By \xa0Justice \xa0Peprah AGYEI

The success of the insurance industry depends on young experts, who are anticipated to lead the swift changes this field desperately requires, as stated by Oyelere Oluwaseun Isaac, Country Director of the African Association of Young Insurance Professionals (Nigeria Chapter).

Sometimes insurance can seem complicated or sluggish, yet it remains one of the most significant industries as it plays a crucial role in safeguarding people’s lives, companies, and local areas.

In 2021, I received recognition from the Chartered Insurance Institute of Ghana, being named the Young Insurance Professional of the Year. This accolade deeply thrilled me, as it highlights the important part young insurance professionals can take in driving the development, evolution, and improvement of the sector, all while striving to establish Ghana as the leading insurance center in Africa.

The critical issues we should reflect upon are: What sort of insurance sector would we like to pass on? And what actions can we undertake now to make sure the industry we hand over is something we can genuinely feel honored about?

The insurance industry is quickly changing, influenced by rising dangers, innovations in technology, environmental, social, and governance standards, along with fresh rules and regulations. Keeping up-to-date in this fast-moving field is essential for standing out among experts. Major new risks consist of global warming, cyber attacks, artificial intelligence and tech changes, weaknesses in supply chains, political uncertainty, and population trends like an increasing elderly group.

These dangers present major difficulties—from higher rates of claims and greater loss amounts to emerging legal responsibilities and interruptions in work processes. To stay strong, insurance companies should adopt creative approaches to managing risk and modify their operations to match this evolving environment.

With changing threats, the call for openness and government supervision keeps increasing, leading to higher compliance challenges for insurance providers. To remain competitive, we should adopt ongoing education—backed by our organizations, industry groups, and the broader insurance sector via educational programs, financial support, and development efforts.

No community should care more about the future of insurance than ourselves, the young professionals. We represent the industry’s tomorrow, and through our size and impact, we hold the ability to create an insurance system that is worthy of being inherited and handed down to those who come after us.

Professionalism and Ethics

Morals hold a crucial position in establishing a robust insurance system. Although discussions surrounding ethical values may lead to hope or disappointment, their importance within financial guidance goes far beyond fulfilling ongoing professional growth obligations.

It is essential that we consistently maintain professionalism and ethical standards. Trust serves as the core pillar of the insurance industry, and it is our duty as emerging professionals to establish and preserve this trust among the general population. As Kristin Hannah stated, “Promises were a lot like impressions. The second one didn’t count for much.” This highlights how failing to keep our first commitment can cast uncertainty over all subsequent assurances we make. Likewise, Harvey Firestone highlighted that genuine honesty forms the cornerstone of successful business practices.

To bring about change within our sector, young professionals need to adopt these principles, understanding that honesty cannot be overlooked—it is essential for the Insurance field. Do you believe that any violation carried out by an insurance practitioner should result in strict responsibility—perhaps even public identification and criticism? If individuals working in insurance who perform well appropriately receive acknowledgment, then those who violate ethical standards should also encounter appropriate repercussions.

Mentorship and Networking

Identifying a mentor can significantly impact your journey, particularly during the initial phases of your profession or studies. As noted in an article from the American Psychological Association (APA), mentoring has a vital function in career advancement, offering direction, encouragement, and chances for progress (Calkins, 2023).

Building relationships with seasoned leaders and participating in professional organizations can greatly speed up your development both personally and professionally. A mentor offers direction, imparts important insights gained over many years, and assists you in dealing with difficult situations that might arise during your career. Meanwhile, networking broadens your outlook by introducing you to different viewpoints, partnerships, and possibilities that you might otherwise miss.

Establishing solid bonds with advisors and colleagues helps you acquire more than just information—it builds trust within the insurance industry. Numerous positions of authority frequently arise from such ties. Keep in mind, nobody reaches leadership roles alone—guidance and connection serve as the pathways that can take you further up the career scale.

Innovation

In conclusion, go beyond conventional approaches. Embrace creativity, utilize technological advancements, and develop strategies that address the requirements of Africa’s expanding informal economy, young people, and marginalized groups.

Technological innovation is reshaping the finance industry, bringing about substantial improvements in efficiency, despite the occasional early-stage hesitation and skepticism. The insurance field is also experiencing this shift. With the rise of InsurTech, we see novel methods of service delivery, greater possibilities for gathering information, and better systems for detecting fraudulent activities—developments that eventually enhance the ability to identify and manage risks.

In the African insurance industry, I describe leadership as the combination of

mentorship, professionalism, and ethics

rooted in the responsibility of fostering public confidence. At its heart, insurance represents a pledge—a dedication to safeguarding incomes, possessions, well-being, and long-term stability. This pledge remains valid only when sector executives maintain honesty and openness, not merely in speech but through ongoing behavior.

Effective leadership extends far beyond occupying high-ranking roles; it involves guidance and empowerment—giving emerging professionals the tools, ethics, and aspirations required to advance the field. Through promoting an environment focused on education and ongoing career enhancement, we can develop a steady stream of capable leaders who will ensure and boost the expansion of the insurance industry.

Just as important is the dedication to professional conduct and robust moral principles. On a continent where distrust of insurance frequently arises from slow claim processing or ambiguous policies, ethical guidance needs to be the cornerstone. Leaders ought to establish high expectations — guaranteeing equitable handling of customers, responsibility in business practices, and openness in all interactions.

In the end, leadership within Africa’s insurance sector must focus on rebuilding and enhancing confidence—confidence among insurers and the general population, regulatory bodies and organizations, and throughout regions as we foster collaborative efforts. When guidance, professional standards, and moral principles come together, effective leadership in insurance has the power to genuinely promote both industry expansion and wider financial access alongside lasting development across the continent.

I encourage new professionals to enter the insurance sector with enthusiasm, resilience, and resolve.

Justice is a
A seasoned insurance expert with more than 17 years of expertise within Ghana’s insurance sector.

References

1. My vision for Young Insurance Professionals – Oyelere

2. https://www.munichre.com/en/risks/emerging-risks.html

3. Exploring Ethical Principles and the Role in Insurance Advice

4. Finding Your People: The Importance of Mentorship and Networking Early On

5. Click to access ddf9df41-en.pdf

6. https://shellypalmer.com/2022/06/how-do-you-see-the-future/

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