GIUC, NIC commit GH₵1m to KNUST “Campus Care” project

By Elizabeth PUNSU, Kumasi

The Kwame Nkrumah University of Science and Technology has secured a GH₵1million commitment from the National Insurance Commission (NIC) and Ghana Insurance University College (GIUC) to support the establishment and operationalisation of a “Campus Care project” aimed at deepening collaboration between academia and industry.

The funding commitment was announced during the signing of a Memorandum of Understanding (MoU) between KNUST, NIC and GIUC at the KNUST Vice Chancellor’s office in Kumasi.

The “Campus Care Project” will operate as an insurance simulation office, where students will gain hands-on practical experience and develop insurance packages tailored for students

Dean of the International Programmes Office (IPO) at KNUST, Prof. Edmond Ekudzi, during the signing of the MoU, explained that the partnership emerged from discussions involving KNUST’s Department of Statistics and Actuarial Science, the Department of Computer Science, GIUC and NIC on strengthening ties between academia and industry.

According to him, the collaboration seeks to consolidate KNUST’s leadership in actuarial science and insurance-related training while providing practical solutions to challenges confronting insurance companies.

He said under the arrangement, KNUST would provide research expertise, hands-on training and technical support to the insurance industry, while NIC and GIUC would support the university through funding and internship opportunities for students.

Commissioner of Insurance, Dr. Abiba Zakariah, told the B&FT that the Campus Care project is intended to bridge the gap between academia and industry while exposing students to insurance and risk management early.

“We believe that the future of insurance is tomorrow, so we want to engage tomorrow’s leaders today in conversations regarding insurance,” she said.

Dr. Zakariah noted that the initiative would help students understand the role of insurance in everyday life and encourage the development of innovative products and solutions tailored to local realities.

She observed that climate change continues to disproportionately affect vulnerable populations despite Africa’s relatively low contribution to global emissions, stressing that insurance and financial protection would become increasingly critical in shielding people from falling deeper into poverty.

According to her, the initiative would also provide students with practical industry experience while helping improve insurance penetration in the country, which currently stands at about one percent.

“We always see insurance from a foreign perspective; but if we see it from our local perspective, we will know that it is part of our everyday life,” she said.

Dr. Zakariah disclosed that there are plans to expand the programme to other tertiary institutions and eventually second-cycle schools to build awareness about risk management and insurance from an early stage.

Vice Chancellor of KNUST, Prof. Akosua Dickson, described the partnership as timely, noting that universities could not effectively train students for industry without strong collaboration with businesses and professional institutions.

“With the job that we do – handling all these brains, talents and potentials of these young people, there is no way we are able to achieve much if we decide to do it all by ourselves,” she said.

Prof. Dickson noted that internship opportunities being offered under the partnership would help bridge the gap between academic training and industry expectations.

Also speaking at the signing ceremony, Dr. Isaac Baidoo of GIUC, said the insurance industry continues to grapple with low penetration, profitability concerns and limited industry expertise.

He said the Campus Care initiative seeks to address those challenges by promoting greater student participation and strengthening collaboration between academia and industry.

Dr. Baidoo noted that KNUST was expected to serve as a model institution for the multi-campus initiative, demonstrating how universities could contribute effectively to the development of the insurance industry.

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