Immediate past President of the Insurance Brokers Association of Ghana (IBAG), Shalbu Ali, has dismissed claims that insurance brokers often face trust issues when dealing with insurance companies

Responding to a question on public concerns and trust challenges within the insurance industry, Mr. Ali explained that brokers and insurance company staff share the same professional background and training.

“We do not have issues dealing with insurance companies because everything an insurance company employee knows, we also know.

We all started in the same classrooms and wrote the same examinations,” he said.

According to him, this shared professional foundation enables brokers to properly assess and correct policies issued by insurance companies when necessary.

“If an insurance company issues a policy that is not right, we are able to correct it. The real challenge arises when customers go directly to insurance companies without professional guidance,” he explained.

Mr. Ali emphasised that buying insurance through a licensed broker offers greater protection and peace of mind to customers.

“Anytime I get the opportunity, I advise people to buy insurance through a broker.

It is safer because you don’t have to worry about the details.

It is the responsibility of the broker to check and ensure everything is satisfactory,” he added.

While acknowledging that the insurance industry has faced trust-related challenges in the past, Mr. Ali noted that the situation has significantly improved over the years.

“About 20 years ago, trust issues were more common.

You could buy a policy and face problems later. However, we have made very significant improvements as an industry,” he stated.

He concluded by calling on the public to have confidence in licensed insurance brokers and insurers, stressing that industry standards and oversight have improved to better protect policyholders.