The National Insurance Commission (NIC) is exploring technology and artificial intelligence as important areas to make the insurance sector more innovative and responsive, according to Acting Commissioner, Dr Abiba Zakariah.
A primary focus for the regulator is the digitalisation of compulsory insurance lines to enhance service delivery, according to a report by Modern Ghana quoting Dr Zakariah. She was speaking during a regional stakeholder engagement with the insurance industry.
A key initiative already in effect is the Motor Insurance Database (MID), which facilitates vehicle insurance verification.
To build on these digital systems—which allow motorists and stakeholders to easily confirm coverage—the NIC is partnering with the Driver and Vehicle Licensing Authority (DVLA). This collaboration aims to provide seamless, comprehensive access to vehicle and ownership data, strengthening joint efforts to address road safety, motor insurance compliance, and document fraud.
Insurance education
The NIC is also stepping up efforts to improve insurance education and public understanding of insurance.
Dr Zakariah said the Commission is in talks with universities across the country to establish insurance demonstration centres on university campuses. The proposed centres will create opportunities for young people to learn more about insurance, explore the industry and share their ideas and interests.
Exposing young people to insurance education early will help them make informed decisions about insurance as they enter adulthood, she said.