12 PAGE FEATURE WEDNESDAY, FEBRUARY 27, 2013.
2. WEDNESDAY, FEBRUARY 27, 2013. MIDWEEK NATION EXTRA
THIS YEAR MARKS the 30th anniversary of Insurance & General Services Limited (IGS). As the company celebrates this milestone, its founders, former Harrisonian buddies Mark Norville and Tony King, reflect on the early days. They also share their views on the current insurance industry during this interview with Senior Writer (Advertising) Cheryl Harewood. Q: When was Insurance & General Services Limited established and where was the first office located? Tony: The business was registered on October 2, 1982, and opened for business on January 2, 1983 at Finbarr House, Broad Street. Together with our first employee Claire Scott, we shared a tiny office with Secretarial Services. Two years later we moved to 27 Broad Street, where we remained until 1990 when we purchased our own building “Kinnor Place”, at Cheapside, The City. Q: What vision was behind the establishment of IGS and how did you both get involved in its birth? Mark: I was a sales representative for the then Mutual and often found myself unable to satisfy the total insurance needs of a family, since I was selling only life insurance. It meant I had to refer clients to someone else to look after their home, motor, contents or even business insurance. I was frustrated at not being able to offer a complete insurance package. I discussed this situation with the Mutual but they did not make it possible for agents to sell both life and general insurance at that time. Therefore, after completing my Chartered Life Underwriters course, I explored the idea of opening an insurance brokerage firm which would allow me to offer a complete insurance service. Tony: I was at Barbados Fire and General Insurance Company Limited at the time and was thinking along the same lines as Mark. I must note that we were friends from around the ages of 13 or 14. We met one day during a fund-raiser at Empire Cricket Club and I told Mark that I wanted to take a chance at setting up a business, not knowing he already had the same idea. Within three months IGS was set up. I had already made contact with the supervisor of Insurance and one of the major insurers who promised to provide indemnity insurance. The truth is, we were both in our late thirties and wanted to be self-employed. Q: What was the state of the country’s economic climate during IGS’ establishment? Tony: The economy was under some stress, so much so that people were telling us we were reckless to start a business at the time. Our idea was, if we could find our way through the difficult times then we would be fully established when things got better. Mark: Statistics show that insurance does better when the economy is bad. The reason for this is that people realize if the main breadwinner in the household dies, it is even worse for survivors, so people tend to protect the family against that financial loss. The same goes for property. It is more difficult to replace assets in a depressed economy. In any case within a small island economy, when is the climate ever good enough to start a business? If you were to wait until the economy booms, you probably will never get started. Q: Give me an idea of what it was like back then for black companies such as yours? Tony: It was and still is some challenge for black brokers because the large corporate accounts are in the hands of the major players. We concentrated mainly throughout the years on individual business. Mark: Our marketing efforts were geared towards the small business and individuals. We felt that medium and small businesses, along with individuals, deserved to have
MARK NORVILLE (MG)
TONY KING (MG) Stories by Cheryl Harewood
MIDWEEK NATION EXTRA. WEDNESDAY, FEBRUARY 27, 2013. 3
the same good broking services as the bigger business received. Without official polling I sense that 99.9 per cent of black businesses are willing to do business with the white community, but perhaps only about one per cent of white companies make an effort to do business with black companies.
legislation and policies adequately protect the consumer? Tony: At the moment, in my opinion, there is overregulation because of recent events in the industry. This may force some of the small players out of the market; then we can say goodbye to entrepreneurship. At this stage, we should be encouraging people to set up their own businesses. The overregulation could prevent this from happening.
Q: What would you say have been your greatest challenges? Tony: Controlling expenses and living with reduced commissions throughout the years.
Mark: We would support any regulation that protects the consumer, but if it tends to create hardships for small businesses it should be revisited. A regulation that comes to mind is where the broker no longer has to provide Government with a bond, but provide cash security. That could have a negative effect on cash flows for small businesses.
Mark: While we cannot look back and say we’ve had serious challenges, the fact is that there are more brokers coming into the market and the pie is not getting any bigger. This means many brokers will get a reduced piece of the pie. Hence, if brokers are receiving less revenue and are likely to be faced with increased expenses, very prudent decisions would have to be made.
Q: What have been your keys to success?
