Insurance practitioners have been admonished by Chartered Insurance Institute of Ghana (CIIG) to desist from any forms of unprofessional conducts, as these practices will attract possible revocation of membership status from the insurance body.
These unethical conducts, the CIIG reveals, has over the years been a border on corporate governance, as it continues to strip the insurance industry of its popularity.
This, the institute reveals, continue to have a toll on the level of public confidence in the insurance industry.
Mr. Shaibu Ali, the Managing Director of KEK Insurance Brokers Ltd., and a Council Member of the CIIG, while speaking at a seminar ‘Ethical Practices’ encouraged insurance practitioners to as much as possible, “conduct their activities professionally” with utmost good faith (Uberrima fides).
In his submission, he also stated that the insurer does not sell tangible products, rather services, with the promise to pay legitimate claims in the unlikely event of casualties (injury, accident, death, etc) to the policyholder or beneficiary.
“If you’re selling a car or a house policy, the person buying will look at the car or house, but if you’re selling a service, they look at you, so if you’re not professional, you will not survive.”
Mr. Shaibu Ali
KEK’s Managing Director re-echoed to the insurers that, if there ever comes a time to enforce any forms of penalties, the CIIG will not hesitate in its capacity to act accordingly.
“We will not leave any stone unturned; we will punish if we have to punish, we will suspend you if we have to suspend you and we can even completely dismiss you from the association if we have to do that because insurance for a long time has had a bad name.”
Mr. Shaibu Ali
The induction seminar
The induction seminar which was moderated by Rev Bishop Asante Marfo-Ahenkora, the President of CIIG, sought to enlighten the inductees (new members) on insurance ethical professional practices.
Also, in attendance at the seminar were, the former Presidents of CIIG, members of the CIIG, as well as the National Insurance Commission (NIC) executives.
The seminar, which precedes an induction ceremony, seeks to induct about “140 participants, about 28 fellows and in excess of 100 associates”.
Newly inducted members of the insurance association will be awarded with membership certificates, which will help identify the inductees as insurance professionals.
Rev Marfo-Ahenkora, admonished insurance practitioners to uphold integrity in high esteem as they professionally conduct their insurance activities.
With regards to pricing of insurance policies, Bishop Marfo-Ahenkora vehemently moved against the undercutting practices by some insurance companies as it continues to adversely impact the industry.
The President of CIIG also urged regulators and key stakeholders to take a critical look at the menace faced the industry, and to find possible remedies to rectify the situation at hand.
Furthermore, with claims payment, other existing members of CIIG encouraged the insurers to refrain from internationally reducing pay-outs to customers, in their quest to minimise the cost component of the insurance companies.
“Claims payment is a marketing tool and not an avenue to lower pay-outs, because it is unethical to do so.”
CIIG
In the meantime, the NIC used the opportunity to commend the CIIG for preparing its inductees before they are inducted as fully fleshed member of the association.
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