Sep 2004 Financial News

Sagicor unveils its new marketing product

Sep 29, 2004

SAGICOR, the leading player in Barbados’ life insurance sector, is pioneering a new marketing concept here to consolidate its position in that increasingly competitive market.

Yesterday, senior officials of the company unveiled Sagicor Life Solutions, an initiative, which combined life insurance, critical illness or living benefits and an investment component.

With premiums and coverage it said would be the best in the marketplace, Sagicor is banking on its new product reaching the estimated 75 per cent of the population currently under insured, and the even larger 95 per cent who currently had no form of critical illness insurance coverage.

Gay Griffith, assistant vice-president, said Sagicor Life Solutions was a combination of products that would offer its customers the highest coverage available for their premium dollar.

“It will offer our customers the most expansive critical illness benefits. In addition to all of this, for the first time ever, these products will be coupled with flexible investment opportunities at an attractive interest rate,” he noted.

“Before, the only way to achieve any form of return on a life insurance product was by purchasing a permanent life insurance policy. However, in most cases the only way to offer high coverage and lucrative returns was by charging a high premium,” he added.

The official pointed out that with Sagicor Life Solutions, customers no longer had to choose, “they can have everything with the additional advantage of being able to add components as they become necessary”.

Sagicor’s new programme has a number of components catering to various needs of existing and potential policyholders.

Those outlined by Griffith were Sagicor Home Achiever – helps clients prepare for home ownership; Sagicor Education Achiever – helps clients build an educational fund for their children; Sagicor Future Protector – helps clients implement an income replacement strategy; Sagicor Home Protector – helps clients maintain their homes, by providing them a vehicle to save for home improvements or early mortgage repayment.

There is also Sagicor Retirement Achiever – helps clients live comfortably during their retirement however long; Sagicor Next Generation – helps clients to leave a legacy.

Steve Stoute, senior executive vice-president, Sagicor Financial Corporation said his organisation was “always seeking innovative ways to provide products and benefits to our many clientele and publics”.

“In this regard we have come up with an innovative package, which we are calling the Sagicor Life Solutions. We have been working on this for quite some time before it’s introduction,” according to him. Henry Inniss, vice-president Barbados Operations, Sagicor Financial Centre, said with the concept comprising life insurance cover, critical illness cover and an investment portion, it presented the company and policyholders with a unique opportunity.

“Previous to this innovation, if a client wished to have very affordable life insurance cover combined with savings or cash accumulation, the client had to purchase a term life insurance policy and combine that with a permanent life insurance policy,” Inniss explained.

“With Sagicor Life Solutions approach, what we are doing is affording that client the opportunity to purchase very affordable life insurance coverage and combine it with a component. So that actually makes it a lot more competitive and a lot more affordable to combine a package of this type for the benefit of our clients,” he stated.

Source: Barbados Advocate