FORMER SCHOOL BUDDIES AND MEMBERS OF THE EMPIRE CLUB: Tony King, seated second from left and Mark Norville, seated third from left. (RC)
Tony: Hard work getting out there and widening the net. Mark: I would add that together with a good staff, our honesty, integrity and ability to treat our clients well, have been to our advantage. Q: What lessons have you learned along the way? Tony: If you give good service, it is a guarantee that you can keep your client. We must show them we care about their business. Mark: I’ve learnt that female employees have been more
productive and reliable than their male counterparts.. Q: How do you view today’s insurance climate in comparison to 30 years ago? Mark: It is far more competitive, almost reaching the stage of dog eat dog. We’ve found that our competitors are not only the other brokers. In addition, there is not always fairness in the settlement of claims. Often the company finds itself fighting on behalf of the little man because of the way he is likely to be treated. Q: Given recent issues relating to the insurance industry, do you think current insurance
Q: Where would you like to see IGS go from here?
Tony: IGS was not destined to exist only when Mark and I are around. We both have sons who pay attention to what is happening with IGS and they will ensure the business continues. Mark: People often remark that Tony and I who started the business are still speaking to each other and the business is yet flourishing. History has recorded the short life span of black partnerships. However, I am proud to say this one is different. IGS will live on long after we’re gone. What we wish to do is thank our many clients and supporters for helping to make IGS a success story. Also, all credit to a dedicated and caring staff.
4. WEDNESDAY, FEBRUARY 27, 2013. MIDWEEK NATION EXTRA
NEWLY APPOINTED Office Manager of Insurance & General Services Limited (IGS), Wendy Phillips, is aware that there will be challenges ahead but she has a vision to take this company to another level. Noting that IGS was among the country’s
top five insurance brokers, she said she “intends to make IGS the insurance broker of choice”. Phillips has literally grown up in IGS, and thanks God “for His blessings through the years”. She also commends directors and
CLAIRE SCOTT (MG) WHEN DIRECTORS of Insurance & General Services Limited (IGS) Mark Norville and Tony King opened the doors of their insurance brokerage office on Lower Broad Street, The City, in January 1983, Claire Scott, their first employee, joined them in the firm that same day. Thirty years on, Scott is still lending support although she is officially retired. A former student of Queen’s College, she remembered being a “Jill of all trades”, while holding the title of accountant. Today, she fulfils her part-time roles as financial advisor and company secretary with the same gusto as she did those many years ago. A former banker, Scott recalled the early
days of working with Wendy Phillips, Sharon Hope and Suzanne Oliver and of having to manually prepare a monthly ledger. She had some challenges along the way, such as the introduction of computers during the late eighties. However, today Scott can proudly testify of having mastered this technology. She has witnessed many other changes and growth over the years, and recalled that as the business grew so too did the staff. “It is good to know they are now equipped to take over and allow the more senior staff to sit back a bit,” quipped Scott. She congratulates Norville and King on their success and credits them for always keeping her abreast of decisions relating to the company.
founders Tony King and Mark Norville for their insight and for giving her the opportunity to develop herself. “I have grown up and matured with this company over the years. They both gave me the opportunity to study and have been supportive towards my self-development. I’ve also learnt lessons which have moulded me into the person I am today,” Phillips said. “I’ve seen the company grown from a staff of four, and we have recorded significant growth in clientele over the years.” Phillips stated that having been exposed to the Internet, “clients today are demanding more,” and this makes it necessary for her to keep abreast of what is happening in the industry. She has been employed with IGS since June 4, 1984, and first worked in the company as a receptionist and secretary. She also held the post of group sales administrator prior to her current appointment in January this year. Educated at Leacocks Private School, Alexandra and Barbados Community College, Phillips holds a diploma in human resource management from the University of the West Indies (UWI) and administrative professional secretarial certificate from the School of Continuing Studies, (UWI). In
WENDY PHILLIPS (MG)
addition, she is an Associate, Life & Health Claims, Associate, Customer Service, Health Insurance Associate and an Associate, Life Management Institute earned through the Life Office Management Association. In 2012, she successfully achieved Fellow, Financial Service Institute.
