The regional financial institution CIBC FirstCaribbean International Bank has entered the local general insurance business through a partnership with the Trinidad conglomerate Massy Group.
The bank officially launched its CIBC FirstCaribbean International Insurance Agency last evening, offering auto and home insurance coverage to be underwritten and administered by Massy United Insurance Limited.
Coverage will only be available to CIBC FirstCaribbean customers, with least eight of the 17 countries in which the bank operates involved in the first phase.
Addressing the launching ceremony last night at the bank’s facility at the Dome Mall in Warrens, St Michael, Managing Director of Retail, Business and International Banking Mark St Hill said the main objective was to enhance clients’ experience and provide a one-stop shop for banking and insurance.
He described the introduction of the insurance agency as another “significant milestone” in the bank’s continuous efforts to improve customer experience.
Chief Commercial Officer of Massy United Insurance Mark Sommerville described the partnership as “an attractive proposition” for customers.
Asked about possible conflict that could arise from administering CIBC FirstCaribbean’s insurance services, Sommerville did not address the issue directly, telling Barbados TODAY that “the whole point about it was that the public wants to be able to do a one-stop shop rather to get their insurance one place and do banking at another place.
“This gives people the choice about where they want to place their insurance and come and do their banking and arrange their insurance at the same time. So that is our focus; what can we do to add value to the customers and I would like to think that people appreciate it,” the Massy Insurance official said.
“We have the same geographical spread . . . obviously the financial strength of the insurance partner was important to the bank which we understand. So there are many factors that went into it. One of the reasons why we can make the experience better for our customers and quicker is the technology we have developed and deployed at the bank,” he explained. (MM)