BUSINESS MONDAY: ICBL OPTIMISTIC

THE Insurance Corporation of Barbados Limited (ICBL), one of this country’s leading insurance providers, is very optimistic about its performance in 2020.

CEO of the ICBL, Geoff Scott, based the optimism on policies the company is pursuing, including the completion of a digital transformation and the creation of new products, as well as on the projections the local economy is expected to show modest growth.

“As a nation emerging from some very serious challenges, I believe that we are absolutely on the right track,” Mr. Scott told a Christmas Mix and Mingle at Tapas Restaurant.

“With this confidence, we have plans and strategies in place for the next year to keep ICBL on top as Barbados’ leading composure insurer,” the CEO told the gathering.

“We’ll continue to evolve as we conduct our business and respond to your needs.”

The CEO recalled that in 2019, the company was committed to improving the ease of clients doing business with ICBL. He pointed out that they launched an easyINSURE platform, which allowed clients to get competitive quotes while purchasing or renewing their insurance policies with ease.

The company also upgraded its OMNIPLUS roadside service with the introduction of paperless claims processing.

Thirdly, it upgraded its telephone systems to ensure reduced wait times while providing faster access to the person needed to reach.

According to Mr. Scott, “These three initiatives are steps in our journey towards a complete digital transformation of the ICBL. Our dedication to developing innovative insurance solutions for you has been the driving force for new ground-breaking products.”

He identified one such product as a parametric insurance, which no other insurance company in Barbados offers, just in time for the start of this year’s hurricane season.

“We are excited about this product and do hope that our hotel and hospitality industry clients take advantage of this new form of insurance,” Mr. Scott added.