CONGRATULATIONS
WE CONGRATULATE
INSURANCE & GENERAL SERVICES LTD. ON REACHING THE MILESTONE OF THEIR
30TH ANNIVERSARY OUR ASSOCIATION OVER THE YEARS HAS BEEN INVALUABLE
EMAIL: ADMIN@SRMARCHITECTS.COM WEB: WWW.SRMARCHITECTS.COM TEL: (246) 436-1474
FAX: (246) 429-8161
MIDWEEK NATION EXTRA. WEDNESDAY, FEBRUARY 27, 2013. 5
SHAHIDA IFILL-WALCOTT (MG) PRIOR TO JOINING Insurance & General Services Limited (IGS) in 2007, Shahida Ifill-Walcott had already spent 30 years in the insurance industry. As a broker with IGS, she underwrites all classes of insurance for the company and heads the IGS suboffice in Peterkins Main Road, Bank Hall, St Michael. Ifill-Walcott was educated at St Leonard’s Girls School, Federal High School, the Academy of Commerce and the University of the West Indies Open Campus. In her 35 years in the industry she has completed several courses
offered by the Insurance Institute of Barbados; some in conjunction with the London School of Insurance. Ifill-Walcott has given service to the Barbados Boys Scouts, the Lions Club, the Barbados Association of Retired Persons, and is vice-president of the Board of the Caribbean Dyslexia Association. She congratulates the directors and management of IGS for affording her the opportunity to work with the company and describes the past six years as “enjoyable”.
MIDWEEK NATION EXTRA. WEDNESDAY, FEBRUARY 27, 2013. 7
6. WEDNESDAY, FEBRUARY 27, 2013. MIDWEEK NATION EXTRA
Hope keeps you informed (MG)
KELLIE MANDEVILLE
“WORKING AT Insurance & General Services Limited (IGS) for the past two years has been a pleasant experience. I have enjoyed meeting and dealing with the various clients.” So says customer service representative Kellie Mandeville, who first joined IGS in 2010 as an office assistant. Her duties include answering the telephone, preparing bills, receipts and cover notes. She also collects premiums and visits companies to retrieve documents relating to her work. Educated at St Gabriel’s School, the Ursuline Convent and the Academy of Commerce, Mandeville publicly wishes IGS’ directors and staff many years of continued growth.
SUZANNE OLIVER has enjoyed a love relationship with accounts all her life. Much of this relationship has taken place within the accounts department of Insurance & General Services Limited (IGS). She joined this insurance brokerage firm in May 1986 as an accounts clerk, prior SUZANNE OLIVER to working in the legal (MG) and public sectors. Today, she is the accounts/computer officer. Oliver busies herself preparing and posting receipts, preparing remittances for insurance companies and handling all other accounting matters, including mailing reminders to clients with outstanding payments. Like those who joined the company during its early years, Oliver remembers the long processes of conducting business prior to the computer age. She also recalls when the company had fewer clients and when clients paid their premiums on time. Oliver is a past student of Springer Memorial, the Barbados Community College and the Barbados O’Level Institute. A graduate of the Insurance Institute of Barbados, she is more than happy about IGS’ growth and wishes its directors Tony King and Mark Norville all the best in their future endeavours.
SHARON HOPE
WHEN YOU RECEIVE a letter in the mail from Insurance & General Services Limited (IGS) reminding you that your premium is due, it most likely would have been prepared at the desk of computer clerk, Sharon Hope. She is primarily responsible for renewals, the preparation of invoices, and undertakes some underwriting. Hope held the post of secretary when she joined the IGS in 1986. She recalled when typewriters were the main office tool of the day. After 27 years at IGS, she can attest to the growing competitiveness
of the insurance industry. “Today there are more insurance brokers, and so everything must be done to ensure we keep our clients happy. It is important that we look after their interests. “Customers expect more from insurance companies and we must provide them with the best quotations. To do this, we must always be ahead of the game,” Hope explained. This former Christ Church High School student believes IGS has made significant strides in reaching its 30th year in business and wishes the company’s management team the best in their future endeavours.
(MG)
JUDY BOYCE believes in performing her duties as office clerk as efficiently and effectively as she can. She keeps track of the distribution of motor certificates, filing of documents and assists with accounts. Boyce worked in the travel industry before making her mark in the insurance field in 2001. The former St George Secondary School student says what she enjoys each day is “coming to work in a friendly office atmosphere”. More than anything, Boyce wants to see Insurance & General Services Limited (IGS) continue to promote and encourage education and training in all aspects of insurance and to witness the continued success of the business.
