Page 1


OUR MISSION To be a leading Caribbean general insurer which delivers the highest levels of service to our clients, provides excellent employment opportunities and ensures that it operates in a sustainable, profitable and well capitalised manner.

Who We Are Conceived in the wave of entrepreneurial spirit that rolled over post-independent Jamaica, The Insurance Company of the West Indies has, from the outset, been focused on bringing exceptional service and security to the Caribbean. Growth through strategic acquisitions and partnerships has put us well on the way to achieving our goal, and we are confident that the time spent developing the highest levels of expertise in the organisation will propel us to be a market leader in every territory in which we operate.


Our History In 1968 the founding shareholders of ICWI had a vision that ‘The Insurance Company of the West Indies’ would become a truly regional player. Since its inception nearly 50 years ago, the ICWI Group of Companies has ‘motored’ beyond its home country borders expanding through various mergers and acquisitions.

Our acquisitions: 1978: 1979: 1986 1984 1986: 2007 2007 2013

Insurance Company of the Jamaica Limited Motor Owners Mutual. This acquisition gave ICWI a presence in the Bahamas. Investment and Finance Merchant Bank Limited Crawfurd Fletcher Insurance Brokers of Jamaica Limited Acquired the majority share in Life of Jamaica Limited (now Sagicor Life Jamaica). These were sold in 2002. Turks & Caicos First Insurance Company Limited Cayman Insurance Centre Limited, a leading insurance broker in the Cayman Islands Great Northern Insurance Company in Trinidad & Tobago

Our startups: 2007 2008 2009

St. Maarten St. Kitts and Nevis The British Virgin Islands


Our Approach – The ICWI Way Each customer is unique, and as such, ICWI has long understood the importance of a robust multi-channel approach to our business. We are proud to offer service through thirty two branch locations, thirty nine agents and via strategically chosen brokers in each of the regional markets in which we operate. We bolster these channels with a dedicated professional call centre, an interactive website and a state of the art web based intermediary service portal. As technology progresses, ICWI progresses with it, and the company is always looking for innovative ways to offer better services to our customers through unique distribution channels. The Company’s priority is to build long term client relationships, with complete customer satisfaction as the most important, non-negotiable objective. These values are lived each day through the company’s motto “Serving you is all we do”.


Our Philosophy •

We put our Customers first and strive to secure their loyalty through top quality service. There when we are needed most, ICWI is committed to prompt and equitable claims settlement under the terms of any of our comprehensive suite of policies.

ICWI will always choose long term continuity over short term profitability. Careful risk selection, charging the right price and never compromising on our reinsurance programme, ensure that we will stand the test of time.

We value our Employees and seek to help them achieve their full potential.

We embrace Professionalism and seek Excellence in everything we do.

We do our best to help our Communities be better places in which to live, work and grow.


Our People Convinced that well trained team members who feel appreciated form the engine that drives our success, ICWI is committed to offer its nearly 300 team members continuing opportunities for selfdevelopment and upward mobility within our expanding regional operations. Formal management trainee programme facilitate increasing levels of staff empowerment, pushing the decision making ever closer to the client, thereby helping to improve the customer experience.

Our Team consists of:  290 Employees  18 Chartered Insurers (ACIIs)  4 Lawyers  5 Chartered Accountants  41 ICWI Sales Agents


Management Team Hon. Dennis Lalor, OJ, ACII -Chairman and CEO Paul Lalor, BSc, BA –President Stephen Holland, FCA -Vice President, Compliance and Corporate Secretary Sandra Johnson, BA, ACCA -Vice President, Finance and Accounting Moreen Marks, BSc, ACII -Vice President, Insurance Operations Samantha Samuda, BA -Vice President, Marketing, Distribution & HRD Patrick Williams, BSc, MBA -Vice President, Strategic Planning and IT


ICWI Board of Directors 

The Hon. Dennis Lalor, O.J, ACII Chairman and Chief Executive Officer. Regarded as the doyen of the General Insurance industry in Jamaica, Mr. Lalor is venerated as a founding father of modern corporate Jamaica

Ms. Diane Bean, Bsc. Ms. Bean is a former Executive Vice President at the Manulife Financial Corporation, a global financial conglomerate based in Toronto, Canada.

Mr. Trevor Minnott, Bsc. Retired CEO, JAMINTEL

Mr. Michael Vicens Retired President, Desnoes and Geddes Ltd.

Mr. Bruce Bicknell, BA Managing Director, Tankweld Metals

Ms. Caryl Fenton, ACCA, FCCA Retired Partner, KPMG Jamaica

Mr. Mark Roberts, CPA Managing Director, Hot Off the Press Limited

Mr. Noel Levy Retired partner of a consultant with Myers, Fletcher and Gordon, a leading law firm in Jamaica

Mr. Paul Lalor, BSc., BA President of The Insurance Company of the West Indies Limited. Chairman of The Jamaica Library Services, Junior Achievement Jamaica, and immediate past President of The Insurance Association of Jamaica.


