Ensurance To The Rescue When It Solves It All: What Leaders Need (For the Peter Drucker Challenge)

‘Ensurance’ to the Rescue: when it solves it all, what leaders need.

From inception, the forces around us seems to be creating an avenue to all else equal ease our survival or if it must be put right our coexistence. It is not surprising that from the moment we are born a lot of factors come into play to ensure we are adequately socialized. Our first point of call is our immediate family. Their action and inaction is to make sure we have the sound training that will enable us have a successful transition from childhood to responsible adulthood. Accidents, health emergencies and education seems to be occurrences that almost all individuals consider a priority and seek to find a way to manage successfully. Accidents are somehow avoidable and insurance policies can be bought to cover such incidents. On health, basic precautions and comprehensive health insurance policies can also be undertaken to also cater for such contingencies. The big question or a paramount issue that is often underrated is the risk associated with having or not having an education. This seems to be evident across the board especially in developing and middle income countries. Even in developed countries a child’s education seems to be something that is not often given the required attention until a certain age and in some situations, the child reaches a certain level of education. Loans, personal(family) finance, insurance disbursements and scholarships are means that come in handy when discussing education finance especially formal education. Loans for individuals with good credit especially in developed countries: their developing and middle income counterparts also have certain structures that provide somewhat unreliable loans for education finance. Scholarships, another means of finance has also been fairly exploited and mainly centers on need and merit based. Family finance is the most notable source of funding for most individuals. In certain instances, insurance disbursements are used to finance the education of policyholders and/ or their beneficiaries. This insurance policies only form a small portion of the lot with technology playing a pivotal role in that regard.

Tech’s Upper hand

Technology has been the source of societal progress from as far as when Carl Benz patented the motorcar to Elon Musk successfully commercializing EVs, technology has been the anchor of social and economic development. Moving from cars: which I adore, currently the song being sang AI has brought after the introduction of the internet an interesting twist to how society functions and the youth aren't left out. Their understanding and adoption of technology has led to tremendous economic growth and growth potential. Buttressing, it is estimated by Goldman Sachs that GenAI alone will increase the world GDP by a possible 7% ($7 trillion). But how did the world arrive at this point?

A Gist

Consistently by outsiders, it is seen as a ‘stone age’ program, studied by iconoclast with no bearing on society. Twice have I been talked down on my abilities in this field, initially as an undergraduate, the ‘bi’- incident although a stray comment concreted my choice of mathematics and related fields. The study of mathematics I was drawn to after naysayers thought it isn’t relevant to modern systems especially on the African continent and then I may not be thus far fit if I choose to pursue mathematics because the social structures around me will be a drawback (although it has been proved to be a salient argument after undergraduate study), however for a flashback, I made efforts during undergraduate studies in every situation to devise mathematical solutions to everyday life phenomena. From using mathematically tailored algorithms (with Python) to remove noise from soundbites (as a group project) and coming up with a formula to predict extent of growth in Ghana’s population, to my current project of using artificial intelligence, nearest neighbour needs and preset pricing algorithms to device an insurance policy for the African continent. I must say, I have cushioned myself somewhat for what the future holds. Nevertheless, there is evidence of handicap in the area of modern technology tools which has resulted in the slow progress of my research on child education insurance. That is to say, although the current education system even to tertiary level in Africa’s case is somewhat between ‘not the best’ and ‘not the worst’, absence of appropriate technology tools to fuel the implementation of modern study methods especially in the field of mathematics and its peripherals has been a bane; to me, my colleagues during undergraduate studies and currently the children I tutor in computing in Accra, Ghana.

What I see

As an aspiring Quant, with a strong interest in entrepreneurship, the ubiquity of AI comes at a time when asset management and financial consulting is seeing a nosedive. Adding insult to injury, the introduction of Robo-advisors and preset AI financial planning applications has led to a new twist creating a barrier and to some extent a cushion to what these professions mentioned earlier could do. However, quants seem to be on a safer side at least for now. Mathematical models that will be profitable is highly difficult to create and successful modeling and marketing through AI will ‘clear the market’ leaving room for models created from scratch through thorough experimentation and observation by a human. That is to say, my future career is safe at least for now and into the not so distant future. My entrepreneurship drive however with the influx of AI has been provided with hinges. AI can be harnessed in health for diagnosis, in education to provide tailored education, in marketing to provide tailored advertisement and even in transportation to springboard self driving cars. Specifically in business, AI serves a plethora of purposes, various AI systems and tools can be leveraged in IT and cyber security departments: for detection of potential cyber attacks through analysis of peculiar features, in legal departments: to analyze, sort and streamline research and documentation of contracts, wills and debentures and in human resource departments: to streamline employee acquisition and retention.

