Jamaica National's new Life Insurance company to target underserved

Friday, February 17, 2012

The new life insurance company to be established by Jamaica National Building Society (JNBS) will reach out to underserved communities, says JNBS General Manager Earl Jarrett.

The Financial Services Commission granted the organisation a licence last year to operate the life insurance company, the General Manager stated. And, the new company is projected to be operational in the second half of 2012.

"Only a minority of our community purchase financial services to improve their lives," Jarrett outlined. A survey conducted by Solutions for Society, a Think Tank at The University of the West Indies, showed that the majority of Jamaicans do not play an effective role in the financial system, even where they can access banking services.

"We have a large membership base, and our experience, as well as our research, tells us that people trust the JN brand," Mr. Jarrett declared. "And, we have, over time, demonstrated our commitment to serving the many who are underserved."

He said that work is now being carried out to develop the organisational structure to establish the new life insurance company; and stated that, "We next have to identify appropriate recruits to fill the vacancies."

Jamaica already has five established life insurance companies, and Mr. Jarrett noted, "It is a formidable task to take on the major competitors who have been on the ground for many years; but, we believe that the quality of our team, our innovative capacity, the experience we have had in delivering great customer service and building the JN brand, has brought us to a position where we can be a meaningful competitor."

As the country's third largest financial institution regulated by the central bank, Jamaica National Building Society, a mutual organisation, is the largest building society in Jamaica. The Society and its subsidiaries make up the JN Group, with Representative Offices in the United Kingdom, the United States of America and Canada.

"We therefore have a pretty good reach overseas to Jamaicans in the Diaspora, and we anticipate that, that connection will also benefit our efforts," he pointed out.

The subsidiaries in the JN Group include — JN Money Services Limited, remittance services; JN Fund Managers Limited, wealth and asset management; NEM Insurance Company, general insurance; JN Finance Limited, loans; JN Small Business Loans Limited, small business lending; the National Building Society of Cayman; Management Control Systems Limited, information technology; Manufacturers Credit & Information Systems Limited, vehicle fleet management and lending; and the Jamaica Automobile Association, road recovery services.

"We anticipate that our insurance business will be well received by the public," the General Manager indicated. "And, we hope to be able to play an important role in growing our economy."