The President of the Insurance Brokers Association of Ghana (IBAG), Shaibu Ali, has explained that while many Ghanaians are familiar with insurance companies, few understand the function and value of insurance brokers.

According to him, it is therefore important to intensify public awareness to ensure that Ghanaians derive the full benefits of their insurance policies.

To this end, IBAG has launched a nationwide public awareness campaign to educate the public on the critical role insurance brokers play in helping individuals and businesses access the right insurance solutions.

Under the theme “The Insurance Broker – Your Gateway to the Insurance Market,” the campaign seeks to correct widespread misconceptions about the brokerage profession and highlight its importance in promoting fair and transparent insurance transactions.

“Over time, we realised that people in Ghana knew a lot about insurance companies but very little about insurance broking. That’s why we instituted October as a month for media engagements and public education, to help people understand what insurance broking is all about,” Ali said.

Ali explained that brokers are independent intermediaries who represent the interests of clients, not insurance companies.

Plugging the $90 Billion Leak: How Africa can tackle illicit financial flows

“An agent is an extension of the insurance company, so whatever mistakes the agent makes fall directly on the company. The broker, on the other hand, is an independent consultant who stands between the client and the insurance company, working entirely in the client’s interest,” he told GhanaWeb Business.

He added that brokers possess deep technical expertise and professional training comparable to that of underwriters, enabling them to guide clients toward the best products at fair prices and assist in claims management when the need arises.

A common misconception, Ali noted, is that using a broker’s services attracts extra costs.

“That’s one of the myths we’ve been trying to demystify. Using the services of a broker does not cost the client anything extra. With or without a broker, you pay the same premium. The broker is paid from the premium you pay to the insurance company,” he explained.

He stressed that working with a broker often helps clients save money and avoid potential pitfalls in policy terms or claim settlements.

“It’s always more convenient and gives clients peace of mind. The broker understands the claims process, knows policy wording, and ensures you’re not shortchanged,” he added.

Through its October awareness campaign, IBAG aims to deepen public understanding, rebuild trust in insurance, and promote professional advisory services that enhance financial security for Ghanaians.

“Insurance, when well understood and properly utilised, can be the strongest safeguard for future financial security. Our goal is to make sure every Ghanaian knows they have access to expert guidance through licensed insurance brokers, at no extra cost,” the IBAG president stated.

SSD/MA

Watch the latest edition of BizTech below: