October 17, 2023, is aimed at promoting insurance brokerage education among the Ghanaian populace.
Shaibu Ali, President of IBAG, speaking at the press launch, emphasized the fundamental goals of this initiative. He underscored the need to raise awareness about the role of insurance brokers in the country, where the concept remains unfamiliar to many.
With only approximately 40% of the population currently insured, Mr. Ali stressed the importance of bridging this knowledge gap.
“Our objective for this awareness exercise is to provide Ghanaians with a clearer understanding of who we are as insurance brokers and the myriad benefits they can derive from utilizing our services,” Mr. Ali stated. Adding that by doing so, IBAG aims to bolster insurance penetration in Ghana.
To achieve these objectives, IBAG has planned a series of educational activities, including radio and TV interviews, presentations, and engaging social media campaigns. The overarching goal is to bring the concept of insurance brokerage to the forefront and doorstep of Ghanaians.
In further elucidating the role of an insurance broker, Mr. Ali emphasized their pivotal position as intermediaries who facilitate a platform for insured individuals to connect with insurers.
Among the numerous benefits of using an insurance broker, is the assistance to clients in selecting the most suitable insurance company based on their specific risk profile. Additionally, insurance brokers work as agents to secure the best terms and conditions from the insurance market, and they further support clients in handling insurance claims when they arise.
Acting Commissioner of Insurance, Michael Andoh, also speaking at the press launch, commended IBAG for its commitment to consumer education. He expressed his excitement about the initiative, referring to it as a form of “consumer empowerment.”
Mr. Andoh asserted that well-educated consumers are better equipped to understand the nuances of various insurance products, the roles of different market players, and the avenues for redress when things don’t go as expected.
He echoed the sentiment that consumer education is pivotal in ensuring that Ghanaians are aware of the significance of insurance brokers and the crucial role they play in the industry.
As the Insurance Brokers Awareness Month unfolds, it is expected that consumers, the general public, and the media will gain a more comprehensive understanding of the distinctions between insurance companies and insurance brokers, ultimately leading to a more informed and empowered insurance landscape in Ghana.
