President of the Insurance Company of the West Indies, Paul Lalor has vowed that the company will not fade away noting that a number of new offices will continue to be opened throughout the region. Lalor was responding to questions regarding the company's ability to sustain itself in a growing financial sector. He declared that his company is here to stay noting that the public can continue to expect the excellent service that they have been providing at the various offices across the region.The 41-year-old company has come in for much praises from several persons and institutions as to the level of service and benefits that it offers for its general insurance products and services.' He however said that while he is cognizant of the satisfaction that customers have been commenting on he believes that more work needs to be done in many areas thus ensuring that they continue as the market leader in terms of insurance. "I remain confident that we will continue to offer the level of service which our clients are satisfied with as we recognize that service and commitment to deliver the best to our customers are of paramount importance," Lalor said.
Lalor who was present at the St Maarten launch of the company last year noted that despite the evident major and likely catastrophic risks that some popular insurance companies are taking his company will continue on the path of sound, proper and effective management noting that they have no intentions of taking any risks in the market.
In an exclusive interview, Lalor provided some background information about the company and its many achievements in the numerous countries that it operates in. he pointed out that the service delivered to customers continues to attract over the years including the rate of reimbursements among others are regarded as the best among their competitors. He further stated that ICWI has also sought to improve in every department noting that he is confident of continued growth and development. He acknowledged that while several companies have been in the 'grab and run' approach he believes that offering client realistic attractive rates is critically important. Lalor related his concerns about the manner in which some insurance companies operates noting that at the end of the day, customers satisfaction and appreciation is what should be of greater importance.
Responding to some of the concerns that people may have as to the importance of insurance, Lalor said that while people knows that it's a must for motor many of them have not reached a state where they truly understands the benefits of having insurance. He stressed that his company will continue finding avenues and ways in better educating the public thus he said that his company will seek to roll out a number of new initiatives inn the coming weeks which seeks to ensure that the public better understands insurance and what his company is offering.
Lalor emphasized that ICWI was making efforts to continue effectively educating the public stressing that he is very satisfied with the general overall performance of the company in the respective islands that they operate. In terms of the viability of the company Lalor was adamant that "ICWI cannot fade as it is very sound unlike many other insurance companies," Lalor noted.
He said that while he understood that some of the criticisms leveled against his company is that they are not very aggressive in marketing noting that they were genuine, he is of the firm view that word to mouth marketing and dissemination is one of the best forms of promoting a company. Lalor however admitted that the approach will change base on what he said has been the continued rapid growth of the company within the region.
"Every time we launch in a new country we makes our mandate and therefore we will certainly have to live up to these mandates if we are going to continue receive the support of the public. We have a primary role to play and I am very happy that we knows about our duties," he said. He added that the financial viability will always be a primary concern of the public and noted too that more focus would have to be put on the management of expenditure and compliance if the insurance sector is going to succeed during the challenging financial difficulties. The company launched its latest branch in St Kitts on Tuesday evening while it launched its St Maarten's operations last year.
