The Insurance Brokers Association of Ghana (IBAG) has officially been launched after receiving all regulatory approvals from the Registrar General’s Department and the National Insurance Commission (NCA) last week in Accra.
The trade association, which in the past was operating as the Ghana Insurance Brokers Association (GIBA), had its acronym conflicting with the Ghana Independent Broadcasters Association – hence the change.
The new change marked a new era of achieving new heights. “Today, as we outdoor our new name – Insurance Brokers Association of Ghana (IBAG), let us all reflect on the meanings we choose to assign to our new acronym.”
Meaning of the New Brand
Our Logo: The Shield we chose means protection from danger, risk or unpleasant experience.
Our Colours: The Navy Blue conveys importance, confidence, power and authority, as well as intelligence, stability, unity and conservatism. It carries a sense of elegance and sophistication.
The Sky Blue symbolises loyalty, strength, wisdom and trust.
The I in IBAG, we say, stands for integrity; and this signifies our commitment to professionalism and adherence to high ethical standards as members of this highly esteemed Association.
The B is for building capacity of members, and by this we remain committed to equipping brokers with the needed skill and knowledge to serve the insuring public better.
A stands for Advocacy, thus we shall continually function as the mouthpiece of brokers and the insuring public, and finally;
G means Generating public trust. This challenges us to commit our efforts to insurance awareness creation, especially educating the public on the role of Insurance Brokers as well as ensuring that customers are fairly treated, particularly in the area of claims.
Achievements as GIBA
The President indicated that as GIBA the trade association undertook many initiatives and achieved some great milestones over the years, and over the 30-year lifespan they have chalked up these successes:
- Holding many training programmes for the staff of member companies.
- Organising annual conferences since 2014; and the conferences have become the flagship programme for the whole industry, where all CEOs and decision-makers of insurance industries converge to share ideas and learn from one another and also network.
- Widening their presence and recognition by joining the African Insurance Organisation (AIO) and the Private Enterprises Federation (PEF) to present industry concerns to government, via the Economic Management Team.
- Contributing to the issuing and implementation of some regulatory guidelines and directives, which included the ‘No Premium, No Cover’ directive; the reinsurance guidelines; the insurance Law and commission risk for brokers; premium rate for brokers, premium rate for various policies; and the implementation of the motor insurance database.
- Setting up the Ghana Insurance College and Insurance Awareness Coordinator Group (IACG).
- Engaging in public lectures, seminars and insurance awareness activities – health walks, corporate games and radio and TV appearances.
- Engaging in numerous Corporate Social Responsible activities, including donations to Accra Psychiatric Hospital and Princess Marie Louise Children’s Hospital.