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ICB sees better days

Cave Shepherd comes a-partnering

Hundreds are losing their jobs in the public and private sector, but the Insurance Corporation of Barbados Limited (ICBL) is maintaining staffing levels, and is holding on to a positive outlook on the economy. 

This was the report from ICBL’s managing director and CEO Ingrid Innes as she spoke to the media following the launch of a partnership with Cave Shepherd at ICBL’s Roebuck Street headquarters this morning.

“We have confidence in Barbados, and we are looking ahead . . . ; the economy will turn around. So we don’t have anything that I see in the foreseeable future that will impact employees here,” she said.

“We are not sitting back and letting the economy get in our way. We are innovative and we are always looking forward to the future; and that’s why we are always developing new products; and we are developing new relationships, and we are forging ahead. So, regardless of what everybody else is thinking about the economy, we still truly believe in Barbados and believe that this economy will turn around; and so we will be here in the foreseeable future.”

Innes said the biggest challenge for ICBL had been maintaining its current business in a competitive industry. She said that as the insurance entity lost some business, it also gained, and sought new opportunities. Last year, the company recorded a ten per cent increase in revenue and a net income boost of 20 per cent, which has caused management to estimate that 2014 “looks to be like another great year” for the company.

As part of the partnership launched today, Cave Shepherd cardholders will be able to use their cards to pay premiums on homes and contents and private car insurance, in specially discounted packages, over an eight-month period.

Alison Browne-Ellis, director of card services at Cave Shepherd said she was extremely pleased to work with the ICBL team to develop insurance packages that reflect an understanding of the current needs of cardholders, while providing a payment solution that offers a flexible credit facility that gives a level of comfort in these challenging economic times.

“We are excited to launch this beneficial partnership with the [ICBL] which has been a strong brand in the insurance industry for over 30 years. Like Cave Shepherd, ICBL has a passion for adding continuous value to their loyal customers through product development, in addition to providing reliable customer care,” she said.

ICBL’s deputy CEO Goulbourne Alleyne said the company had developed some innovative packages that would see consumers who use their valid Cave Shepherd cards getting real value for money. Some of the packages are in motor insurance with a discount of 12.5 per cent on private car premiums and house and contents, and as much as a 15 per cent discount if a cardholder insures house and car together.

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