By Jones Anlimah
The 2024 Educational Conference and Annual General Meeting of the Chartered Insurance Institute of Ghana (CIIG) is underway in Ho, the capital of the Volta Region, bringing together insurance professionals from across the country. With the theme “Operational Resilience in a Changing Environment: Leveraging People, Process, and Technology,” the four-day event serves as a platform for industry experts to discuss best practices, innovative strategies, and emerging trends to strengthen Ghana’s insurance sector.
The President of CIIG, Solomon Lartey, said there is the need to integrate insurance education among students to promote a deeper understanding and appreciation of insurance, ultimately driving greater industry penetration. “The second thing we will be doing will be to visit some schools and make some donations to the school children. But the most important thing about that is not only about the donation but to inculcate insurance education into them,” he said.
Mr. Lartey added, “We realize that most people don’t understand insurance, and because of that, the penetration rate has been quite low. But once we understand insurance, I bet you every human being will need some form of insurance or the other, and that is why we are targeting the students.”
The annual event serves as a platform for insurance professionals to deliberate on best practices, innovative strategies, and the latest industry trends to strengthen the resilience of Ghana’s insurance sector. Given the challenges posed by an ever-evolving business landscape, the Chartered Insurance Institute of Ghana (CIIG)’s focus on operational resilience highlights the need for adaptability and robustness in organizational processes, especially by capitalizing on skilled personnel, optimized processes, and advanced technology.
The theme for this year’s event is “Operational Resilience in a Changing Environment: Leveraging People, Process, and Technology.”
The President of the Chartered Insurance Institute of Ghana (CIIG), Solomon Lartey, stated that the increasing complexity of global risks, driven by rapid technological changes and economic uncertainties, demands a stronger focus on resilience.
According to him, resilience in the insurance sector requires more than just robust policies and infrastructure. Instead, it demands a commitment to investing in skilled personnel, streamlining processes, and deploying advanced technologies to ensure continuity and adaptability in an unpredictable environment.
“We want all insurance companies to be firm, and trust me, if all insurance companies are strong, our economy will also be strong. When you are going to do business, you know that the money you are investing is protected because, with insurance coverage, whenever anything happens, you will be able to get your money back. So resilience is central to the activities of insurance companies, and that is why we are emphasizing it at this conference,” Mr. Lartey noted.
The Chairman of the programme, Frank Oppong Yeboah, offered insights on how insurance firms can adapt to a changing environment through proactive measures.
He highlighted the importance of staying ahead of industry trends by investing in emerging technologies, which can offer enhanced insights for decision-making and risk assessment. He also underscored the need for ongoing professional development to equip insurance professionals to effectively manage evolving challenges, thereby strengthening the sector’s overall resilience.
This year’s CIIG conference underscores a strong commitment to adaptability and growth in the Ghanaian insurance sector, recognizing that resilience in an evolving business environment requires a balance of skilled people, optimized processes, and technological innovation.
As the conference unfolds, industry professionals are expected to engage in meaningful discussions, share best practices, and devise strategies that will enhance the sector’s ability to withstand challenges and continue delivering reliable services in the country.