Where we are now

The Bogc Foundation for the African Child was birthed in 2015. Our charge, to educate children and give them a sense of direction. In so doing we embarked on a path to decipher the necessary requirements to ensure children are able to transition from childhood to responsible adulthood and realized two vital hinges. The research discovered that children and young people with an adult figure as a guide and those with some form of cushion excel better and are able to transition faster to responsible adulthood compared to those with the absence of an adult figure or any cushion.

Some salients:

Parent and guardians play a role in education but to what extent?

Mfum-Mensah(2002), Boyle et al(2002) and Nekatibeb(2002) all point to the fact that distance to school is also an impediment to education access. The further the distance from school, the less likely the child will attend (Colclough et al 2000).

On parental involvement research has not been able to substantiate the direct relationship between increased child care from parents and increase in the child’s performance or achievement. Desforges and Abouchaar(2003) and Mattingly et al(2002).

Education of children especially at a certain level generally require the input of parent(s) or at least a guardian. These guardians are to serve as a check and balance on the education being provided. Aside the parent or guardian (can be a sibling, government or its designated agent as well as teachers or supervisors) providing the needed financial resource, they ensure the primary goals of education are met; more like a parent insisting on accompanying a new driver. They also are to serve as an aid in accessing the progress made by participants. As Alkahtani (2016) puts, Zigler and Phillips have emphasized that “systems of classification must be treated as tools for further discovery not as a bases for polemic disputation”

The Shepherd School Program; a form of education implemented in Northern Ghana for dropouts and the illiterate proved instrumental as an alternative form of education. It had flexible timings and school schedules, used facilitators instead of teachers, was locally managed and used local language as the medium of instruction; in the early years. Nevertheless it was discontinued due to financial constraints (Mfum-Mensah 2002). Hence Financial support in the form of access to credit, conditional support, feeding programs and scholarships has been highly recommended in the area of education, access to education and reducing dropouts especially on the African continent.

In India, child insurance is considered by Ashok Khurana et al(2011) as a vital and money-spinning business for the insurance sector.

Bringing all together

Linkages between education, technology and insurance thus far has become a necessity and my foundation (BOGC Foundation for the African Child) makes it a point to ensure any child or young adult we come across is made to understand the essence of this cushion, further laying emphasis on the need for education and proper health systems. To bridge the gap between the two groups listed, creating an app that act as a cushion or an ‘insurance’ I realized will suffice. After discovering this vital but hidden truth we sought a solution. The solution: we are instituting an algorithm for health insurance brokerage, an algorithm for education insurance pricing, a system to provide these children and young adults a means to make effective and efficient decisions and an app to cater for education with another for diagnostics and drug recommendation. These foundational means to an end is revolutionary in the sense that it seeks to cushion existing education systems the world over where distance, funds and peer engagements are impediments and likely disrupters of the education process. With the apps, we will be able to remove the barrier posed by distance in accessing quality international education especially at the preparatory level which hitherto is restricted to elite schools. With peer engagements, consider a scenario where kids from schools outside their local catchment area are connected to share ideas through one to one or one to many forums powered by anonymity? The second barrier will thus far be eliminated. Then finally, an insurance that ensures a child or young adult receives a cushion in case there is the need for funds to support their post preparatory education. That’s success!

My take on Leadership

From the restructuring and repositioning of Singapore and Malaysia to the evident transformation of Kigali one thing remains the sure Blueprint; Governance. Governance the process of decision making and Implementation within a nation, state or society comes in various forms. Mornachies, democracies, dictatorships, libertarianism among others form the upper echelon of governance models the world over. They serve as the instrument through which decisions are made and implemented howbeit these systems may not necessarily present the same result.

Colonel Muammar Al-Ghadaffi’s dictatorship for instance had citizens ‘wellbeing’ at heart. Seizing power through a coup d’état he built structures, systems, provided education and other socially ‘sound’ development policies, nevertheless his people rose and ousted him, why? Because he denied them their liberty.

Lee Kuan Yew, a lawyer by profession engineered Singapore’s elevation from third to first world after about three decades. His adoption of democracy nestled with silver lining elements of dictatorship changed Singapore. The policy of nurturing and building a system that considers future generation and the next human user propelled the dilapidated economy of Singapore to one of enviable repute. Although some labelled him as somewhat ruthless, the dexterity with which he ruled almost made it impossible to detect any flaw in his governance. In contrast with Gadhafi’s rule the people thought or felt their liberties were infringed upon.

Paul Kagame a former war lord was given the mandate to lead Rwanda; Succeeding Pasteur Bizimmagu. The cacophony of noises that surrounded his ascension to the throne after the resignation of Bizimmagu couldn’t stop him from the cause he chose to follow. His convictions was useful and downright clear. To change the situation of Rwanda for its future generation. He had a mandate to restructure, educate, build and and direct the country’s economy for the betterment of generations born and unborn. The model of democracy the country adopted was the ultimate the country needed. His projects and policies has propelled the war torn and ethnic divided Rwanda to an enviable fast growing economy without infringing on the rights of its citizens. Use democracy, be firm and never comprise were and still remains arguably his paramount principles.

