Insurance Brokers Association hints deeper relations with insurers

The Ghana Insurance Brokers Association (GIBA) say it is important for Brokers to compete professionally on the market in compliance with the code of ethics of the association.

President of the association and CEO of Akoto Risk Management Limited, Mr Nathan Adu, says professionalism was the key to a successful business.

 He is also advocating for deeper collaboration and mergers among firms in the Broking fraternity.

He was speaking at the fourth annual conference and exhibition (ACE), 2017 at Chances Hotel in Ho.

This year’s four-day program which is expected to end on Saturday 25th March 2017 is based on the theme “Enhancing Market Capacity through Commitment to Effective Collaboration and Networking”.

Mr Adu said after the conference, he hopes members of GIBA will come up with strategies by which Brokers and Insurers can collectively enhance local market capacity by relying solely on the National Insurance Commission (NIC) and its directives to do their work.

He urged the collaboration between Brokers and Insurers, in areas of Bancassurance where Brokers can be included in the supply chain.

He believes when insurers include brokers when formulating their marketing strategy, the brokers are able to bring their expertise to bear to enhance customer service and promote Insurance trust.  

Mr Adu in an interview said GIBA is looking forward to deepening their relationship with the insurers.

He, however, laments Brokers’ lack of interest to join the association and poor penetration into the insurance sector.

Highlighting some of the challenges facing Brokers, he revealed that although members of the association pay taxes and some of their competitors (who are not members of the association) do not pay taxes.

Madam Lydia Lariba Bawa, Commissioner of Insurance at the National Insurance Commission in an interview at the conference also said there is a need for collaboration so that the local capacity can be exhausted. 

She also called for government properties to be insured.