Blackman calls for continuous improvement in insurance sector

Minister in the Ministry of Economy and Investment Senator Chad Blackman has thrown down the gauntlet to insurance advisors to engage in ongoing adaptation and improvement within their sector.

The call came as he addressed the 51st Annual Awards Ceremony of the Barbados Association of Insurance and Financial Advisors (BARIFA) at the Wyndham Grand Barbados Sam Lord’s Castle Resort Saturday evening, under the theme Reimagine, Evolve, and Win.

“Change is the only constant,” the minister said, stressing the importance of equipping professionals with the necessary tools and knowledge to thrive in an evolving marketplace. “Retooling yourself is critical.”

Blackman underscored the dynamic nature of the insurance landscape, where shifts in consumer attitudes, economic conditions, and geopolitical factors continually reshape the environment in which the industry operates. He further articulated the need for professionals to adapt to these changes to remain relevant and competitive.

“There’s a constant change in the attitudes of the public; there’s a constant change in the attitudes of consumers; there’s a constant change regionally, globally, in geopolitics, and in the cost of living,” the senator noted. “How do you now equip and re-equip yourself and your members in that environment so that you not only become relevant, but you continue to thrive?”

Blackman praised the association’s commitment to professional development and the provision of resources and training to its members. He highlighted the association’s mandate to offer a comprehensive overview of the industry and ensure that its members are well-prepared to meet the demands of a changing sector.

Reflecting on the theme of the event, Blackman praised its relevance and timeliness in the face of ongoing changes and challenges, particularly the climate crisis, suggesting that it encapsulates the essence of what is needed for the industry to progress and succeed. (RG)