A new intra-African collaboration aimed at significantly improving capacity in Ghana’s insurance industry with regard to inclusive insurance has commenced. The collaboration takes the form of a six-month internationally certified training programme in inclusive insurance. Inclusive insurance is about making insurance accessible to all, regardless of their economic status, geographical location or demographic background
Access to the training programme is being provided by the Ghana Chapter of Young Insurance Professionals, a pan-African association. Training will be provided in Tanzania through a collaboration between the Africa College of Insurance and Social Protection (ACISP), United Nations Development Programme (UNDP), International Labour Organisation (ILO) and Impact Insurance.
Under the partnership, YIP’s Ghana Chapter will secure insurance professionals from Ghana to undergo training. YIP is a convocation of young insurance professionals with the motive of advancing insurance on the entire continent. The Association is dedicated to attracting and retaining young and talented professionals in the insurance industry across Africa, as well as providing a platform for them to develop through major educational and networking events.
The continental organisation was established in 2022, and the Ghana Chapter was formally launched in 2023 at the recent Ghana Insurance Awards.
The Ghana Chapter aims to create a network of young insurance professionals for exchanging information, ideas and experiences; and to provide platforms for continuous career growth, professional development and learning through seminars, conferences and other such forums. It also seeks to attract youth into the industry, demonstrating insurance as a rewarding and stimulating lifetime career for the youth.
It also aims to attract and retain new talent by grooming future leaders and encouraging their passion for insurance as an industry; collaborate with insurance companies toward promoting and facilitating graduate programmes and internships; create awareness of insurance benefits to increase market penetration; enhance the image of young insurance professionals through community involvement and customer awareness efforts; coordinate with insurance organisations, regulators and operators toward fulfilling mutual objectives; and promote platforms for undergraduates to connect with young professionals at dedicated events, providing practical learning about insurance through interactions.
The internationally certified training course on inclusive insurance is a comprehensive and transformative insurance capacity-building training programme. It involves four levels of learning delivered through four sessions spread over six months. Using internationally recognised trainers from the ILO, Impact Insurance and the ACISP, participants will get global insights combined with local experience. This will enable them to tap the potential of low coverage insurance and social protection in Ghana, by learning how to design and deliver inclusive insurance solutions.
According to Lawrence Daniels, Country Director of YIP’s Ghana Chapter: “The programme is set to launch in 2024, and will provide insurance professionals with the essential tools, knowledge and skills to develop and deliver inclusive insurance solutions. Through inclusive insurance, we hope to tackle some of the most pressing concerns in Africa; such as climate change, protecting livelihoods and promoting financial resilience”.
He encourages all young professionals in the insurance industry to take advantage of this opportunity, “and be part of this movement that will shape the future of insurance in Africa”.
The collaboration that has provided access to this training programme by Ghanaian insurance programmes is an immediate impact of the four-day International Conference on Inclusive Insurance (ICII) held last week at the plush Movenpick Hotel in Accra. It was the International Conference’s 19th edition, and took place from October 23rd to 27th 2023 – attracting some 400 participants drawn from about 50 countries all around the world.
The periodic conference is designed to stimulate discussions; exchange perspectives, information and ideas; and generate support for insurance policies, products, services and regulatory frameworks which encourage and facilitate affordable access to risk management through insurance cover for low-income socio-economic segments – primarily represented in the form of the informal sector, but also inclusive of formal sector enterprises and activities – which typically lack adequate access to insurance for reasons of affordability and lack of awareness.
This year’s edition was organised by the Munich Reinsurance Foundation and Micro-Insurance Network, with local hosting collaboration and support from the National Insurance Commission (NIC), Ghana Insurers Association (GIA) and the Insurance Brokers Association-Ghana (IBAG).