Volta Regional Minister, Dr. Archibald Letsa, has commended Agents of SIC Insurance and SICLife (ASICA) for their commitment to the growth and development of the insurance industry in Ghana.
Speaking at the 9th Triennial Delegates Conference of ASICA in Ho on the theme: “Improving Insurance penetration in Ghana – The Role of Insurance Sales representatives”, the Minister applauded the insurance companies and their agents for being at the forefront of promoting insurance education and penetration in the country and also taking insurance to the doorsteps of the average Ghanaian.
Dr. Letsa added that Ghana is seen as a country with a high potential for growth in insurance premium and is growing as one of the fastest in Africa.
He observed insurance generates a significant impact on the economy by mobilising domestic savings, turning accumulated capital into productive investments and is also used as a means to mitigate loss and financial stability.
He said the insurance industry promotes trade and commerce activities, and hence plays a crucial role in the sustainable growth of Ghana’s economy.
Despite all these, he said, the industry contributes less than two percent to the country’s Gross Domestic Product. This he said must change.
The Initiatives and efforts of the Sales Representatives that support awareness creation, insurance penetration and solid industry performance towards global averages is very welcome, the Minister added.
He reiterated President Nana Akufo Addo’s commitment to creating an enabling business environment to promote growth in every sector of the economy.
President of ASICA, Mr. Isaac Amanor-Ofori thanked the Managing Directors of their principal companies for their immense support towards the welfare of their membership.
He added that the theme for the conference was chosen to stress the need for the entire insurance industry to give the due recognition to Insurance sales representatives as they contribute over 25% of annual premium mobilized in the industry.
The General Secretary, Mr. Elvis Joe Annan, also said, to improve insurance penetration in Ghana as sales force there was the need to effectively manage the insuring public from sales to claims and effectively collaborate among themselves as sales force and among principals.
He observed that in today's knowledge economy success depends on networking and the harnessing of progressive synergy towards goal.
“You cannot do it alone, everybody needs somebody and we all need each other to be able to achieve our goals,” he said.
Acting Managing Director of SIC Insurance, Mr. Faris Attrickie, and Chief Executive Officer of SICLife, Dr. Issa Anafure, were present at the event.
The conference is organized every three years in collaboration with their principal insurance companies to deliberate on issues concerning the welfare of the agency force as well as reward deserving high-performing agents.