Management of the Insurance Corporation of Barbados Limited (ICBL) has reported an increase in the purchase of its products, especially the life insurance option.
Henry Inniss, senior vice president and head of the life division, told members of the media last Monday during a rebranding exercise the company would “continue to roll out different options to the public” in an effort to continue to increase client base and revenues.
“Yes, we are seeing a tremendous response to our life insurance products. We have grown about 30 per cent year on year, 2012 compared to 2013.
“I think that outstrips the growth in most companies in Barbados right now and we are happy to report that,” said Inniss.
In addition, Goulbourne Alleyne, head of the general division and deputy chief executive officer, said general insurance, both home and auto insurance, was also performing well.
Opting not to give details, Alleyne said that the company would be improving the way it delivered products to customers “especially the younger demographics”.
“From a delivery of service point of view one of the things we have noticed is that people are actually looking for different approach as far as how we distribute our products and this is something that we are working very hard on to deliver products in a different and more efficient manner,” he said.
ICBL currently controls about 30 per cent of the property and casualty market and about six per cent of the life insurance market.
Meanwhile, chief executive officer Ingrid Innes, describing the current insurance climate here as “very competitive”, said that ICBL was “fighting to maintain and increase its market share”.
“We can only do that by providing superior service,” she said.
Innes added that the company was working on improving its technology systems. She also hinted at new services to be added to the 35-year-old company’s portfolio.
“We wanted to make sure that we didn’t just launch a new logo or new look or new feel, we want to launch new services,” she added.
The rebranding exercise, which started approximately 18 months ago, has resulted in the company boasting of a new colour, a shift from blue to purple, a change in logo design, new uniforms and an updated physical plant. (MM)
