Dr. Amina Sammo, the National Coordinator of UNDP’s Insurance and Risk Finance Facility (IRFF), delivered opening remarks at the 2024 Actuarial Society of Ghana Conference, emphasizing the essential role of innovation, regulatory evolution, and professionalism in shaping the future of financial inclusion, risk management and insurance.

Speaking to a gathering of industry professionals, Dr. Sammo underscored the conference’s theme, "Connecting the Future: Innovation, Regulations, and Professionalism," as particularly relevant to current industry challenges and opportunities.

Dr. Sammo highlighted the rapid pace of change in the insurance and finance sectors, driven by digital advancements and emerging financial tools.

She emphasized that embracing these innovations is crucial for a sustainable future in risk management, stating, “The future of insurance and risk management lies in our ability to harness these innovations in ways that are both practical and sustainable.” Further stressing that innovation must be met with robust regulatory frameworks.

 Effective regulation, she noted, is essential for ensuring stakeholder interests, financial stability, and public trust in the system.

“Our regulatory environments must be adaptive enough to keep pace with technological advancements while remaining firm in their commitment to fairness, transparency, and accountability,” she added.

Dr. Sammo called for ongoing collaboration between industry professionals, regulators, and innovators to achieve a balanced regulatory approach that fosters growth while safeguarding the public.

Dr. Sammo also emphasized the enduring importance of professionalism within the insurance and risk finance sectors.

“Our industry is built on a foundation of trust, and it is the professionalism of individuals that ultimately sustains this trust,” she stated, urging attendees to maintain high standards of integrity, knowledge, and ethics.

In closing, Dr. Sammo encouraged participants to connect innovation, regulation, and professionalism as three fundamental pillars to create a resilient, inclusive and future-ready insurance and risk management ecosystem.

She expressed her optimism for the discussions and insights that the conference would bring, aimed at advancing the profession and addressing the evolving needs of individuals and societies alike.

The Acting Commissioner of Insurance at the National Insurance Commission (NIC), Mr Michael Kofi Andoh on his part called on the Association to see innovation as a strategy that is all-encompassing, compellingly relevant and a cornerstone to the success of growth in the insurance and the overall financial sectors.

‘As we embrace digital transformation, it is essential to consider the broader implication of our professional relevance to the excluded and underserved demographics. It is when we have tackled financial inclusion of the most vulnerable populations among us that insurance would have grown to appreciable levels." he stressed.

Our collective aim should be to utilize innovation to deepen financial inclusion and expand insurance penetration, he said

Mr Neil Tagoe, President of ASG said the Association stands at an intersection of a rapidly evolving world where the impact of technology and innovation hinges much on the need for robust regulation to enhance professionalism, integrity and trust. 

According to him, the 2024 Actuarial Society of Ghana conference is expected to facilitate critical conversations and collaborations, enabling professionals to tackle the challenges of an ever-evolving landscape in insurance, inclusion, trust and risk management.