EVERYONE HAS THEIR perspective on the current economic climate and its effects on the world of business. Claims officer at Insurance General Services Limited (IGS) Julia Sandiford is no exception. Having joined the company in 1991, a few months after leaving the Barbados Community College,
JULIA SANDIFORD
JONATHAN HAYNES (MG)
JUDY BOYCE
(MG)
INSURANCE SALES CONSULTANT Jonathan Haynes is extremely pleased to see two black businessmen spend 30 years in the insurance industry as partners. In fact, he sums up his satisfaction in the following words: “They deserve all the praise in the world and I wish them all the best in the business.” A former Modern High School student, Haynes has spent 40 years selling general and life insurance. He said people were now insuring their homes and “the
Sandiford has witnessed many changes over the years. In her view, “The industry has changed significantly. Back then people sought to purchase insurance especially on their vehicles. Today, they are balancing their budgets due to the current recession and are not seeing insurance
as a top priority.” The former Grantley Adams Memorial School student has also noticed an increase in the number of vehicular accidents and claims. A graduate of the Barbados Insurance Institute, Sandiford takes care of some claims and most commercial accounts.
(MG)
economic climate has not witnessed a drop in business”. A graduate of the Barbados Community College, the University of the West Indies and the Barbados Institute of Management and Productivity, Haynes has also completed the Life Underwriters Association Training Course through the Insurance Institute of Barbados. He has been associated with Insurance & General Services Limited (IGS) since 2002.
ROMONA SATRAM (MG)
INSURANCE BROKERS today are better able to service their clients. They also make it a point to go the extra mile to please and expand their services. That’s the view of customer service representative, Romona Satram, who also believes that while people are buying insurance, some types of insurance, such as homeowners comprehensive insurance, sometimes tend to attract more attention during hurricane season. This observance has made Satram more keenly aware of the fact that while people understand the importance of insurance, they
still often leave it asa last resort when it comes to insuring their possessions. Educated at Louis Lynch Secondary School, the Barbados Community College and the Insurance Institute of Barbados, Satram, who joined the Insurance & General Services Limited in 1999, has spent 14 years in the insurance field, beginning as a receptionist and filing clerk. Part of her duties as a customer service representative include underwriting with some claims duties. She also lends support to the accounts department.
MIDWEEK NATION EXTRA. WEDNESDAY, FEBRUARY 27, 2013. 7
6. WEDNESDAY, FEBRUARY 27, 2013. MIDWEEK NATION EXTRA
Hope keeps you informed (MG)
KELLIE MANDEVILLE
“WORKING AT Insurance & General Services Limited (IGS) for the past two years has been a pleasant experience. I have enjoyed meeting and dealing with the various clients.” So says customer service representative Kellie Mandeville, who first joined IGS in 2010 as an office assistant. Her duties include answering the telephone, preparing bills, receipts and cover notes. She also collects premiums and visits companies to retrieve documents relating to her work. Educated at St Gabriel’s School, the Ursuline Convent and the Academy of Commerce, Mandeville publicly wishes IGS’ directors and staff many years of continued growth.
SUZANNE OLIVER has enjoyed a love relationship with accounts all her life. Much of this relationship has taken place within the accounts department of Insurance & General Services Limited (IGS). She joined this insurance brokerage firm in May 1986 as an accounts clerk, prior SUZANNE OLIVER to working in the legal (MG) and public sectors. Today, she is the accounts/computer officer. Oliver busies herself preparing and posting receipts, preparing remittances for insurance companies and handling all other accounting matters, including mailing reminders to clients with outstanding payments. Like those who joined the company during its early years, Oliver remembers the long processes of conducting business prior to the computer age. She also recalls when the company had fewer clients and when clients paid their premiums on time. Oliver is a past student of Springer Memorial, the Barbados Community College and the Barbados O’Level Institute. A graduate of the Insurance Institute of Barbados, she is more than happy about IGS’ growth and wishes its directors Tony King and Mark Norville all the best in their future endeavours.
SHARON HOPE
WHEN YOU RECEIVE a letter in the mail from Insurance & General Services Limited (IGS) reminding you that your premium is due, it most likely would have been prepared at the desk of computer clerk, Sharon Hope. She is primarily responsible for renewals, the preparation of invoices, and undertakes some underwriting. Hope held the post of secretary when she joined the IGS in 1986. She recalled when typewriters were the main office tool of the day. After 27 years at IGS, she can attest to the growing competitiveness
of the insurance industry. “Today there are more insurance brokers, and so everything must be done to ensure we keep our clients happy. It is important that we look after their interests. “Customers expect more from insurance companies and we must provide them with the best quotations. To do this, we must always be ahead of the game,” Hope explained. This former Christ Church High School student believes IGS has made significant strides in reaching its 30th year in business and wishes the company’s management team the best in their future endeavours.
