ANNUAL GENERAL MEETING & EDUCATION CONFERENCE
We, the President and Governing Council of WAICA, together with delegates gathered in Freetown, Sierra Leone between April 24th – 26th, 2019 for the Annual General Meeting and Education Conference of WAICA having thoroughly discussed the theme,
“Insurance Production, Distribution and Marketing in a Challenging and Competitive Economy”, resolve as follows:
1. To extend our appreciation and gratitude to the President of the Republic of Sierra Leone, H.E. Rtd. Brigadier Julius Maada Bio and his Government for hosting and supporting the 41st WAICA Annual General Meeting & Education Conference.
2. To express gratitude to H.E. Rtd. Brigadier Julius Maada Bio for sending a distinguished personality in the person of the Honorable Minister of Finance of the Republic of Sierra Leone, Mr. Jacob Jusu Saffa, to deliver his Key Note Address and also to declare the meeting open.
3. To express our sincere appreciation to H.E The High Commissioner of the Federal Republic of Nigeria to Sierra Leone, Amb. (Dr.) Habiss Ibrahim Ugbada, for his astute Goodwill Message and to as well register deep appreciation to the Commissioner of Insurance in the Republic of Sierra Leone, Mr. Arthur Nathaniel Yaskey for his remarks at the Opening Ceremony and his leadership in the hosting of the event.
4. To express our gratitude to the people of The Republic of Sierra Leone for their warm reception and hospitality.
5. To agree to recognize Bancassurance is a blessing and not a bane for direct insurers, as this will increase distribution and market penetration.
6. To recognize the concerns of the insurance industry intermediaries (i.e. brokers) about bancassurance, as it may affect their role, but not erode their relevance in insurance transactions.
7. That the WAICA member companies ensure effective engagement with Regulators in their respective countries to formulate policies and guidelines that will govern the bancassurance system of doing business.
8. That the WAICA member companies should strive to build strategic alliances with banks as an evolving channel for product development and distribution which benefits all stakeholders.
9. That the WAICA member companies recognize the importance of ICT as a cardinal factor to driving bancassurance. Hence, investment in ICT infrastructure should therefore remain a high priority if the industry is to achieve optimum product distribution and market penetration through bancassurance.
10. That the WAICA member companies agreed that with the continuous evolution of technology and artificial intelligence, these will replace the role of brokers if brokers fail to be more knowledgeable and adhere to proper professional underwriting.
11. That WAICA Member companies having recognized that there has been a paradigm shift in doing business with efficiency, therefore strongly urges insurance brokers to be equipped digitally to maintain relevance as a value adding part of the bancassurance process and by harnessing their relationship with both clients and insurers for effective service delivery.
12. To agree that the brokers must be ahead of insurers in terms of underwriting of the risks prior to transmitting the business to the insurers.
13. That in order to enhance the enforcement of both international and local code of conduct for brokers, Regulators must be firm in ensuring compliance.
14. That brokers must crystalize their roles by narrowing the knowledge gap, leveraging on technology as an enabler, and become more innovative in service delivery whilst employing ethical and professional practices.Resolutions Committee
Moses Gbanyah Liberia (Chair)
Victor Peters Nigeria
Mohamed T. Jallow Sierra leone
Henry Danso Ghana
Bakary Fatty The Gambia
Claudette During Sierra Leone