Partnering with Sutton Special Risk out of Canada to offer extensive suite of services

Multi-line insurance brokerage firm, Caribbean Assurance Brokers has pivoted its business towards new digitised product offerings in light of the new COVID-19 business environment in Jamaica.

In response to the pandemic, the company, which went public last March, has been forced to pivot its business operations such that it is now focusing on e-commerce development for online payment. The company has also developed new digitised product offerings, developed a new website, increased social media presence and changed the method of operations to virtual meetings and presentations for both internal and external meetings.

In addition, Caribbean Assurance Brokers has added new products to its product line which include ‘International Insurance’ and its ‘Credit Union New Health Plan’. The company has also partnered with Sutton Special Risk, a managing general underwriter, Lloyd’s Cover holder and third party administrator out of Canada.

This partnership has resulted in Caribbean Assurance Brokers, offering an extensive suite of services. Additionally, the Credit Union Gold Series, which falls under the ‘Credit Union New Health Plan’ offers local health insurance to credit union members through the Jamaica Cooperative Credit Union League.

Swift COVID-19 response plan

In addition to pivoting digitally because of COVID-19, the company has also implemented what it described as a ‘swift’ response plan for the pandemic. These include safety measures, as recommended by the Government to protect staff and customers in office, the implementation of work from home measures as well as the rotation of staff.

This, is in addition to the retention of the full staff complement.

Despite its COVID-19 initiatives, Caribbean Assurance Brokers was hit hard by the pandemic.

Company director Barrington Whyte has advised shareholders that, “due to the effect of the pandemic, the overall performance of Caribbean Assurance Brokers was negatively impacted”.

He said the impacts of the pandemic on the company’s product lines from the second quarter onwards were:

• Reduced commission from all lines of business
• Inability for producers to go out and meet with prospective clients
• Overseas insurance partner-imposed restriction on new businesses
• Travel restrictions and the closing of the borders impacted our Assured Travel product