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Insurer says clients are important
Posted on: 15-Aug-2013         Source: GNA
Mr Kwabena Akoto, Senior Vice President of Marsh and McLennan, Incorporated, on Tuesday said clients are of fundamental importance to the insurance industry.

He said: “Without them we cease to exist as business entities, so we must understand what clients want, we have to listen to them and be proactive to their concerns and risks issues”.

Mr Akoto said this at a public lecture in Accra organized by the Ghana Insurance Brokers Association (GIBA); on the topic: “The role of the insurance broker from an international perspective”.

The public lecture was part of activities marking the silver jubilee celebration of GIBA.

He said a simple discovery question and client meeting will engage them to talk about their business and help a broker to understand what a client’s risk management needs are and what lines of coverage is required to mitigate or transfer these risks.

He urged insurance brokers and underwriters to act with integrity, professionalism and encourage ethical behavior.

“Use your best judgement counseling clients to success and seize every new opportunity to educate clients about insurance, obey the insurance laws and regulations,” he said.

Mr Akoto appealed to insurance firms to ensure that new recruits pursue further studies to enable them to develop their technical expertise.

He advised managers and senior executives to each identify rising stars within their firms and mentor them to success and said: “It is your responsibility to develop the next generation of talent and insurance professionals”.

He urged brokers and underwriters to make sure they keep proper documentations of all their business transactions.

Mr Akoto said challenges facing the insurance industry in Ghana included competition, technology and the need to invest more in high quality personnel to attract and retain talents in the industry.

He said the insurance industry must embrace the use of technology because it is here to stay to make business run efficiently.

Mr Akoto called on stakeholders to collectively grow and protect the insurance economy by supporting the local insurance, the National Insurance Commission (NIC) on regulations and the brokerage community.

Mr Akoto said from all indications the future is extremely bright for Ghana adding: “the United States government recently cited Ghana as one of the best countries in Africa to do business, closely behind South Africa, Nigeria and Kenya.”

He said Ghana has thriving oil and gas economy, political stability, and an emerging middle class that wants to protect their assets and businesses.

He said in 2012, AXCO, a London based insurance firm analyzed the insurance industry in 200 countries and Ghana was ranked 99.