Kakra Duffuor-Nyarko wears many hats. She is a mother, a wife, a daughter, a sister, an aunty, an actuary, a friend, and a leader. She is open-minded and a good listener. She loves the things of God and believe in excellence. Kakra enjoys gisting with sisters, playing Candy Crush, reading, listening to music, and watching reality shows.
Career journey and interest in insurance.
Interviewer: Can you walk us through your Career Journey?
Kakra: My career journey began with a degree in economics from the University of Warwick, followed by postgraduate studies in Actuarial Science and Actuarial Management at Cass Business School (now Bayes Business School), City University in the UK. Through an intensive 2-year course, I obtained professional exemptions and accelerated my journey by completing eight professional papers within two years. I then embarked on work-based learning at QED Actuaries and Consultants from 2007 in South Africa, where I continued my professional training and completed most of the required exams. Returning home to Ghana in 2011, I achieved fellowship status with both the Institute and Faculty of Actuaries in the UK and the Actuarial Society of Ghana by 2013 and 2015, respectively.
My passion for mathematics and statistics led me to specialize in risk management and pursue a career as an actuary. During my tenure at QED, I served as an Actuarial Consultant for clients across several African countries. Subsequently, I held the positions of Executive Director and Chief Actuary at StarLife Assurance before assuming the role of CEO.
Notable achievements include being recognized as the first female actuary in Ghana, attaining fellowship status with prestigious actuarial societies, and being honored as one of the six African Female Trailblazers in the Insurance Industry by the African Insurance Organization (AIO) in 2019. As CEO of StarLife, I take pride in steering the company to the second position in market share and the top position in asset size. Internally, I have implemented innovative strategies such as digital client onboarding and robotic process automation to enhance efficiency and drive growth.
Interviewer: What inspired you to pursue a career in the insurance industry?
Kakra: I am thankful to say I am blessed to have had supportive parents. From infancy, they constantly encouraged me to be my best and provided me with all the necessary resources to achieve my goals. This laid a foundation and instilled in me the need to strive for excellence in my chosen field.
My Dad nurtured my love for math and statistics. He guided my career choices by introducing me to the world of insurance through Actuarial Science and allowing me to intern at one of his insurance companies, which happened to be StarLife. During summer breaks, I had the opportunity to intern in the organisation’s various departments, from front desk to customer service, underwriting, and finance. This continued till I completed my undergraduate degree; hence, my interest in insurance was cemented.
Interviewer: Can you share a significant career accomplishment that you are particularly proud of?
Kakra: One significant career accomplishment I’m particularly proud of is leading the development and implementation of our three life solutions – CashBuilder Plus, Child Lifeline Plus, and WealthMaster Plus. These new product lines not only expanded our market reach but also generated substantial revenue growth for the company. Additionally, I spearheaded a digital transformation journey, shifting our ICT team from a functional focus to a proactive enabler of innovation. This included launching our mobile app (MyStar App) and enforcing digital onboarding of clients in the sales process. Internally, I implemented robotic process automation to streamline repetitive tasks, freeing up resources to focus on value-added aspects of the business. As a result, we saw an increase in our market share from third to second place during my tenure as CEO. Overall, I take pride in driving strategic shifts and innovative initiatives that have propelled our company forward.
Interviewer: Can you share a defining moment or experience that has shaped your professional journey?
Kakra: The night I was informed I would step into the CEO role. It was so left field; moving overnight from a behind-the-scenes/product development role to being the face of the company was a tad overwhelming, but I took the bull by the horns and by God’s grace, here we are.
Leadership style and Accomplishments
Kakra: As a leader, I prioritize an open-door policy, welcoming feedback and fostering a collaborative environment. I believe in adapting my leadership style to the dynamic nature of life and business, favoring a results-oriented and situational approach. Proactivity is key, as I plan for various scenarios to maintain control and avoid reactive responses. One of my notable achievements has been simplifying the insurance purchasing process through digital onboarding platforms like the MyStar App and Website, enhancing the customer experience with self-service tools.
