By Stephen V. Lansana
The Sierra Leone Insurance Association (SLIA) on Tuesday November 8, 2022 commenced a two-day insurance seminar on the theme: Building Trust and Confidence in the Insurance Industry, at the District Women’s Fellowship Hall, King Harman Road, Brookfields, in Freetown. The seminar was well attended by stakeholders in the insurance industry and it is part of the celebration of the insurance week starting Monday the 8th of November 2022.
In his opening statement, the President of SLIA, Mr. Raymond Macauley said that the last time they held an event of this nature was in 2019. He said that due to COVID19, they were unable to hold such event in 2020 and 2021.
According to Mr. Macauley the theme of the seminar is timely and appropriate because issues of public trust are crucial in insurance.
“Bearing this in mind, we have carefully selected presenters who we are confident that they can accurately handle the subject matter,” he said, noting that the discourse following the presentations will provide adequate details on the theme that will be beneficial to all players in the insurance industry.
He informed the gathering that the second day of the event will feature special recognition of women and young professionals, in the insurance industry and also the launching of that the young professionals’ forum which it is hoped will benefit the industry because it will identify young talents and build their skills he said.
The Commissioner of the Sierra Leone Insurance Commission (SLICOM), Mr Arthur N. Yaskey disclosed that the event marked the first assembly of stakeholders in the sector since the CORONA pandemic. He noted that the theme of the seminar is appropriate.
Commissioner Yaskey added that the seminar does not only bring insurance practitioners together, but also encourage exchange of ideas among them. Delivering a keynote address on behalf of the Minister of Finance, the Senior Deputy Financial Secretary, Samuel E. B. Momoh said: “There would have been no better theme than this, as you are aware, trust is key in the insurance industry. The overall reputation is built on trust from customers.”
He acknowledged the strides which had been made by insurance companies in organizing quiz competitions on insurance in secondary schools, noting that such stride helped in creating awareness on insurance among students.
He pointed out that the industry should do more to popularize its activities, advising that public awareness will enable consumer education on claims and customer services. He noted that all effort should be made to secure consumer trust.
He suggested that a sound regulatory framework is essential to build consumer confidence.
Delivering the goodwill message on behalf of the Managing Director, a Specialist in Risk Management of WAICA Reinsurance Corporation Plc, Rev. Winston Michael Kuti-George, explained that WAICA Re was established to fill in the gap insurance gaps in West Africa, adding that over the past ten years, they have grown. “All these would not have been possible without trust and public confidence,” he said, pointing out that to rebuild trust messaging needs to be precise.