According to Mc Sood who has been credited for taking NAGICO Insurances from a 75,000 company in 1981 to some 700 million United States dollars worth in 2008 that the insurance sector is vitally important to the Caribbean and more in particular to the Netherlands Antilles's economy and several opportunities continues to exist in the sector.
He told the 200 odd gathering that assembled at the West Inn Hotel in St Maarten that based on research done by the wizard minds within the company that Insurance will net the highest returns as there continues to be several fly by night companies that has been popping up their heads. "There are those that will promise you the pie that is not in their hands but beware of them s with NAGICO we give you the pie in the hand," he said.
Mc Sood who has been at the helm of the company since its establishment some 27 years ago said the challenges encountered this year when a number of prices spiraled engendered a "renewed focus on the insurance sector."
He said that his company continues to devise means and ways in incorporating "a family community oriented type of insurances" side by side involving its agents and staff so as to continue reaping success adding that plans are in train to take insurance to yet another level within the region.
"We are known at NAGICO to create opportunities and increased benefits for our customers as we strongly believes in good customer service therefore NAGICO continues to look for opportunities so as to enhance the services that we provide," the CEO said. He also told those gathered for his company's annual Christmas dinner that NAGICO Insurances is unique because in the very near future it will reinforced itself as the region's number one insurance company.
‘Generation Reforms'
Mc Sood said that his management tam within the company has been engaged for some time on ‘industry and company reforms' noting that this will help to ensure that the company and its various offices throughout the region remains viable and profitable where "from an unstable macroeconomic situation, triple digit inflation, huge fiscal deficit, huge debt, among others, he explained that many countries and companies within the region has managed to achieve stable macro economic fundamentals."
He said too reforms were also done in infrastructure though "we still have a long way to go, bridges etc. that will support ... investment, education and health care and a number of other things."
The NAGICO CEO declared that his company has reached a stage where it needs to move to another level of reforms "that are more quality, reforms that are more direct," Mc Sood said.
Mc Sood noted that NAGICO Insurances have come a very far way noting that it was because of the enormous contributions of the staff and agents which created the kind of environment that it needed to grow that well. "the staff and agents played a pivotal role in the growth, development and success of this company and for that I say thanks to you all because no company can grow successfully if it doesn't have the support and assistance f its staff and agents first and foremost and its customers ," he stressed.
Alluding to the current financial crisis, Mc Sood said, "We in the Caribbean think that we may not be able to ride it out but let me assure you that if there is one company that has the ability to do so then it is NAGICO Insurances as we are prepared for crisis like these.
This is primarily as a result of the fact that our financial system is essentially sound, we survived several hurricanes that left many still struggling and others too weak to even review but in it all NAGICIO survived as we are not only resilient but we are committed to the task of rebuilding and surviving regardless of the circumstances.
He added that his company has some of the toughest policies, regulations and systems in place that will aid their clients in times when they need them the most. "No company can survive if the customers are not at its heart and therefore we at NAGICO recognized this from day one that is why we have grown to be recognized as accompany that looks out for its clients," Mc Sood noted.
Mc Sood reassured his staff that for this year a number of new and exciting innovations will be done to the company so as to ensure that they are effective and efficient in addressing changing global crisis. "We believe in always being a step above the game so I warm you about the now come companies who will use whatever they can to lure you to them, be careful and alert as they will come with all kinds of promises so as to entice you but we know that they have nothing tangible to offer," he said.
