2018-03-30 by Admin
Principals
in the insurance industry have resolved to provide insurance cover for
cyber-based risks most businesses encounter in the country.Vice
President of Ghana Insurance Brokers Association, (GIBA), Shaibu Ali
said,
“The amounts of monies that have gone in terms of cyber-based
losses are huge. So it is necessary that we start to talk about this so
that we position ourselves to provide cover or protection for our
clients accordingly."
“And
what we are doing is that we do not have the capacity locally for that
so we are collaborating with foreign providers as in insurance companies
and reinsurers to provide us with the support to write the cover,” he
said while speaking to JoyBusiness on the sidelines of the 5th GIBA
Annual Conference and Exhibition.Last
February, a report released by Serianu Limited, an IT firm in Kenya has
revealed that the economy lost a total of $50 million to cybercrime in
2016.
Another report predicts that Ghanaian businesses are likely to
lose $100 million from cyber-crime by end of this year.
The
Cyber insurance, also known as Cyber Liability Insurance Coverage, is
designed to help an organization offset costs involved with recovery
after a cyber-related security breach and other malicious data attacks.Digitization and InnovationIn
a keynote address,
Paramount Chief of Essikado traditional area, Nana
Kobina Nketsia, challenged brokers to devise new ways, in the face of
technology, to meet demands of their clients in order to sustain their
business.He
said, “Should brokers be weary? Yes, because change has come.
Innovations are taking place and brokers may soon find their traditional
role being taken over by Insuretechs and Fintechs.
Change is happening,
and it will catch up or overtake you.”President
of GIBA, Lena Adu-Kofi is optimistic digitization can help remove some
loopholes including double-insurance in the industry.She
said, “With the low level of insurance penetration in the country, the
main industry players have a greater responsibility of educating the
majority of Ghanaians and also marketing our various products and
services leaving us with no option than to go digital; the new
marketplace.”“For
example, is it not possible for us to develop an App that has
shortcodes to help us to check the double insurances and also to
authenticate drivers’ licenses? We have no doubt that going digital is
the way forward,” she added. On
his part,
Commissioner of Insurance, Justice Yaw Ofori, decried the
situation where a large percentage of insurance products are not ready
for automation.He
said, “A Deloitte study on tech trends for insurance revealed that
insurance businesses realized the need to be more efficient and
accessible in order to serve today’s policyholder.
However,
while 63% of insurance businesses report their readiness to move
towards more digital practices, only 23% of these businesses are
actually ready,” he added.Mr
Ofori said, “Digital transformation goes beyond scanning a document
with your phone and sending it via Whatsapp to your client or receiving a
picture of the damaged vehicle.”
The
5th Annual Conference and Exhibition brought together over 150
Executives and Senior Managers of Insurance Broking Firms,
General and
Life insurance companies and Re-insurance companies to discuss how they
can leverage digital innovation to remain relevant on the market.The
3-day conference and exhibition was under the theme, 'Embracing Digital
Transformation and Innovation in the Insurance Business.
'The
conference equipped insurers with perspective and tools to inform their
strategies for digitization, network with peers and key industry
leaders and update their technical know-how on insurance practice. Source: Bismark Awusah | JoyBusiness | myjoyonline.com
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