President of the Ghana Insurance Brokers Association (GIBA), Lena Adu-Kofi, has charged players in the insurance industry to embrace digitization in order to maximize profit.

She said companies have the responsibility to market their products and services to customers in a satisfactory manner.

“The emergence of several technological innovations has vastly affected the lifestyle of people across the entire world. In recent times, social media more likely than anything else has significantly impacted most of our everyday life,” she stressed.

She expressed the readiness of GIBA to heed President Akufo-Addo’s advice for all sectors of the economy to be digitized.

According to her, GIBA currently runs an active website, a Facebook page and several WhatsApp group pages, which have made business easy in the global village.

She disclosed this while speaking at the opening ceremony of the 5th Ghana Insurance Brokers Association (GIBA) annual conference and exhibition in Takoradi.

The conference, which was attended by about 80 delegates from the Insurance Industry across the country, was on the theme, “Embracing Digitization Transformation and Innovation in Insurance Business.”

Mrs Adu-Kofi observed that with the low level of insurance penetration in Ghana, the main industry players have a duty to educate the majority of Ghanaians.

He added that players in the insurance industry must take advantage of technologies and develop apps and short-codes to help authenticate drivers’ licences, among others.

Mrs Adu-Kofi charged brokers and insurers to come up with software to enhance their operations.

She was hopeful the conference would educate brokers on how to digitalize.

Commissioner of Insurance, Justice Ofori, who chaired the conference, said that only 23 percent of businesses in Ghana had embraced digitization to improve their operations.

He indicated that digital innovation improves client services and enhances transactions.

He mentioned that the emergence of digital innovations must give rise to new opportunities for additional premiums in the insurance industry.

The Omanhene of Essikado Traditional Area, Nana Kobina Nketia V, noted that most countries in the world have taken advantage of digitization to transform their businesses, adding “As insurers, you either digitize or be left behind.”