The Insurance Brokers Association of Ghana (IBAG) has launched the insurance brokers month, a month long campaign to educate the public on insurance brokerage.

Insurance broking remains an unfamiliar term to the average Ghanaian. With insurance penetration at a low level in the country, hence the move is aimed at raising awareness about the immense benefits that insurance consumers can reap by utilizing the services of insurance brokers.

Speaking to Joy Business at the launch, the president of the group, Shaibu Ali stressed the importance of insurance brokerage on dealing with the challenges associated with the claims process.

“The education is just to enlighten the public about insurance broking to make sure that your use of insurance services is seamless and problem free. For instances everybody is complaining about claims. Now if you have a broker who will walk you through the process you'll see that this problem will be minimize.”

He further urged businesses to employ the services of brokerage firms to ensure easy facilitation of insurance transactions and eliminate bottlenecks associated with its processes.

“We want people to know about insurance broking because there are a lot of benefits to using a broker. You can go to an insurance company to buy a policy, but you may not have a technical eye, you may not understand insurance and the processes associated with it. To concentrate on your core activities and not bother about insurance issues, the best thing to do is to get an insurance broker. “

He also called for increased education as he blames the low patronage of insurance brokers on the lack of information.

The acting commissioner of the National Insurance Commission, Michael Kofi Andoh called for the use of technology to increase reach and capture the youthful economy.

“At the national insurance commission we are trying to draw up a regulatory framework around the tech platforms so that we can regulate the selling insurance on the tech platforms.”

Insurance companies are investing in these technologies to make their work efficient. I was admonishing the brokers to do same because we want to promote their services especially to young people who are tech savvy.” He added.

The awareness month will focus on enlightening consumers on various insurance processes especially the claims. The awareness month will be marked by media engagements and various activities across the country.

Insurance Brokers Association of Ghana, (IBAG) is the officially recognised association for licensed insurance brokers operating in Ghana. Having been in existence for the past 35 years, the association boasts of 96 member firms.