An all-inclusive women’s network, Women in Insurance Network of Ghana (WING), has been duly launched to improve participation of women in the insurance ecosystem.
The presence of such a network is critical as the latest Future One Agency Universe Study postulates that globally, while women drive the insurance industry – forming over 60 percent of the workforce (1.6 million workers), only 19 percent of them occupy board seats with 12 percent seen at top officer positions. These positions include Chief Executive Officer (CEO), Chief Operations Officer (COO) and Chief Financial Officer (CFO).
Additionally, only 8 percent of insurance companies have formal programmes to develop strong careers for women, while 35 percent of independent agencies are led by a woman agency principal or senior manager.
Speaking at the launch of WING in Accra, Acting Commissioner of Insurance, Michael Kofi Andoh, underscored the significance of targeting every woman within the space and connecting with the younger generation of women – such as tertiary students – to offer mentorship and education opportunities for them to “demystify the myths surrounding the insurance landscape.
He also outlined some benefits women stand to enjoy through powerful relationships such as networks, saying: “Through the cultivation of strong relationships, women can sharpen their skills by learning and sharing best practices and inspire others to reach up higher on the professional ladder”.
Emerita Professor of African Studies at the University of Ghana (UG), Prof. Takyiwaa Manuh, also speaking at the ceremony, elaborated on the ‘three Cs’ of a successful network and urged the women to look out for them whenever they decide to join a network.
“When you are joining a network, you must look out for the three Cs of success; connection, competency and confidence. What connections can you derive from the network? What competencies do you lack that the network promises to offer? What is the confidence of the network?”
The Chairperson of WING, who is also the Chief Executive Officer (CEO) of Safety Insurance Brokers Limited, Lena Adu-Kofi, explained: “WING is a network for all the various players within the insurance industry in the country – from the insurance companies and brokerage firms through to the reinsurance companies, loss adjusting firms, underwriters, agents, administrators, and other service providers”.
To the women in other sectors such as health, banking and law, among others, whose work involves insurance, Mrs. Adu-Kofi welcomed them to join the platform to “participate, share, learn, unlearn and relearn to promote women leadership within the professional sphere”.
It was reiterated that through the cultivation of strong relationships, women can sharpen their skills by learning and sharing best practices and inspire others to reach up higher on the professional ladder.
Participants at the launch were convinced that WING will celebrate, inspire and empower the incredible women of the Ghanaian insurance industry by providing a platform for exchanging and promoting information and ideas, accelerating the acquisition of skills and knowledge through sharing and best practices.
WING is the first all-inclusive women’s network in Ghana that has been formed to change the narrative of women’s underrepresentation and professional growth within the industry. WING was established to bridge the gap between men and women within the professional, leadership and career advancement phases of their lives.
It seeks to collaborate with women at all levels within the industry, and with other insurance associations promote professional and personal development of women and encourage younger as well as encourage younger women to join the insurance industry.
