Some of Barbados’ leading companies are starting to feel the ripple effect of job losses in the public and private sectors.
But instead of turning their backs on customers who have fallen on hard times and were missing payments, management of both the Insurance Corporation of Barbados Limited (ICBL) and Cave Shepherd Card Services said they were virtually bending over backwards to help these individuals.
Responding to questions from the media after the official launch of a new partnership between his company and Cave Shepherd Card Services, ICBL deputy chief executive officer Goulbourne Alleyne said the insurer was cancelling policies as “a last resort” and was instead helping people find ways to finance their premiums.
“Obviously we are concerned about that because a lot of our customers also may be affected by the economic times that we have right now. So we are trying to work with them, making sure that not only is the insurance affordable but also from a competitive point of view, making sure that we can stretch those payments as long as possible and resort to cancellations as a last resort,” he said.
