• P.O.Box KN3425,Kaneshie-Accra,Ghana
  • info@insureghana.com
  • +233 (0) 20 9211 579 |+233 (0) 55 301 9383
  • info@insureghana.com

Why Continuing Professional Development (CPD) is good for you and your firm.

Why Continuing Professional Development (CPD) is good for you and your firm.

News Date: July 19, 2019




Why Continuing Professional Development (CPD) is good for you and your firm.

What is CPD?

In today’s fast changing world knowledge gained through qualifications quickly goes out of date. Continuing Professional Development (CPD) is the practice of making a commitment to continuous improvement. This encourages professionals to be continually seeking to expand and develop their skills in a way that builds public trust.

CPD can take on a variety of forms. Crucially, CPD is facilitated and structured in a way that sets learning objectives and requires professionals to reflect on what they have learnt.

What are the benefits of CPD?

The core benefit of CPD is improving public trust. As the International Association of Insurance Supervisors (IAIS) states, “continuous professional development [is]… aimed at enhancing public confidence in insurance intermediaries through raising professional standards.”

CPD is more effective than relying on ’on the job’ training and experience for the following reasons:

    CPD looks at preparing professionals for the future by anticipating the impact of new technology or regulations, rather than what’s merely needed to be competent now.
    Good quality CPD goes beyond knowledge and skills and elements of ethics that are essential in building public trust.
    In contrast, relying on learning through ‘on the job’ experience can mean bad habits develop as well as being duplicated when training others.
    By employing CPD, international firms can align themselves across different markets, giving them a consistent approach to competence, ethics and care for the client.

How is CPD regulated?

The Insurance Distribution Directive (IDD), which came into effect on 1 October 2018, requires all staff who are directly involved in selling or administering insurance to do at least 15 hours of continuing professional development (CPD) per year. Its aim was to introduce a new requirement for staff who sell, advise on and transact insurance contracts for all types of insurance customers. The EU authorities wanted “to strengthen the confidence of customers” by improving minimum standards in key areas such as customer information, training and product governance.

By making CPD a key part of the IDD, insurers can keep themselves on track by doing the following:

    All staff who are directly involved in selling or administering insurance will need to do at least 15 hours of continuing professional development (CPD) per year.
    CPD can include courses, e-learning and mentoring, as well as attending training events and conferences. However, training should be ‘facilitated’, meaning that staff should not simply be left by their manager to learn ‘on the job’.
    This CPD must cover a set of topics that are listed in the Directive, in a way that is appropriate for each role within a company. For general insurance, this includes: terms and conditions of the products being sold; terms and conditions of the products being sold; the insurance market and laws governing insurance distribution; claims handling, complaints handling, assessing customer needs, appropriate financial competency; and business ethics standards including the management of conflicts of interest.

What does CPD consist of?

CPD can comprise of a wide range of structured and unstructured activities including, but not restricted to, the following:

    Training courses and workshops
    Conferences, seminars and webinars
    Studying for an examination
    Coaching
    E-learning
    Technical authorship
    Reading and watching
    Mentoring

Recommendations


Encourage public trust

When choosing CPD, choose objectives which not only cover professional knowledge (eg insurance legislation, anti-money laundering legislation, market, products, assessment of consumer needs), but also ability (eg. risks perception, underwriting process, claims procedures) and ethics (codes of conduct/ethics).

Use professional bodies

Use an external body to assess whether a distributor is maintaining their CPD requirements, such as a supervisory authority or professional body. They will then provide frameworks and tools to monitor CPD as well as overseeing their general conduct. In addition, professional bodies have the potential to build a sense of community amongst professionals, supporting ‘self-help’ networks in which professionals encourage each other to reach higher standards of professionalism. Given the wider responsibilities of supervisors, it not always possible for them to encourage this sense of community without the assistance of professional bodies.

 Keep CPD documentation up to date

All CPD completed needs to be evidenced and retained. The chosen authority or professional body should review this evidence demonstrating achievement of CPD on a regular basis. Any existing reporting mechanisms should be incorporated in this process to prevent any undue burden on distributors and competent authorities.

Focus on learning objectives and reflection as well as hours spent on CPD.

It is easy to focus on ‘hard’ requirements such as minimum hours spent on CPD, at the expense of ‘softer’ factors such as reflection about what has been learnt. However, this can lead to a ‘tick box’ approach in which the link between training activity and the ultimate goal of improving public trust is lost. This can be achieved by stressing the responsibility that managers have in ensuring meaningful objective-setting and reflection takes place.

  Embrace change
The very essence of CPD is one of continued learning. What you learn today may change by next year. CPD shouldn’t be approached as a tickbox exercise of knowledge but one of identifying relevant areas and how to maintain them. You can only be an expert in a particular field if you keep up to date with all developments.

ciig Ghana (ciig.edu.gh)

Facebook LinkedIn Twitter


General Questions


There are many insurance companies that offer Life insurance and many others that offer Non-life (General) Insurance in Ghana.You can go to any of these insurance companies and take out insurance.Once you contact them, their staff will advise you on what they offer and what is best suited to your insurance need.Click to see the list of GIA accredited Life Insurance Companies and Non-Life (General) Insurance Companies.Insurance – Some Basic Steps
  • Contact an insurance company, an insurance broker or an insurance agent
  • Discuss your insurance needs with them.
  • Think     about the options carefully and then choose the product(s) that meet(s) your needs
  • Supply truthful information for the completion of the insurance contract documents
  • Sign the insurance contractPay your premium
  • Receive an insurance cover for the risk(s) you have insured.
When should you take Insurance?
Once you have life with its possible unwanted outcomes, it is advisable to take an insurance against such possible unwanted outcomes. Also, as soon as you acquire a property it is advisable to choose an insurance to cover the risk of damage or loss to the property. Again anytime you have liability to another person for any damage you may cause the person, it is advisable to insure the liability. For liability insurance in the form of third party motor vehicle, commercial building under construction and commercial buildings you are required by law to take out insurance as an owner.

