NIC backs 3rd Banking & Insurance Fair to enhance insurance literacy

August 2, 2017
Source: | Ghana
NIC backs 3rd Banking & Insurance Fair to enhance insurance literacy

The National Insurance Commission (NIC), regulator of the insurance industry, backed the upcoming 3rd Banking and Insurance Fair, which according to the commission will enhance awareness on the need for the public to take up various insurance products to secure lives and properties.

In an interview with the B&FT, Deputy Commissioner of Insurance, Simon K. Nero-Davor, indicated that the fair is a step in the right direction as it is line with the core duties of the NIC to educate the public on the importance of insurance.

He said: “As we speak, most Ghanaians do not realise the importance of insurance and we can only improve awareness through sustained public education.

So when we have a programme like this fair, where insurance practitioners and the companies will be around to let the public know what insurance is all about, what they can benefit from it, it will be a step in the right direction.”

Mr. Nero-Davor also expressed that the fair provides an appropriate platform for players in the four key financial sectors—insurance, banking, pensions and securities—to address certain misconceptions and challenges that are hindering their growth.

Specifically with insurance, he said there are instances where the public do not understand the products that they purchase and also where there should go to seek clarifications, seek redress or lodge complaints.

“Most Ghanaians have problem with insurance; there are concerns about how people understand the nature of the products they buy, what process to follow to seek lodge their grievances and delays in claims payment.

So this fair will give us the opportunity to tell them that anytime that any individual or corporate body have a problem with its insurer, in terms of benefit or their products not being satisfactory to them, there is a redress mechanism

For instance, they can come to the commission directly and let them know what their challenges are. The commission will take it over, invite the company and make sure that the issue is resolved,” Mr. Nero-Davor said.

He said the major objective of the NIC is to ensure that policyholders are satisfied and so “the fair will give them the opportunity to educate the public that insurance is needed for everybody in this world; for life and for property.”

To address the issue of delays in the payment of claims, the deputy NIC boss said the commission has come up with a directive/procedure that stipulates how long insurers could take to pay up claims.

“For someone who qualifies for claims, feel free to come to us when a company is not going according to that procedure,” he advised.

The 3rd Banking and Insurance Fair, which has been scheduled to take place on August 10-11 at the National Theatre in Accra, will create the platform for the financial sub-sector actors to interact and deepen customer relationships and experience in the bid to whip up public confidence in their operations.

The fair serves as a financial literacy forum to where exhibitors can educate and explain to the public and customers their various products and services as well as inculcate the habit of securing life and properties through saving and investments.

Chief Executive Officer of Kotlers Management Limited, Samuel Ogyiri Sackey, told the B&FT in an interview: “We are seeking to tackle the seeming lack of public knowledge about the various products and services offered by banks and insurance firms in the country; we are promoting the essence and benefits of banking to people who patronise the fair.”