John Magafuli of Tanzania was known internationally for his zero tolerance for greed, corruption and waste has also presented a new form of governance in Africa; firm and strict whiles being democratic. His governance principles are not farfetched and is likely to propel this African nation to the height he envisages despite his untimely demise.

As a Ghanaian and libertarian, I believe the world in general and Africa in particular will see massive development if governance presents a fair and firm environment, respect its citizen’s right, eschew corruption and work without thinking of the next election but the next generation. There and only then will Africa rise.

Additions

In a conference organised by Imani Africa a Policy Think Tank, I quizzed a resource person on why we should structure our democracy based on practices elsewhere. In an article by Stuart Butler formerly of the think tank: The Heritage Foundation, he emphasized that, the social structure of countries in developed countries have a less exacting effect on their economy than their economic structures (citing the USA and UK as point of reference) than their developing counterparts. That is to say location where a leader finds themself has a very important role to play in the success of their leadership: That gives us our first.

With that in mind, in the African sub region a major hindrance to effective and efficient leadership is funding shortfall. Then buttressing we are able to point out the fact that with the above problems, a third: ‘implementation barriers’ follow suit.

Addressing let’s put into perspective that before a leader can thrive he/she has to understand that transferability of knowledge and skill should always be sieved from a local perspective. Being resourceful, serendipitous and industrious are likely traits for success as a leader anywhere.

On opportunities,: globalization, the internet, social media and more recently AI has resulted in a vast array of resources, tools and networks that when properly harnessed and tuned to local conditions can ensure not only success in leadership but efficiency and effectiveness thereof.

Finally

From Africa’s term limit breakers to the conceders, one thing is certain. If rights of the citizens are respected, development is expected and relevant prudent policies are implemented, with education prioritized, then governance stands as a tool that can propel Africa from its current status to that of perfect or near perfect development status and leadership will only function to the extent governance will permit.

In conclusion, I would say “It is always better to point a proof than to prove a point

References

lkahtani Ali Mohammed(2016), Review of the Literature on Special Educational Needs, Journal of Education and Practice

Ashok Khurana(2011) Children Insurance Plans: A Collative and Analytical Study. Elixir Financial Management

Avvisati Francesco, Besbas Bruno and Guyon Nina, Parental Involvement in School(2010): A Literature Review. Revue D’ Economie Politique

Boyle S., Mace J., and Sibbons M.(2002). Reaching the Poor: The ‘Costs’ of Sending Children to School. Synthesis Report. London: DFID

Bulimwengu Solomon A. And Cartmel Jennifer(2022), Tween Years: A Systematic Literature Review for Services for Children aged 10-13 years. www.cell.com/heliyon

Butler Stuart(1997) Why Strong Social Institutions are needed to survive Economic Growth. The Heritage Lecture No. 60

Cloclough C. Rose P., Tembon M., (2000) Gender Inequalities in Primary Schooling: The Roles of Poverty and Adverse Cultural Practices. International Journal of Educational Development

Desforges Charles and Abouchaar Alberto(2003), The impact of Parental Involvement, Parental Support and Family Education on Pupil Achievements and Adjustments: A Literature Review. Department for Education and Skills, Research Report.

Guryan Jonathan , Hurst Erik , Kearney Melissa(2008), Parental Education and Parental Time with Children. Journal of Economics Perspectives.

Hunt Frances(2008), Dropping Out from School: A Cross Country Review of Literature. Consortium for Research on Educational Access , Transitions and Equity. Create Pathways to Access, Research Monograph No 16

Martin Anne, McDaid Lisa, McMellon Christina, Pugmire Juliana, Ridell Julie, Simpson Sharon, Skivington Kathryn and Wells Valerie(2020), Systematic Literature Review of the Relationship between Adolescents’ Screen Time, Sleep and Mental Health.

Mattingly Doreen J., Prislin Radmila, Mckenzie Thomas L., Rodríguez James L. and Kayzar Brenda(2002), Evaluating Evaluations: The Case of Parent Involvement programs. Review of Educational Research .

Mfum-Mensah O. (2002) Impact of Non-Formal Primary Education Programs: A Case study of Northern Ghana. Ontario: Comparative and International Education Society(CEIS)

Nekatibeb T.(2002), Low Participation of Female students in Primary Education: A Case Study of Dropouts from Amhara and Oromia Regional States in Ethiopia. Addis Ababa:; UNESCO

Welsch David M. and Zimmer David M.(2008), After-School Supervision and Children’s Cognitive Achievement. The B. E. Journal of Economic Analysis and Policy.