The Chartered Insurance Institute of Ghana (CIIG), umbrella body of insurance practitioners, has vowed to dismiss members engaged in all manner of unprofessional practices in the industry.
According to the institute, unethical practices bordering on corporate governance are making the industry unpopular – a reason for the low public confidence in insurance.
Speaking to JOYBUSINESS at a seminar on ethics organized by the institute ahead of its 2021 induction ceremony slated for 17th September 2021 at 5pm at the Alisa Hotel, Council Member of the CIIG, Shaibu Ali said the industry does not sell tangible product but service and promise to pay claims in the unlikely event of an accident or incident to a policyholder, hence the need for utmost good faith by insurers cannot be over-emphasized.
“If you’re selling a car or a house policy, the person buying will look at the car or the house, but if you’re selling a service they look at you so if you’re not professional, you will not survive”, he said.
Mr. Ali added, “we will not leave any stone unturned; we’ll punish if we have to punish, we’ll suspend you if we have to suspend you and we can even completely dismiss you from the association if we have to do that because insurance for a long time has had a bad name.”
The CIIG took inductees through a seminar on ethics ahead of their induction. The seminar was led by former President of the institute, Rev Bishop Asante Marfo-Ahenkora.
In his lecture, he admonished practitioners to uphold integrity as part of the profession’s codes of conduct.
According to him, there should be ethics in the kind of relationship insurers have with their customers.
On the matter of claims payment, the former CIIG boss advised practitioners against intentional efforts at lowering payouts to customers in the bid to cut down cost of the insurance companies.
He said “claims payment is a marketing tool and not to lower payouts because it is unethical to do so.”
As regards pricing, Bishop Marfo-Ahenkora warned that undercutting by some companies is ‘hurting’ the industry. He has urged the regulator and key players in the industry to take a critical look at curbing the practice.
Meanwhile the National Insurance Commission (NIC) has urged insurance practitioners to live by utmost good faith if they want to win the trust of investors and customers.
The NIC however, commended the CIIG for preparing its members before they are admitted.
The induction ceremony will be the second edition after a two-year break after the maiden edition in 2019.
New members will be offered with membership certificates to become recognized and certified professionals of the industry.
In all, the institute will induct almost 140 participants, about 28 fellows and in excess of 100 associates.
It is slated for the 17th of September 2021 at the Alisa Hotel.
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