(MG)
JUDY BOYCE believes in performing her duties as office clerk as efficiently and effectively as she can. She keeps track of the distribution of motor certificates, filing of documents and assists with accounts. Boyce worked in the travel industry before making her mark in the insurance field in 2001. The former St George Secondary School student says what she enjoys each day is “coming to work in a friendly office atmosphere”. More than anything, Boyce wants to see Insurance & General Services Limited (IGS) continue to promote and encourage education and training in all aspects of insurance and to witness the continued success of the business.
EVERYONE HAS THEIR perspective on the current economic climate and its effects on the world of business. Claims officer at Insurance General Services Limited (IGS) Julia Sandiford is no exception. Having joined the company in 1991, a few months after leaving the Barbados Community College,
JULIA SANDIFORD
JONATHAN HAYNES (MG)
JUDY BOYCE
(MG)
INSURANCE SALES CONSULTANT Jonathan Haynes is extremely pleased to see two black businessmen spend 30 years in the insurance industry as partners. In fact, he sums up his satisfaction in the following words: “They deserve all the praise in the world and I wish them all the best in the business.” A former Modern High School student, Haynes has spent 40 years selling general and life insurance. He said people were now insuring their homes and “the
Sandiford has witnessed many changes over the years. In her view, “The industry has changed significantly. Back then people sought to purchase insurance especially on their vehicles. Today, they are balancing their budgets due to the current recession and are not seeing insurance
as a top priority.” The former Grantley Adams Memorial School student has also noticed an increase in the number of vehicular accidents and claims. A graduate of the Barbados Insurance Institute, Sandiford takes care of some claims and most commercial accounts.
(MG)
economic climate has not witnessed a drop in business”. A graduate of the Barbados Community College, the University of the West Indies and the Barbados Institute of Management and Productivity, Haynes has also completed the Life Underwriters Association Training Course through the Insurance Institute of Barbados. He has been associated with Insurance & General Services Limited (IGS) since 2002.
ROMONA SATRAM (MG)
INSURANCE BROKERS today are better able to service their clients. They also make it a point to go the extra mile to please and expand their services. That’s the view of customer service representative, Romona Satram, who also believes that while people are buying insurance, some types of insurance, such as homeowners comprehensive insurance, sometimes tend to attract more attention during hurricane season. This observance has made Satram more keenly aware of the fact that while people understand the importance of insurance, they
still often leave it asa last resort when it comes to insuring their possessions. Educated at Louis Lynch Secondary School, the Barbados Community College and the Insurance Institute of Barbados, Satram, who joined the Insurance & General Services Limited in 1999, has spent 14 years in the insurance field, beginning as a receptionist and filing clerk. Part of her duties as a customer service representative include underwriting with some claims duties. She also lends support to the accounts department.
8. WEDNESDAY, FEBRUARY 27, 2013. MIDWEEK NATION EXTRA
CINDY GONSALVES (MG)
THE REALITY that Insurance and General Services Limited (IGS) is celebrating 30 years in the insurance industry is being hailed by customer service representative Kimeta Thomas as “a great achievement for a black-owned company”. “Not many companies can boast of such an achievement,” stressed Thomas, who came onboard in 2001 as a junior secretary. Her launch into insurance came 15 years ago during a job attachment at a local insurance company. At the time she was a student at the Barbados Community College. “I was attached to the
WORKING WITH AN insurance brokerage firm is more hands-on than working with an actual insurance company. This is the view of customer service representative Cindy Gonsalves, who says while she finds it more challenging, she has a great love for her chosen field. While Gonsalves assists with underwriting, claims and lends support to the Group Department, her greatest joy is interfacing with clients on a daily basis. “I love working in the industry and interfacing with clients. I have worked in every aspect of insurance, including data processing, medical, health, life, motor and home,” she disclosed. She also previously worked as a cashier and data entry clerk at a leading insurance company. Gonsalves joined Insurance & General Services Limited in 2007 and has spent ten years in insurance. She received her formal education at St James Secondary School and the Barbados O’Level Institute and holds a certificate of proficiency from the Insurance Institute of Barbados.
