Insurance protection for valuables, including automobile, residential property and content with Scotiabank is going digital with the official launch of the Scotia General Insurance Agency (SGIA) which will operate under the brand name ScotiaProtect.

 The newest local player to enter the general insurance space, ScotiaProtect is set to further expand the  Scotia Group’s position as a full-service financial provider.  

The policies issued by SGIA will be underwritten by GK General Insurance (GKGI), a wholly owned subsidiary of GraceKennedy Limited. Scotiabank customers will now have the option of securing no-obligation quotations, purchasing policies and making claims via an easy-to-use and convenient digital portal available at www.scotiaprotect.com

Audrey Tugwell Henry, president and CEO of the Scotia Group, expressed excitement at the launch of what she described as a “highly strategic” move that represents an expansion of its ongoing value-creation mission for both customers and shareholders and is delivered in line with  the Bank’s digital first approach.  

“The main driver of our new entity will be to satisfy the demand of our customers and to make the handling of their financial affairs a seamless, end-to-end, one-stop process. We are extremely optimistic that our customers will find great value in the modern digital conveniences and highly attractive offerings, and that ScotiaProtect will bring to the market,” said Tugwell Henry.

Don Wehby, GraceKennedy Group CEO, hailed the collaboration between GKGI and SGIA, saying: “I am happy to witness Scotia and GK working together again, in the interest of our Jamaican consumers. ScotiaProtect combines GKGI’s 40 years of experience in the Jamaican insurance industry with the strength of the Scotia Group, to create a win-win for all. This partnership presents a great opportunity for GK to grow and expand our insurance portfolio via a truly innovative and consumer-centric digital solution. Kudos to our GKGI team, and congrats to Scotia on this new venture!”

The new insurance agency, which formally commenced operations in Jamaica via a soft-launch in  November last year, will be led by Gary-Vaughn White, who was recently appointed senior vice president, Collateral Protection.

The offerings under ScotiaProtect will take into consideration the current economic conditions and, as such, a flagship differentiator for the new entity will be no-interest monthly payment options. Customers can also create automatic payments for both installment plans and annual renewals directly from a Scotiabank account or via credit card payments.

The addition of general insurance services complements the existing operations of longstanding Scotia Group subsidiary, the Scotia Jamaica Life Insurance Company (SJLIC) which provides life insurance and retirement planning services.