Reinsurance ICWI employs extensive use of proportional reinsurance with reinsurers with the highest rating, providing excellent security. The Group of Companies purchases catastrophe cover with a Possible Maximum Loss (PML) or monetary Event Limits, as follows: • • • • • •

Jamaica: 16.5% for wind and 19.27% for earthquake. Cayman: 30% on our net account and 25% on the remaining treaties for both perils Bahamas: 17% for both perils Turks & Caicos: 17.5% St. Maarten: 35% St. Kitts and Nevis: 22%

ICWI also purchases Umbrella Cover for both the motor and property portfolio which provides an additional layer in all the territories it operates in for both wind and earthquake.


ICWI Group Security Analysis 2017


Enterprise Risk Management Since 2011, ICWI has formally recognised ERM in its strategic planning and we have implemented strategies to mitigate the impact of identified risks. The risks continually assessed and managed are as follows: Catastrophe- Disaster Planning, Reinsurance Adequacy Financial- Pricing, Currency, Liquidity, Asset Mix and Investment Returns Operational- Compliance, Technical Standards, Systems, Fraud Strategic- Capital, People, Customer, Competition, Economy


Corporate Citizenship ICWI is dedicated to “Good Corporate Citizenship” and the Company’s Corporate Social Policy is governed by its recognition that in the long run, no enterprise can survive unless it fulfils real and existing needs and meets the demands of its stakeholders - including the society in which it operates. The ICWI Group Foundation was established in 1988 by the ICWI Group of Companies to organise, administer, develop and manage the Group’s social responsibility and philanthropy. The Foundation provides an organised approach to ICWI’s “giving” which is currently focused on early childhood education, youth development, sports and community programmes which build young leadership. The Company addresses needs within communities in which its employees live and work, making a positive difference to the lives of many, by way of grants and other kinds of support from the Foundation.


Our Products & Services ICWI offers a full range of all General Insurance products including:

Motor Insurance Policies:

Motor Insurance Signature Options:

Comprehensive

Accident Forgiveness

Road Angel (females only)

Uninsured Motorists Protection

Third Party

Alternative Transportation

Third Party Fire & Theft

Deductible Buyback

Commercial

Personal Accident


Residential Insurance & Contents


The Family Pack is a bundled, tailor-made home and car insurance package for families looking for convenience, savings and the most comprehensive cover they can find. It Covers: A maximum of 4 motor cars Home and/or contents, using the A-Plus Home Cover Policy Personal Accident


Fire and Special Perils This policy protects your operations and its assets from damage and destruction due to fire, including bushfire, subterranean fire and spontaneous combustion, hurricane, windstorm, cyclone, tornado, earthquake, volcanic eruption and flood.

Consequential Loss Keep your bottom line growing. With this policy, loss of profit is protected if your business is interrupted in the event of an insured peril.

Commercial All Risks Get the protection of our Fire and Special Perils policy, along with added protection against burglary and accidental damage.


Public Liability Don’t let your business get caught off guard. Protect it from claims and lawsuits arising from accidents occurring out of the activities of your business by taking out our Public Liability Policy.

Employer’s Liability An accident can happen when you least expect it, and when it happens on the job you may be held responsible for your employee’s injuries. Our Employer’s Liability policy will provide you with protection against claims for injuries to an employee for which you are liable.


ICWI offers a suite of Engineering products:

    

Contractors’ & Erection All Risks Contractors’ Plant & Equipment All Risks Computer All Risks Electronic Equipment All Risks Boiler & Machinery Breakdown


Things happen – but being prepared for them provides the peace of mind you deserve.

Personal Accident & Personal Accident Travel We provide a safety net whether you are close to home or far away. Our Personal Accident policies protect you in the event of accidental injury or death.

Burglary We all hope for the best but know that it is best to be prepared for the worst. Your burglary insurance policy will provide coverage against losses incurred as a result of theft by forcible and violent entry.

Goods in Transit You can’t always make the journey with your precious goods. ICWI provides coverage against damage to goods during transit as a result of fire, theft or accidental means.

Money Need to send your deposits to the bank? Need to collect the cash for payroll? A cash bag might not be enough security. Don’t leave your cash exposed. A Loss of Money policy covers your cash during transit to and from the bank as well as on your premises, during business hours and outside of business hours.

Glass A broken window can leave your business exposed to the elements. ICWI will help to keep you safe and dry by replacing any broken glass in your building.

All Risks Your possessions are important to you. But if they are lost or stolen, can you afford to replace them? Ensure that you protect your valuables by insuring them under an ICWI All Risks Policy today.


Marine Over land, over sea – we’ve got you covered. Worried about your boat? Safeguard it with a marine hull policy from ICWI. Our policy provides cover for the vessel in the event of a hurricane, accident, vandalism or theft, and protects you from any liability incurred as a result of operating it. Are you moving and need to ship your stuff? ICWI’s marine cargo insurance policy will protect your precious belongings as they make the long voyage to your new home.


#servingyouisallwedo

Contact Us Bahamas Head Office: Shop 6, Independence Drive Business Park Nassau Tel: (242)323-4004. Email: bahamas@icwi.com

ICWI Corporate Brief Bahamas 2018  
ICWI Corporate Brief Bahamas 2018  
Advertisement