Protecting your life and property should be an important part of your financial plan. Insurance protects you from financial problems resulting from damage or loss either to yourself or to your property. It is therefore important that you insure your life and property against any unanticipated accidents, damages or loss. You can take insurance to cover any of the following listed below:
  • Death
  • Accident
  • Theft
  • Fire
  • Loss
  • Damage
  • Disability Health.

Broadly there are two kinds of insurance:Life Insurance which pays an insurance benefit when the person who is insured dies;Non-Life (General) insurance, which comes in many forms, including property, liability, disability, health and travel.
  • Property Insurance provides protection against property damage and the insured is indemnified (compensated) if such damage occurs.
  • Liability Insurance provides you with insurance protection if you are found to be liable for causing damage to someone’s health or property.
  • Disability Insurance provides protection should you lose your ability to work and earn income, and pays you income if you are unable to work.
  • Health Insurance covers certain medical expenses and prescription medications.
  • Travel Insurance provides protection against certain adverse occurence during travel such as illness or even missed flights.

Claims

  • The insured (policy holder)
  • The third party whose property has been damaged by our insured's vehicle
  • The injured victim
  • Administrators of a deceased estate
  • Parents/guardians in the case of minor.

Non-motor insurance comprise of several lines example public liability, professional indemnity, personal accident etc. Each non-motor insurance claim has its own specific claims procedure and conditions.Generally, when an accident occurs the insured should comply with the following :
  • Report to the police.
  • Contact your broker/insurer and fill the specific claim form.
  • Do not settle or negotiate to settle, admit or repudiate any claim without the consent of your broker/insurer.
  • Forward all relevant documentary evidence in respect of the loss.
  • Forward all claims, writs of summons or letters from third parties to your broker/insurer through insureghana.com.

1. If your vehicle was driven without your consent, order or permission.
2. When an unlicensed driver was driving
3. When the claim is statute barred i.e claims not submitted within the three (3) or six (6) years period.
4. Where there was a change of ownership on the vehicle without reference to us.
5. Using the vehicle whilst the driver was drunk.
6. Using the vehicle for unauthorized purposes.
MOTOR
A. Own damage
  • Report the loss to the insurer and fill the accident report form.
  • Attach a copy of the driver’s license.
  • Furnish the insurer with an estimate of the cost of repairs from either the insurer’s recommended garage or a repairer of your choice.
  • Provide pictures of the damaged vehicle, clearly showing the registration number of the accident vehicle.
  • Allow damaged vehicle to be inspected by the insurer’s surveyor before the commencement of repairs.
  • Police report would be required, depending on the circumstances leading to the loss.

B. Property damage claim
  • Letter of claim
  • Police Report
  • Furnish the insurer with an estimate of the cost of repairs from either the insurer’s recommended garage or a repairer of your choice.
  • Provide pictures of the damaged vehicle.
  • Provide driving license of the insured’s driver.
C. Injury cases·
  • Letter of claim
  • Police Report
  • Medical report
  • Original receipts of Medical Bill incurred (To justify the cost being claimed for)
  • Sworn Affidavit.
Two (2) passport-size pictures of the injured victim endorsed by the doctor who treated the victim.D. Deceased (death) cases
  • Letter of claim
  • Police Report
  • Death Certificate/Burial permit/Post-mortem report
  • Letters of Administration
  • Personal Particulars of the deceased
  • Sworn Affidavit
  • Endorsed passport size pictures of Administrators (two each).
In all cases, a discharge form which states the agreed quantum (amount) will be issued by the insurance company to the insured or claimant for execution and forwarded back to enable us process the cheque.

Under all insurance contracts, damages or losses incurred must be reported to the insurance company for the purpose of making a claim. In most cases a report must also be made to the police. Under a motor insurance for example, you must report any accident to the police as soon as it occurs to enable you to begin the processes for making insurance claims.Failure to report an accident can subject you to personal liability if the persons involved later find themselves to be injured and your insurance company denies the claims due to your failure to report the accident promptly.
This is what you are paid in the case of an accident or loss for which you have insured. Once you have entered into an insurance contract and paid your premium, you are entitled to compensation from the insurance company for any damage or loss suffered. The extent of compensation depends on the type of insurance.



By Admin at December 2, 2019

Sunu Assurances Ghana Ltd commissioned it's new Head Office


Read More

By Admin at November 28, 2019

Ghana Post and Allianz Life Insurance launch ‘PostAssurance’


Read More

By Admin at November 27, 2019

Hollard Life Launches “Adepa Three” Insurance To Secure Better Future


Read More

By Admin at November 25, 2019

Hollard wins 5 awards at Finance Innovation Awards


Read More

By Admin at November 20, 2019

Directors' & Officers' Liability Insurance Policy


Read More

By Admin at November 19, 2019

Edward Mensah Wood & Associates, Your Professional Insurance Broker in Ghana


Read More