After surpassing an $11-billion mark in gross written premiums (GWP) last year, British Caribbean Insurance Company (BCIC) has been ranked by Insurance Association of Jamaica (IAJ) as the leading general insurance company in 2019.
According to IAJ statistics, this performance reflects a 28 per cent increase in GWP when compared to the pevious year for the company, with operations in Jamaica, Barbados and Turks & Caicos.
“Not only did the GWP performance lead the market, but so too did the company’s profitability, with an impressive 165 per cent growth over 2018. The company’s profit before tax was $703 million,” a recent news release stated.
Peter Levy, managing director at BCIC said the secret to his company’s success was based on their ability to deliver value to customers and eliminate anything that inhibits this.
“It was this approach, coupled with an aggressive digital strategy, which saw customers being able to quote, buy, pay and claim online [that] ultimately served our customers well not only in 2019 but particularly so this year in the midst of the of COVID-19 pandemic,” he said, noting that from as early as 2018 the company’s staff was empowered to create solutions that aimed at serving the customer’s best interest.
In the midst of government restrictions to prevent the spread of the novel coronavirus, the company returned over $50 million in premiums to their private car and taxi policyholders in Jamaica and Barbados the only insurance company in those markets to have done this. Levy commented, “It didn’t seem right to generate windfall margins from an event that has had a negative impact on so many of our policyholders. We felt we had to make those refunds. That’s what outside-in means to us.”
The company, in further responding to the pandemic, said that it has extended credit terms to affected customers and has also introduced premium financing on motor policies with up to 11 months to pay.
An optimistic Levy said, “We intend to continue our relentless focus on the customer. We will continue making significant investments in technology and in our people to improve the experience of our customers and partners and honour our commitment to continuously innovate.
“We consider it a privilege to have customers and partners who continue to choose to do business with BCIC. We thank you for making that choice, particularly through these trying and uncertain times, and we commit to keep you at the forefront of everything we do,” he closed in saying.