Insurance industry urged to seek global excellence

The Barbados Association of Insurance and Financial Advisors (BARIFA) has been challenged to set its sights on international leadership and global excellence. The call came from Senator Chad Blackman, Minister of State in the Ministry of Economic Affairs and Investment, during BARIFA’s 51st anniversary awards ceremony.

Speaking at the Wyndham Grand Barbados Sam Lord’s Castle, Blackman told industry practitioners to look beyond Barbados and CARICOM. “You didn’t limit yourself just to CARICOM; you said the region,” he noted. “We have a region of English-speaking countries, Spanish-speaking countries, Dutch, and French. So, by your own matrix, you set your own bar.”

The minister emphasised the importance of regular self-assessment, stating, “The question is, How many of you every month, particularly on the board, are checking how you measure that?”

Blackman drew parallels with Singapore’s economic success, describing his 2019 visit as both inspiring and frustrating. “While I was there, I thought, ‘You know what? This can be Barbados right here.’ But I also know the mindsets that have to shift in Barbados too. But we can do it,” he shared.

The event, themed “Reimagine, Evolve, and Win“, heard Blackman stress the need for continuous adaptation in a changing world. “Constant change requires constant inward-looking reevaluation,” he said, adding that this approach would attract more business and benefit the entire sector.

Blackman challenged the association to aim for global leadership, declaring, “Nothing is stopping you from being the best in the world, nothing.” He pointed out that Singapore, despite its similar size to Barbados and lack of natural resources, has achieved an economy comparable to Britain’s.

“If you look at Singapore, and I know we often use Singapore in Barbados as an example all the time, but I like to use it because I went there in 2019, and I felt both inspired and frustrated at the same time,” Blackman said. He added that the success seen in Singapore today was the result of long-term planning and commitment to excellence.

The minister also emphasised the importance of legacy-building for future generations. “The road to 100 for this association will require you as the foundation today to leave a strong, firm legacy for those who come after you,” he advised. “It will require rolling up your sleeves. It will require sometimes doing things that will not be an 8 to 5 or a Monday to Friday.”

Blackman concluded by urging BARIFA to use its 51-year history as a springboard for future success. “You have that legacy. You have that in your DNA. And therefore, moments like this serve as a good platform for re-evaluation,” he said. “You must now etch your eyes firm on the next 50 years.”

The minister’s address to BARIFA highlighted the need for the insurance and financial advisory sectors to adopt a forward-thinking approach and learn from international best practices. He stressed that achieving excellence requires a long-term vision and willingness to go beyond immediate gains.

“As you constantly look at trying to attain that standard, you attract more business,” Blackman explained. “Your energy will rise across the sector and across the region. Even though that might not necessarily be your primary focus as an entity, the respective companies in which you work will be the beneficiaries of it. And therefore, it’s a win-win for everybody.”

The economic affairs and investment minister emphasised that the mindset of striving for the best is crucial for the future success of these sectors in Barbados. He encouraged the association to broaden its perspective, considering not only regional success but also global achievements.

The minister’s speech underscored the importance of adapting to rapid global changes. “It will require you to be in a constant mode of adapting to change,” he said, referring to the challenges that lie ahead for BARIFA as it moves towards its centenary.