BCIC expands its footprint to Barbados
KINGSTON, JAMAICA – 11 Jul, 2017 – BCIC, Jamaica’s second largest insurance company, is expanding its regional footprint with the beginning of operations in Barbados. BCIC’s first branch in Barbados opens today, Monday July 10, backed by the trademark service, knowledge and capacity that has helped build its more than J$6billion company over the last 55-years. The launch of BCIC in Barbados fulfills a long-time desire of the ICD group and its chairman Mr Joseph M Matalon, CD to expand BCIC into the Caribbean region.
BCIC’s operations in Barbados will be the first for the company outside of Jamaica, which is owned jointly by the ICD Group (68.5%) and the Victoria Mutual Building Society (31.5%). BCIC offers general, home, and motor vehicle insurance with the latter representing the bulk of its business and will offer the same categories of stellar products in Barbados.
“We are focused on replicating our Jamaican success over the last five decades in Barbados. We’re bringing our way of thinking about insurance and insurance products to the table, and most importantly, we are taking our ‘customer comes first’ attitude as well,” said Peter Levy, BCIC’s managing director.
“Our innovative products and great customer service have served us well in Jamaica and the people of Barbados will now have a chance to think, unthink and rethink everything they think they know about insurance,” continued Levy, who also heads the Barbados team.
Several other Jamaicans have had their responsibilities expanded to include management of the BCIC Barbados operations including Dorothy Russell-Clarke and Monique Cohen, general managers for Claims & Legal and Insurance Solutions respectively. Michelle Anderson, general manager for Sales & Distribution, Garth Rowe, general manager finance, marketing manager Simone Foote and information technology manager Benjamin Pringle have also seen their roles expanded to cover BCIC Barbados.
Among other things, BCIC is known for its service model that puts considerable focus on claims resolution. The company responds to and resolves claims faster than industry times and Levy is banking it will be a primary differentiator for BCIC in Barbados. Levy says BCIC is also bringing improved efficiencies through its online portal, enhanced product benefits, packages and discounts as well as insurance premium financing.
“We think first of what a customer wants and the situations that they face. If we can think ahead, then we get to pleasantly surprise them and enhance their quality of life beyond their expectations.” Levy added, “Our innovations are rooted in creating customer comfort and peace of mind.”
Established in 1962, BCIC boasts an equity base of J$2.97b at December 2016 and first-class reinsurance arrangements. Their reinsurers are rated at a minimum of A- by Standard & Poor’s. Performing well in 2016, BCIC ended the financial year with a Gross Written Premium of J$6.8b.