Caribbean Assurance Brokers has gone digital, as it seeks to offer more products online while growing the business seamlessly in this pandemic-struck business environment.
The multi-line insurance broker has been forced to pivot its business towards new digitised product offerings in response to the novel coronavirus pandemic. As such, Caribbean Assurance Brokers is now focusing on e-commerce development for online payment and has developed a suite of new digitised product offerings.
In addition, the brokerage firm, which went public early last year, has also developed a new website, increased its social media presence and has changed the method of operations to virtual meetings and presentations for both internal and external meetings.
NEW ONLINE PRODUCT OFFERINGS
Among the new additions to its product line are international insurance and Credit Union New Health Plan. In addition, the brokerage firm has partnered with Sutton Special Risk, a managing general underwriter, Lloyd’s coverholder and third party administrator out of Canada.
This partnership has resulted in a number of new services. These include the Credit Union Gold Series, which falls under the Credit Union New Health Plan.
This plan offers local health insurance to credit union members through the Jamaica Cooperative Credit Union League. In addition to pivoting digitally because of COVID-19, the company has also implemented pandemic safety measures.
IMPLEMENTATION OF COVID-19 SAFETY MEASURES
These include safety measures recommended by the Government to protect staff and customers in offices, the implementation of work-from-home measures as well as the rotation of staff.
This is in addition to the retention of the full staff complement. In spite of these COVID-19 initiatives, Caribbean Assurance Brokers was hit hard by the pandemic.
In his forward message to shareholders, company director, Barrington Whyte, reported that, “Due to the effect of the pandemic, the overall performance of Caribbean Assurance Brokers was negatively impacted.” He cited some of the ways in which COVID-19 is adversely impacting the multi-line insurance brokerage firm.
“The impact of the pandemic on the company’s product lines from the second quarter onwards includes reduced commission from all lines of business and the inability of our producers to go out and meet with prospective clients,” explained Whyte. He said the impact is also felt on overseas insurance partner-imposed restriction on new businesses, as well as travel restrictions and the closing of the borders, which impacted its assured travel product.