The Insurance Brokers Association of Ghana (I.B.A.G) has rounded up this year’s ‘Broker Awareness Month’ last week, with a media soirée at the National Insurance Commission forecourt last week Wednesday.
The media soirée was attended by media houses, executives of IBAG, and some members of the National Insurance Commission (NIC). Mr. Shaibu Ali, in his opening speech, intimated that the Commissioner of Insurance, Justice Yaw Ofori, agreed to the use October – the birth month Insurance Brokers Association of Ghana – as Broker Awareness Month, and for undertaking several activities to engage the public on the relevance of buying insurance through the insurance broker.
The meeting with the media marked the climax of the entire celebration, under the theme ‘The Broker, Your Gateway to the Insurance Market.
Some of the activities carried out during the period include radio interviews on the role and relevance of insurance brokers, series of TV interviews on various topical issues, such as:
- Compulsory marine cargo insurance
- The new insurance law and what the public needs to know
- The relevance of insurance brokers
- The role of brokers in motor insurance claims
- The insurance broker in an era of digitisation
According to him, within this space of time, IBAG members engage with members of the Ghana National Chamber of Commerce and Industry and paid a visit to the St. Mary’s Senior High School and Accra Senior High School to educate the students on insurance, the career opportunities as well as the career opportunity in insurance broking, and the role of insurance brokers.
IBAG also donated some items to the schools to meet their pressing needs, and gave out prices to some students. The president pointed out: “This move is to demystify insurance, and we believe we could do this by getting closer to the younger ones still in school.
According to the President of IBAG, they gathered the media so that they could help spread the good news about the role and relevance of insurance brokers to the public.
Who is an insurance broker?
Insurance brokers are professional insurance intermediaries, whose duty is to use their expertise and knowledge of insurance to advise and assist consumers to buy adequate insurance covers for their specific needs at competitive terms and conditions at the premiums.
As independent consultants who are not tied to any specific insurance company but act on behalf of the insurance customer, the insurance broker’s responsibilities include:
- Carrying out fair analysis of insurance companies and their products in order to advise customers on the best offer, or collaborate with the appropriate insurance company to tailor-make suitable products for the consumer.
- Explaining to the clients and guiding them to comply with policy terms and conditions.
- Ensuring the fair treatment of insurance customers, and prompt settlement of genuine claims to the insured.
Additionally, he said it is noteworthy that engaging the services of an insurance broker does not add to the client’s cost. This is so because despite the value-added services that the broker brings to the table, the customer does not have to pay extra for the services rendered by the broker.
He also added that the Insurance Law Act 1061 provides that brokers earn commissions on the premium paid to the insurance company which does not increase when one goes through the broker.
Benefits of using a broker
The independence and bargaining power of insurance brokers in relation to insurance companies affords brokers the advantage to negotiate fairly on behalf of their clients, and to ensure that their clients have the best of insurance customer experience. With these, prospective consumers of insurance and the entire Ghanaian community do not have to hold on to the negative perspective about insurance.
The broker’s knowledge and expertise in insurance, which is parallel to that of the insurance underwriter, enables him to sort out claims seamlessly for the client. It is therefore time to make the insurance broker your preferred gateway to the insurance market for excellent customer service.
Relationship between IBAG and media
The President of IBAG said the second primary reason for the gathering is to establish and maintain a long-lasting relationship between the broking fraternity and the media. He assured that IBAG members are more than committed to form valuable partnerships with the various media houses for their mutual benefits.
Additionally, he said: “As the mouthpiece of brokers and an advocate for insurance consumers, you can always count on IBAG for resource persons when you need a professional to speak on insurance and insurance-related matters”.