As the only female actuary and CEO in the insurance industry, I have encountered several barriers and obstacles throughout my career journey. One significant challenge has been the pervasive gender bias and stereotypes that exist within the industry. Being in a male dominated field, there were instances where my expertise and leadership capabilities were questioned or underestimated simply because of my gender.
However, I have addressed misconceptions about insurance by educating others on the role of an actuary and overcoming inherent competition within the industry. Through mentorship and sponsorship, I strive to inspire the next generation. I actively engage in mentorship sessions with various organizations, including the Actuarial Science Students Association (ASSA) of Kwame Nkrumah University of Science and Technology (KNUST) and Insurance Students of the University of Ghana.
Additionally, as a founding member of Women in Insurance Network of Ghana (WING), an inclusive networking association for women in insurance, I strive to create a supportive environment where women’s talents and aspirations can flourish. WING serves as a platform for personal and professional development, promoting positive change within the industry.
Gender equity in the insurance industry and women’s empowerment in the workplace.
Interviewer: How do you perceive the current state of gender equity and diversity in the insurance industry?
Kakra: We have come a long way in breaking the glass ceiling in the industry. We have several females in leadership positions. StarLife alone has about eight women in leadership positions, from Executive to Branch Managers.
While progress has been made, gender disparities still exist, particularly in senior leadership positions and boardrooms. Women continue to face barriers to career advancement, including unconscious bias and workplace cultures that may not always be inclusive or supportive of their professional growth.
Despite these challenges, there are positive signs of change. More women are entering the insurance industry and pursuing careers in various roles, including underwriting, claims processing, actuarial science, and sales. Additionally, there is growing recognition among industry stakeholders of the importance of gender diversity in driving innovation, improving decision-making, and enhancing business performance.
Interviewer: How can organisations and leaders support women in the insurance industry?
Kakra: We can do that in four ways.
Address Unconscious Bias: Organizations should provide training and education to raise awareness of unconscious bias and its impact on gender equality. Leaders should be trained to recognize and mitigate bias in hiring, promotion, and performance evaluation processes to ensure fair and equitable treatment for all employees.
Create a Supportive Work Environment: Organizations should foster a supportive work environment where women feel valued, respected, and empowered to contribute their ideas and perspectives. This includes promoting open communication, providing opportunities for feedback and recognition, and addressing issues of harassment or discrimination promptly and effectively.
Measure and Monitor Progress: Organizations should regularly measure and monitor their progress towards gender equality goals. This may include tracking key metrics such as representation of women in leadership roles, and employee satisfaction. By holding themselves accountable and transparently reporting on their progress, organizations can identify areas for improvement and drive meaningful change.
Celebrate Successes and Role Models: Organizations should celebrate the achievements of women in the insurance industry and highlight their contributions as role models for future generations. Recognizing and showcasing the success stories of women can inspire others and create a culture of empowerment and aspiration.
Future Aspirations and Goals
Interviewer: What are your aspirations and goals for the future, both professionally and personally?
Kakra: I have taken up the responsibility of co-founding WING, a platform aimed at empowering women in the insurance industry. Through this and other initiatives, I have opened internship slots annually, paving the way for aspiring female professionals.
Looking ahead, I am committed to advancing women in the insurance sector by serving as a role model, advocate, and mentor. I envision actively participating in initiatives promoting gender equality and diversity, leveraging my platform and influence to create opportunities for women to thrive. Under my leadership, I aim for the company to soar to new successes, with a vision of becoming the number one in the industry.
Furthermore, I strive to inspire trust, respect, and confidence while leaving a meaningful imprint on people’s lives and the communities we serve.
This initiative is brought to you by GIZ’s Support to the Private and Financial Sector (PFS) programme. These interview series aims to empower young women in finance, promote gender equality and inclusivity, and encourage women to pursue leadership roles in their workplaces. The interviewer for this initiative is – Fatima Gberbie, Communications Specialist with PFS-GIZ Ghana.