The Chartered Insurance Institute of Ghana (CIIG) has officially launched an awards scheme for the insurance industry. 

According to the institute, this has become necessary to ensure best practices with regards to insurance underwriting and claims handling as well as to reward other stakeholders for their contributions to promoting the sector’s activities. 

“For several years the insurance industry has been yearning for a credible awards scheme; there have been attempts by a couple of organizations in the past to institute a scheme for the industry but these were to some extent mainly because of the lack of requisite industry knowledge on the part of the organizers.” The Immediate past Insurance Commissioner and Chairperson of the Awards Committee, Ms Lydia Lariba Bawa has said.

Credibility

CIIG has assured its stakeholders of a credible awards scheme with transparent selection criteria. 

“The uniqueness of this awards scheme is that it has the support of all the industry bodies and this is critical considering that we are in an era where rumours of awards being sold abound to the extent that some of these awards are worthless.” Lariba Bawa said. 

Awards categories

The awards scheme comprises 4 major categories as Individual Awards, Company Awards for Insurance Companies and other related companies as well as Honorary Awards.

The individual award is made up of the Claims Professional of the Year, Professional Underwriter of the Year, Risk Management Professional of the Year, Young Insurance Professional of the Year, the Insurance Professional of the Year and the Lifetime Achievement Award. 

With regards to the Insurance Industry Company Awards, insurance supporting firms will receive various awards such as Life Insurance Company of the Year, General Insurance Company of the Year, Insurance Broker of the Year (General Business), Insurance Broker of the Year (Life), Reinsurance Company of the Year, Reinsurance Broker of the Year, Survey/Loss Adjusting Firm of the Year, Best Company in Employee Development, Corporate Social Responsibility Company of the Year, Insurance Product of the Year (Life) and the Insurance Product of the Year (General).

For the Related Industries Company Awards, there will be the Insurance-oriented Bank of the Year, Insurance-oriented Telco of the Year, Insurance-oriented Oil and Gas Company of the Year, Insurance-oriented Hospitality Company of the Year, Insurance-oriented Foods/Beverages Company of the Year, Insurance-oriented Wholesale and Retail Company of the Year, Insurance-oriented Auto Company of the Year, Best Insurance Reporter of the Year and Best Insurance Media House of the Year.

As per the Honorary Awards, two Honorary Awards will be conferred on two retired professionals. 

In all, the CIIG will present about 28 awards. Companies will receive letters requesting them to file nominations and this will be done online.

The institute has set November this year to host the maiden edition of the awards ceremony.