ABEDENA SAMPSON believes the customer service department plays an important role in the operations of Insurance & General Services Limited (IGS), since it is the point of contact for the business and ABEDENA customers. She also holds the view SAMPSON (MG) that the quality of service rendered by the customer care representatives determines if customers will continue to do business with the company. A past student of Foundation School, Sampson has also attended the Barbados Community College, Samuel Jackman Prescod Polytechnic and Barbados Institute of Management and Productivity. Her love for the industry inspired her to pursue further studies at the Insurance Institute of Barbados. She holds a certificate of proficiency and the Barbados diploma in insurance. Sampson joined IGS in 2002. She performs many tasks, including transacting business for private and commercial clients, preparing invoices, ensuring that clients receive their policies and performing data entry services.
accounts section and gained a love for the industry,” explained Thomas, who was educated at the Coleridge & Parry School, and like some of her colleagues gained the certificate of proficiency as well as the diploma in insurance from the Insurance Institute of Barbados. Her daily functions include, but are not limited to, obtaining quotations from insurance companies for
KIMETA THOMAS
(MG)
both new and existing clients, data entry of new business, and preparing billing statements. Thomas has worked in every area of insurance, with the exception of life.
HE SPENDS AS little as 20 minutes a day in the office since his job as messenger keeps him on the road. But Winston Pinder is not complaining. He enjoys the outdoors and loves interacting with the WINSTON people he meets daily. PINDER (MG) The former St Leonard's Boy’s Secondary School student is the liaison person between the various insurance companies and IGS. He sees after all incoming and outgoing mail and retrieves insurance certificates from the various insurance companies for IGS’ clients. Pinder describes his job in this manner, “It’s challenging at times as the majority of my work means being on the road, but I am proud to be part of this company. I like the friendly, cooperative staff and the directors.”
MIDWEEK NATION EXTRA. WEDNESDAY, FEBRUARY 27, 2013. 9
Meet the broker – the middle man
AN INSURANCE BROKER acts as a middle man between businesses and insurance companies to find you the best policy to fit your needs. Since brokers know the insurance field, they can navigate through the bureaucratic system with ease and translate the technical language found in standard contracts while finding you the best price. In addition, a professional insurance broker already knows the insurance industry. He or she also knows the advantages and disadvantages of policies; are familiar with the terminology and has read all the brochures
WHEN DEBBIE ROACH joined the Insurance & General Services Limited (IGS) team in 2011, she brought 18 years’ experience to this firm. Roach had previously worked as a claims officer, claims supervisor and acting manager at three leading insurance companies. In her current role, she liaises with all the insurance companies and other service providers to ensure that the claims of IGS’ clients are processed and settled in a timely manner. This involves constant
and fine print. This will speed up the process of finding an insurance policy as well as save you from the time and frustration of researching different options yourself. Choosing an inadequate policy that does not cover your needs can cost you money. Since the broker is a professional, you will have the peace of mind of knowing that the policies presented to you will fulfil your needs. In the area of services, an insurance broker
Continued on Page 11.
collaboration between the insurance companies and other service providers. Educated at Combermere School, Samuel Jackman Prescod Polytechnic, Barbados Community College, Barbados Institute of Management and Productivity, and the Insurance Institute of Barbados, Roach holds among other qualifications, a certificate in supervisory management, a distinction in fundamentals of management, certificate of proficiency in insurance and a dploma in insurance.
DEBBIE ROACH (MG) She is enrolled at the Canadian Insurance Institute where she plans to pursue the CIP (Chartered Insurance Professional). She also plans to pursue studies in law.
10. WEDNESDAY, FEBRUARY 27, 2013. MIDWEEK NATION EXTRA
WHY DO I NEED INSURANCE? This is a question many an insurance agent has heard time and again, either from a prospective candidate for insurance, or from someone who is ignorant to the benefits of securing an insurance policy. While some hold to the belief that insurance agents get to pocket huge sums of money from commissions, the truth is, insurance benefits the person who buys it 100 per cent. In fact, taking the needed step to purchase insurance is a foolproof way of protecting yourself against the financial consequences of a possible future event – be it an accident, fire, disaster of some sort, in health and the list goes on. Barbados’ laws require that you buy certain kinds of insurance, while other kinds are widely bought but not legally required. For instance, insuring your vehicle before putting it on the road is a must for every driver. Whether or not you choose to insure your home and its contents, or purchase health insurance, is left entirely up to you – although most mortgage companies stipulate that your home must be insured when taking out a mortgage. Purchasing insurance must therefore not be viewed as some sort of gimmick. The reality is, you can purchase insurance for almost everything. Even some of Hollywood’s best insure their body parts for millions of dollars. Among the most commonly bought types of insurance are life, health, homeowners and motor insurance.
