THE Ghana Insurers Association (GIA) is building a data base to detect and prevent fraud in the insurance industry.
The project, dubbed the Ghana Insurance Industry Data base (GIID), is aimed at providing a wide risk market data to improve the service delivery of insurance companies in the country.
GIID is being sponsored by the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) in collaboration with the National Insurance Commission (NIC).
The data to be stored in a central repository will include information on existing policy risk and claim collected from all insurers.
Pilot
Speaking after the opening of a day’s seminar for operators in the life insurance industry, the President of the GIA, Mr Ivan Avereyireh, said the GIID would help the entire insurance industry to develop more robust and stable business models.
He said the project was currently being piloted in the motor insurance industry.
“Based on the success of the pilot, the project would be replicated to cover the entire industry in the next three years,” he said, adding that it was likely the life insurance business sector would be the next to pilot the GIID.
“The project would facilitate access to data on the insurance industry. Insurance depends on data, and with the data base, industry players would know where to go for information.”
With the full implementation of GIID, Mr Avereyireh was sure policy holders who migrate to other insurance companies when they owe their former insurers “would be identified easily and would be urged to go back and finish paying their premiums.”
Life business seminar
The seminar, which was attended by life insurance underwriters and claims expects, was on the theme, “Life insurance business: Shareholders’ expectations.”
Earlier, Mr Avereyireh urged players in the industry to improve their services to end the unfavourable perception of the public which accounts for the low level of insurance penetration in Ghana.
In a welcome address, the second Vice President and Chairman of the Life Council of the GIA, Mr Edward Forkuo Kyei, said the expectation of customers of the various insurance companies was critical and insurers needed to respond and manage those expectation to meet their companies’ objectives.
He said life insurers could meet the expectation of their clients by paying legitimate claims promptly.
The project, dubbed the Ghana Insurance Industry Data base (GIID), is aimed at providing a wide risk market data to improve the service delivery of insurance companies in the country.
GIID is being sponsored by the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) in collaboration with the National Insurance Commission (NIC).
The data to be stored in a central repository will include information on existing policy risk and claim collected from all insurers.
Pilot
Speaking after the opening of a day’s seminar for operators in the life insurance industry, the President of the GIA, Mr Ivan Avereyireh, said the GIID would help the entire insurance industry to develop more robust and stable business models.
He said the project was currently being piloted in the motor insurance industry.
“Based on the success of the pilot, the project would be replicated to cover the entire industry in the next three years,” he said, adding that it was likely the life insurance business sector would be the next to pilot the GIID.
“The project would facilitate access to data on the insurance industry. Insurance depends on data, and with the data base, industry players would know where to go for information.”
With the full implementation of GIID, Mr Avereyireh was sure policy holders who migrate to other insurance companies when they owe their former insurers “would be identified easily and would be urged to go back and finish paying their premiums.”
Life business seminar
The seminar, which was attended by life insurance underwriters and claims expects, was on the theme, “Life insurance business: Shareholders’ expectations.”
Earlier, Mr Avereyireh urged players in the industry to improve their services to end the unfavourable perception of the public which accounts for the low level of insurance penetration in Ghana.
In a welcome address, the second Vice President and Chairman of the Life Council of the GIA, Mr Edward Forkuo Kyei, said the expectation of customers of the various insurance companies was critical and insurers needed to respond and manage those expectation to meet their companies’ objectives.
He said life insurers could meet the expectation of their clients by paying legitimate claims promptly.
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