The Insurance Industry runs a week-long campaign aimed at educating the public on the importance of risk management in life.
In the Industry’s quest to publish claims paid to clients on an annual basis, a project is being run on twenty-one radio stations across the country between February 19 and 24, 2018 to boost consumer confidence in insurance and ultimately increase insurance penetration in the country.
At the launch of a radio sensitisation campaign for consumer protection, the Chairman of the Insurance Awareness Coordinators Group, Wilson Tei said,
“We are thinking, actually, of the insurance industry publishing the quantum of claims paid in a year, because the public I think that the Insurance Industry just takes the money and does not pay claims”
He reiterated, “when we negotiate publish, the public will be aware of how much claims are being paid and understand the need for insurance”
However, during the launch, the Commissioner of the NIC, Justice Ofori, made known to the general public that insurance claims are delayed in payments because agencies like the police, courts and hospitals mostly may not have concluded work on said cases.
In conclusion, he said, “sometimes, some of the delays do not even fall with the insurance companies. The difficulty we have is coordinating all the activities with these institutions so that we can make claims payment fast”
Though eyebrows are being raised about this move by the Insurance Industry, the public, however, awaits to see the implementation of the project of the publishing client claims to aid Consumer satisfaction.
Justice Ofori reassured the public that stringent measures are being layed to ensure that such challenges in the Industry are prohibited.