Life Insurance
You can purchase life insurance on someone else – maybe your spouse, children or other family members. You can even take out an insurance policy on key employees if you are a company owner. When an insured individual dies, the beneficiary of an insurance policy receives a sum of money. You can buy a small life insurance policy to enable your family to cover
your final expenses or a larger policy to enable your family to pay off your mortgage and other debts if you pass away. If you buy life insurance on a business partner, you can use the insurance proceeds to buy your partner’s share of the business if your partner dies. You do not have to buy life insurance but most financial planners recommend buying it.
Health Insurance
Many medical procedures are expensive and treatments for major operations and certain kinds of diseases can cost you thousands of dollars. Few people have sufficient cash reserves to cover such costs. However, if you buy health insurance, you pay a monthly premium to an insurer who covers the cost of any future medical treatment. Some health insurance policies include limited coverage for certain procedures, so you may have to shop around for the best plan. That’s when the insurance broker can play a major role on your behalf.
Homeowner’s Insurance
Each homeowner should purchase homeowner’s insurance. This will provide protection from financial losses stemming from damage incurred to your home. Some mortgage lenders require mortgage borrowers to purchase sufficient homeowner’s insurance to cover the replacement cost of the house and life insurance to cover the amount of the loan. If you do not purchase homeowner’s insurance, your
lender normally buys a policy for you and adds the cost to your monthly payment.
Motor Insurance
As mentioned earlier, motor insurance is a must if you own or operate a vehicle. Should you be involved in an automobile accident, motor insurance can cover the cost of repairing your vehicle in addition to the cost of medical treatment resulting from the accident. Automobile insurance also provides you with liability coverage in the event that someone involved in an accident with you take legal action against you. Compulsory third party cover allows for the damage you may cause to someone's property or vehicle, or injury to an individual.
MIDWEEK NATION EXTRA. WEDNESDAY, FEBRUARY 27, 2013. 11
• From Page 9. uses his knowledge and connections to present to you an array of options for your insurance needs and the needs of your business. He can also provide you with additional service and help you wade through and understand compliance regulations. Since the broker works in your best interest, he won't be trying to pitch a particular policy to you or present you with biased information. Also, insurance companies often
MOTOR CLAIMS bring with them various emotions, thus forcing the management of them to be difficult at times. The challenge comes in many ways – too little details, inaccurate information or disparate statements from the parties involved. This sometimes makes you wonder how the parties could have been in the same accident. However, the greatest achievement for the broker is when the client expresses satisfaction with how the claim was handled. The processing of a claim is often made easier when the parties involved ensure that all necessary contact information is taken – including the registration numbers, details of the vehicles, their owners and/or drivers’ details, the damage done and a photograph of the accident, if possible. In addition, you should note the insurance company of the other party. One of the most difficult situations is when a client is told of the need to pay an “excess” before the vehicle can be repaired. This excess must be paid when a claim is being made on your own policy. In the case of damage to a building or contents, the insurer may pay the claim less the “deductible”. This is the amount of the claim which is not paid by the insurer. It is important that all clients understand the excess and deductible aspects of their policy as it may often cause some dispute when a claim is being made.
ALMOST FROM ITS INCEPTION, Insurance & General Services Limited (IGS) has been a company committed to giving financial assistance where it was most needed. We would seek out or accept recommendations to assist a student at a secondary or tertiary educational institution. IGS has now helped more than 12 students complete their education, allowing them to study without worrying about the costs of books, meals or anything needed for them to be comfortable in their studies. We have often hoped that this programme, which we have pioneered, would witness more of corporate Barbados offering similar assistance to other needy young people. Indeed, it is not too late for business houses to adopt a similar programme especially in these austere economic times when a financial helping hand will certainly be appreciated. – MARK NORVILLE, DIRECTOR
offer lower premiums to brokers than businesses. They are able to do this because brokers are trained to choose the appropriate policy for a business. Fitting a business with the right policy ensures that the company is not underinsured, which saves the insurance company in the long run. In addition, the insurance broker does not receive a commission from you. The insurance company pays his or her commission.
