The West African Insurance Companies Association (WAICA) has tasked insurance companies within the West African region to review their target market by investing in research and increasing the pace of innovation.
This, it said, is necessary to survive and exceed expectations in the new world created by coronavirus pandemic.
In a communique issued at the end of its 2022 Annual General Meeting (AGM) and Education Conference themed ‘The New Normal; Fact or Fiction-How Realistic In The Practice And Spread of Insurance In West Africa?’ in Accra, Ghana recently, it urged WAICA members to recognise and uphold the value of good corporate governance standards whilst focusing on working conditions of staff as well as building resilience and equity.
Advising West African insurers in various insurance markets working with and under the leadership of their regulators to develop and manage a high-quality insurance industry database that will provide a more holistic view of the industry’s operations, it appealed to members to embrace digital transformation and optimise technology as part of the new normal in order to increase market penetration.
“WAICA members should anticipate and prepare in a tangible manner for possible future threats in the Insurance industry.
Also, insurance regulators, working with relevant government agencies, should endeavour to increase the amount and quality of the teaching of insurance as a subject at the grass roots level of society, in a bid to boost penetration and awareness,” it pointed out.
While insurance regulators working under the auspices of WAISA as a regional body should accelerate and practicalise the ‘Open Boarders’ project, with a view to making markets accessible across borders with harmonisation in mind, it admonished regulators and WAICA members to collaborate to create the enabling and regulated environment for Insurtechs to provide improved insurance solutions, customer satisfaction and operational efficiency.
“That in view of the fact that the work of WAICA affects all players in the industry irrespective of membership status, that Regulators be encouraged to assist and facilitate the taking up of membership of WAICA by Insurance companies in their various jurisdictions,” it stressed.
They thanked the Ghana Insurers Association, the Chartered Insurance Institute Ghana, the Insurance Brokers Association Ghana and the Chartered Insurance Ladies Association Ghana for their contribution to the success of WAICA – Accra 2022.
Members of the Resolutions Committee comprise of; Jennifer AtaaAsare, SIC Life Insurance Ltd, Ghana who was the Chairman of the committee, while Kosnatu Lamin Kamara, STACO Insurance Sierra Leone ; Ahmed Tijjani, National Insurance Commission, Nigeria; Daisy Suwaray, New Vision Insurance Co. Ltd. Gambia and Ambrose BatuWureh, Insurance Company of Africa, Liberia are members of the committee who came up with the communique.