KNUST Hosts Symposium on Bridging Regulatory Expectations and Career Readiness in the Insurance Industry
The Department of Statistics and Actuarial Science at Kwame Nkrumah University of Science and Technology (KNUST), in collaboration with the National Insurance Commission (NIC), has successfully organized a symposium under the theme “Bridging the Gap: Regulatory Expectations and Career Readiness in the Insurance Industry.” The event brought together leading insurance experts, academics, and students to discuss the evolving landscape of the insurance sector, regulatory challenges, and the skills required to excel in Ghana’s dynamic insurance market.
In his keynote address, Mr. Richard Okyere, Director of Ghana Insurance Company, emphasized the critical role of statistics and actuarial science in shaping the future of the insurance industry. He encouraged students to pursue professional certifications, such as the Ghana Insurance Association (GIA) certification, to enhance their career prospects.
Beyond actuarial science, Mr. Okyere urged students in disciplines such as law, engineering, and marketing to explore career opportunities in the insurance sector, as professionals from these fields are in high demand. He stressed that insurance is fundamentally a marketing-driven industry, where professionals in marketing play a crucial role in product distribution and client engagement. However, he noted that insurance is based more on regulatory frameworks than mere financial rewards, highlighting the importance of understanding the legal and operational aspects of the industry.
He further advised students to uphold ethical standards and seek continuous learning opportunities to stay relevant in the ever-evolving insurance landscape.
Speaking at the symposium, Dr. Abiba Zakariah, Commissioner of Insurance, underscored the NIC’s commitment to fostering innovation and academic collaboration in the insurance sector. She announced plans to establish a research hub at KNUST that will serve as a platform for addressing industry concerns through academic research.
"When we have insurance concerns, we can bring them to the hub, where researchers interested in the field can analyze the issues and develop solutions," she stated.
Dr. Zakariah also unveiled the NIC’s initiative to launch an awards scheme, inviting students and industry professionals to propose innovative solutions to challenges in the insurance sector.
"We are launching an awards scheme that invites people like you—not just insurance planners—to share possible solutions with us," she added.
The symposium provided a unique opportunity for students to engage with industry leaders, gain insights into the practical applications of actuarial science and statistics, and explore new career pathways within the insurance industry. With the NIC’s renewed focus on research-driven solutions and career development, the collaboration between academia and the insurance sector is expected to strengthen, ultimately contributing to a more robust and innovative insurance industry in Ghana.
