ONE BRICK AT A TIME

Jamaica 2018 | FINANCE | INTERVIEW

TBY talks to Raymond Walker, Founder, Chairman & CEO of Caribbean Assurance Brokers Ltd. (CAB), on fighting for its clients, using environmentally sound methods to drive down costs, and continuously driving innovation.

Raymond Walker

What were the keys to CAB's success, and what have been the highlights of the company?

Because we place a high value on our clients' needs, we are known in the marketplace as advocates of our clients. We fight for them. In addition, our outstanding team takes the time to educate our clients, which is a key component to our high customer service delivery at CAB. While the average person may only consider the cost of insurance, not realizing that the cheaper option is not necessarily in their best interest, CAB educates all its clients with the best option available for their personal needs. CAB ensures its prices are competitive because the brokerage arena is characterized by fierce competition, and as such clients shop around. With constant market intelligence, research, ongoing reviews and client feedback, and innovative initiatives, the company continues to differentiate itself from its competitors. Additionally, CAB owns several products that allow it to provide clients with more competitive rates. The company also generates at least 65% of its electrical needs via solar energy. Electricity is a major cost driver in Jamaica, and this has given CAB a tremendous advantage to operate at a lower cost and pass these savings to customers.

Who are your main clients today?

CAB offers a variety of insurance products and services, resulting in us having a variety of clients, including corporate entities and individual clients. We have many individual clients, mainly from our local life and health, general insurance, credit union benefits portfolio, and international high net-worth individual plans.

What specific projects are you working on right now?

There are many strategic and innovative initiatives currently being pursued, both new and improved, that will significantly propel the company to the next level and be counted as another pioneering first in the industry. The company will use these to continue to revolutionize how the industry does business and is in keeping with the innovation and entrepreneurial spirit that CAB is synonymous with. In recognition of our loyal and valued clients, we recently introduced another value proposition, our Caribbean Assurance Brokers Loyalty Programme (CABLP). We want our clients to continue to love doing business with us; therefore, we are providing them with access to benefits, such as savings, discounts, and cashback at over 200 merchants and provider locations island-wide. These include leading supermarkets, wellness centers, retail stores, hotels, pharmacies, hospitals, valuators, restaurants, gyms, car dealers and much more. We even engaged an entity out of Canada to provide us with the analytics for our merchants and providers to understand how they benefit from giving discounts to our clients. In addition, we are currently in the process of adding an e-commerce component to our website, which will soon be launched. Our clients will have ease of access to simply make online purchases in a safe environment. This will also facilitate any prospective clients from other Caribbean islands. There are also plans to expand our travel insurance product throughout the island. We recognized that a considerable number of tourists travel to the Caribbean without travel insurance, and it is not until they arrive that they consider purchasing a plan. These are only a few of the initiatives that we have in the pipeline. Our strategic marketing and integrated communication plan have assisted in building our quality brand equity and will continue to be one of the tools we use to reinforce the company's competitive advantages, exceptional products, and highly qualified and respected team. Our outstanding social corporate responsibility mandate will also allow us to remain one of the most respected major players in the industry.