Jul 2017 Financial News

Sagicor looks to disrupt car insurance market

Jul 28, 2017

Insurance company Sagicor General has introduced a new bundled insurance package aimed at disrupting the industry and capturing the young professionals market.

Sagicor on Wednesday launched its Young Professional Insurance Scheme, targeting professionals between the ages of 16 and 40.

Vice President of Marketing and Business Development Mark Blakeley said the new package was introduced after an assessment of the existing motor insurance portfolio revealed “heavy demand” for such a policy.

“We overlaid our book against the rest of the market and found out that we were able to tailor a product that is going to be offered at a less than average premium than would normally be offered for this market and we have also looked at the cover based on the feedback that was given to us from the segment to give more of a starting package to alleviate young professionals trying to build a career,” Blakeley explained.

“For us the young drivers just starting out, these are the ones that are learning or anybody getting a license for the first time, this is a product we are promoting heavily.”

Sagicor said the policy comes with a number of benefits, including a $50,000 personal accident limit, coverage of up to $3,000 for personal possessions, and the same for medical expenses, as well as a $10,000 content coverage.

Vice President of Underwriting Wanda Mayers said Sagicor General’s business had grown significantly within the last year and the new product was another opportunity for further growth.

“Of course, because it is not available currently, I believe that we will see the excitement and the buzz coming up within the next few weeks,” Mayers said.

“Our definition of a young professional is a person between the ages of 16 and 40 years, who may be a business owner, be an experienced professional or hold a professional certification or degree from a college or university,” she said.

The benefit package is open to third-party policyholders, except for vehicle repairs where the policyholder was found at fault.

The Sagicor officials said they did not foresee the new policy taking away from the company’s existing business.

Source:
Marlon Madden
Barbados Today
Friday July 28, 2017

https://www.barbadostoday.bb/2017/07/28/sagicor-looks-to-disrupt-car-insurance-market/