Scotia Insurance marks 15th anniversary
Scotia Jamaica Life Insurance Company Ltd (Scotia Insurance) marks its 15th anniversary this month and has a lot to celebrate. The company has more than 200,000 policy holders, in excess of J$50B in assets, one of the highest productivity ratios in the industry and, in 2012, recorded over J$4.1billion in new premiums.
Hugh Reid, President of Scotia Insurance, attributed the company's success over the last fifteen years to the dedication and commitment of its staff, loyalty of its customers and keen attention to developing products that respond to customers' needs. "We are confident that a strong foundation has been laid for the continued expansion of Scotia Insurance as we seek to achieve our vision - first choice for life, health and retirement solutions. We did all the right things very early, including developing a world class team, listening carefully to our customers and investing heavily in research so that we were able to provide exactly what the market needed, "Mr. Reid said.
Scotia Insurance's most well-known product is ScotiaMINT, an interest-sensitive universal life insurance policy and long term savings plan that includes tax-advantaged benefits when invested for five years or more. This product, which heralded the birth of the Company in June 1998, had $41B in assets as at December 2012. Scotia Insurance now offers eight products including the market leading ScotiaBRIDGE, an approved retirement scheme (ARS). The company has been the ARS market leader every year since 2009 when ScotiaBRIDGE was launched and now has more than J$2.4 billion under management.
"We are pleased with the growth of ScotiaBRIDGE and that more and more Jamaicans are taking their retirement planning seriously. They have also chosen wisely by going with an experienced and strong financial institution to manage this very important investment," continued Mr. Reid. Other products offered by the Company include two new whole life products launched last year: Lifetime Security - designed to provide beneficiaries with financial support in the event of death, personal accident or terminal illness and its companion, Life Shelter, which provides coverage for final medical and funeral expenses.
One of the traditionally strong areas for Scotia Insurance is the provision of Credit Insurance to Scotiabank retail customers who have loans and credit cards. There has been consistent double digit growth in this area which Mr. Reid attributes to increasing awareness among consumers of the importance of a contingency plan their credit facilities, in the event of death or critical illness. "As we look forward to the next fifteen years, Scotia Insurance will continue its aggressive product expansion which has seen six new products launched in the four years since 2009. The company has acquired a new core life insurance administration system and this platform will allow us to develop new products faster and more efficiently. We look forward to the future knowing that our work and contribution helps to make individuals and families more secure in planning and shaping their lives," Mr Reid said.