The insurance industry in Ghana has been urged to radically rethink its future by embracing innovation and building a workforce equipped for the digital age or risk being left behind in the fast-changing global financial landscape.
The call came from Mr. Emmanuel Mahama Baba, former Managing Director of Vanguard Assurance and ex-President of the Ghana Insurers Association, during the 18th Graduation Dinner and Awards Ceremony of the Ghana Insurance College in Accra.
Mr. Mahama warned that the sector must align with global trends in digital transformation, or face stagnation. “The only way to stay competitive and feel secure is to reimagine and recreate your own future,” he said, advocating for bold investments in customer personalization, data analytics, and digital infrastructure.
He cited global trends where insurers are leveraging artificial intelligence, chatbots, real-time analytics, and tailored products to reduce fraud, improve pricing accuracy, and enhance customer experiences. Ghana, he noted, is making progress—with regulatory support like the NIC’s innovation sandbox—but the efforts remain piecemeal.
“While there’s been innovation, the challenge is whether it’s been pursued in a coordinated, industry-wide manner,” he observed.
Mr. Mahama emphasized the need to close talent gaps in areas such as AI, blockchain, and cybersecurity to enable local firms to scale up tech-based solutions. Referring to a McKinsey study projecting a 55% rise in global demand for tech skills by 2030, he called for a revamp of insurance education to prioritize digital fluency and critical thinking.
“Our traditional focus on underwriting and claims is no longer enough. We need professionals who can analyze data, build user-friendly platforms, and navigate the ethical implications of emerging tech,” he said.
He also highlighted the struggle to attract and retain young talent, with many perceiving the insurance field as outdated. He urged educators and employers to create dynamic, purpose-driven work environments that emphasize creativity, leadership, and innovation.
Meanwhile, Commissioner of Insurance and Chair of the Ghana Insurance College Governing Council, Dr. Abiba Zakariah, encouraged the graduating class to lead the industry’s transformation.
“You are conquerors, but this is just the beginning,” she said. “Hard work demands more hard work. And the world is asking us to up our game.”
Dr. Zakariah stressed the need for agility in response to emerging technologies like drones and social media, noting that insurers must act faster to stay relevant.
She announced a new NIC partnership with the Ghana Insurance College to set up demonstrative centers on university campuses, starting with the University of Ghana. These hubs will allow students to co-design practical insurance solutions relevant to their lives.
“Insurance penetration will only increase when you apply the knowledge gained, improve on it, and reach the very last person in society,” she said.
