Massy United Insurance seeing positive signs
As the insurance industry continues to take a beating as a result of the downturn in the economy, one company says it is seeing some positive signs.
Chief executive officer of Massy United Insurance Howard Hall acknowledged, however, that there were still some challenges when it came to customers keeping up with their premium payments as a result of the economic climate, with motor insurance hardest hit and property insurance affected to a lesser extent.
“It is a stressful economic environment so some of our customers will be experiencing issues and the market is getting softer, the prices are reducing in some areas,” he said, noting that while overall premium prices continue to fall, Massy United Insurance was carefully managing its prices and had seen an overall increase in the customer base.
Hall was responding to questions from reporters following the opening of a new branch of Massy United Insurance at the Dome Mall in Warrens today.
In addition to opening up new locations the company is positioning itself to introduce new technologies within the next six months.
“On the positive side, by the bringing together of all these initiatives, we are seeing some growth in the customer base,” the insurance executive said, adding that the industry was becoming even more competitive.
Director of business development, strategy and marketing Michael Armstrong said the company was poised to attract even more customers through continuous innovation.
He said the growth in customer base has been experienced more in the motor portfolio, and he attributed this to various campaigns, adding that within the next two months the company would be pressing ahead with more initiatives aimed at growing business.
“In an environment like this you don’t stay stagnant. You don’t sit back and wait for business to come to you. You have to go out and get the business and that is what we have been doing and we are starting to see the results,” added Armstrong.