12. WEDNESDAY, FEBRUARY 27, 2013. MIDWEEK NATION EXTRA
CONGRATULATIONS to Insurance & General Services Limited (IGS) on their 30th anniversary. We have been associated with IGS from the inception of our operation and have found them to be reliable, efficient and committed to excellent service. N.I.S.E. will be so proud of you. – Sydney Blenman – Managing Director – CRS Building and Maintenance Inc ANYONE WONDERING why there’s a need to have an insurance broker or agent, ought to have the experience of having IGS’ representative Shahida Ifill-Walcott (who has become an extension of my firm’s risk management and administration system) look after their insurance matters. We get early notice of due premiums, helpful advice on payment options and on risk we should be covering. The personal attention she offers is invaluable to a busy small firm like ours. It has been great doing business with IGS. Irving Burrowes – Burrowes Chartered Accountants ARISTOTLE STATES:“Excellence . . . is not an act but a habit.” I have been a customer of IGS for over ten years, and have experienced a habit of excellence, from IGS management and staff. I can recall Julia, meeting me downstairs to collect my cheque because I was in a hurry, and Wendy who worked with me to complete all the necessary insurance for my mortgage application. Cathy Norville-Rochester – Human Resources Consultant
I HAVE BEEN with IGS for about 28 years and it is a good, honest and trustworthy company. Goulbourne Forde – Contractor
IGS is a good insurance broker. I have been a client for 16 years and find the staff to be very pleasant. Margaret-Ann Walkes – Hotel worker
THE SERVICE we have received over the years from the IGS team has surpassed most. From inception, timely responses and thorough advice have been their hallmark. Being an intimate operation ourselves, we continually look forward to the paramount service they continue to offer and salute them on the achievement of this milestone. H. Waldo Clarke – Trowel Plastic Barbados Limited
ON BEHALF of the management and staff of Co-Operators General Insurance Company Limited, I wish to extend heartiest congratulations to the management and staff of IGS on the company’s 30th anniversary. I can attest to IGS’s strong commitment to clients as they offer excellent customer service and endeavour to secure the best possible terms for their clients. Anton Lovell – General Manager – Co-Operators General Insurance Company Limited
WE HAVE BEEN using IGS for three years and found staff to be prompt and professional. I have recommended your company to many others and will continue to do so. John A. Jones I TOOK out my first life insurance policy OUR ASSOCIATION with MY WIFE AND I first came into circa 1990 with Insurance General contact with IGS over 20 years ago. IGS spans a period exceeding Services Limited (IGS) through Mark Since then, we have introduced many 29 years. Norville, whom I had met before there was other customers to the company Throughout this time we have IGS. He made understanding the need for on account of the amazing friendly, received prompt, reliable and life insurance and its application to life very helpful, respectful and smiling attitude efficient service; extended simple. His advice proved to be true as with a measure of staff. I later became a professional in the business IGS has been a source of relief for of professionalism that has and developed a working relationship with made it a pleasure to have returning nationals who have been the IGS team. I have always found IGS fraught with problems on their return them advise and manage our to be a provider of sound and appropriate insurance needs. Thank you to the island. Through IGS’ financial advice and commend them for consultancy and guidance many have IGS for your dedication and being a leading light in the insurance willingness to go the extra managed to settle back into industry. mile! their homeland. R. Paul Inniss – Insurance Executive Syl Jones – Returning National SRM Architects Limited I HAVE BEEN a satisfied client of IGS for over 15 years and have had all my insurance needs met in a friendly environment by a professional and reliable team. I am confident the quotes they give are the best, so I don’t go checking for better offers. Director Mark Norville is always accessible. His cordial manner is emulated by his staff, particularly, Wendy Phillips, who responds promptly and is never too busy or frustrated. Congratulations to the entire IGS family. Keep up the excellent service! Suzanne Prescod – Public Relations Executive
AS YOU MARK your company’s 30th anniversary, it is our pleasure to express our gratitude for the service you have provided to us over the years. We can confidently say it is because of Shahida that we continue to do so. Not only does she consistently provide us with a most professional and confidential service, but we appreciate her diligence and initiative. Carmel and Hugh Murray
Wise Financial Thinking for Life
SagicorGeneral.com | Tel: (246) 431-2800
I FEEL A GREAT sense of pride to have been associated with Insurance & General Services Limited (IGS) from its inception and now 30 years later to have the opportunity to share in the celebration of this special anniversary. The fact that IGS maintains its standing as an efficient and organized operation in this competitively diverse environment, speaks volumes about customer focus and quality service throughout the years. God’s richest blessings for many more milestones and successes in the future! Juliet Bynoe – Business Consultant
CONGRATULATIONS on the remarkable achievement! Your 30 years of building IGS represent a journey on which you have earned and retained the respect of loyal clients. Thank you for your consistent personalized service founded on integrity and commitment to my interest as a client of over 27 years. You are my provider of choice. Wendy Harrison – Consultant