A stronger Cayman General

Danny Scott - President and CEO of Cayman General
Insurance

Left to right: Kenneth Osborne - Senior VP Property
and Casualty, Danny Scott - President and CEO, Gordon
Philip - Senior VP Finance and Trevor Stewart, Senior
VP Health Insurance

Trevor Stewart - Senior Vice President Health
Insurance

Angela Mohammed - Telephone Operator/Receptionist

CGI’s team of Vice Presidents: left to right Seeta
Paltoo, Tania Ramsaran, Darlene Glidden, Lisa Motta,
Derry Lyon, Judy Campbell and James Rawcliffe

Danny Scott - President and CEO, Cayman General
Insurance

Joann Bodden - Assistant Vice President, Property
and Casualty with a valued customer

Mike Donnelly - President Cayman National Insurance
Managers

Monday,  January 30, 2006

As the ink dries on the purchase agreement between Cayman General Insurance Company (CGI) and regional financial services giant Sagicor, clients of Cayman’s leading insurer have strong expectations. By combining an established Caymanian company, experienced local management, the strength of the Caribbean’s top financial services company, and some fresh local thinking about customer services, CGI Executives are confident they have found a formula that will delight clients.

The partnership, in which Sagicor (www.Sagicor.com) has taken up 51% interest in locally managed and operated CGI, has been long in the making. “After 16 months, we’re extremely pleased to say that the results were worth the wait,” said Danny Scott, CGI’s President & CEO. “With the marriage of our rich, Caymanian history and long-term customer relationships to Sagicor’s financial strength and expertise, the sky, quite literally, is the limit.” 

The CGI management team simply wants its customers to focus on the enhanced financial strength, expanded product line and risk-management capabilities that their new partner makes possible. With the buy-in completed, the insurer is now targeting its energies toward exceeding the expectations of its customers and other stakeholders. Over time, however, it expects that innovative products and a renewed commitment to customer service will fuel significant growth. 

It is an ambitious goal, especially for a mature Caymanian company like CGI – but it meshes perfectly with the operating philosophies of both Sagicor and Cayman National Corporation, (CNC), CGI’s other key shareholder.

Quiet strength

Ask regional financial analysts what makes Sagicor tick, and “quiet strength” is a phrase that comes up often. “Financial security, customer service, efficiency, and trust are the qualities our customers care about – and that’s where we intend to channel our focus,” said Danny Scott, CGI’s President & CEO.

That focus is exactly what CNC (www.caymannational.com) expected – and demanded – when CGI began shopping for a new shareholder 16 months ago. As Cayman’s premier financial services group, CNC appreciated the potential synergies that could be achieved by a strong relationship with Sagicor. When the regional financial player emerged as a leading suitor for CGI, CNC immediately kicked into gear, helping to lay the groundwork for an ownership structure that not only would enhance the positions of the parties at the table but also, more importantly, would strengthen and improve CGI for all of its customers.

“There’s no financial entity in the world that can’t benefit from fresh thinking, new technology and depth of field,” said CNC’s President & CEO Stuart Dack. “When you’re able to capture that kind of innovation and then pair it with the combined regional experience of CGI and Sagicor, you know you’ve struck a winning deal for the Caymanian insuring public.”

Unlimited potential

Industry watchers agree, on reviewing the customer benefits of CGI’s new-and-improved service and offerings. Chief among the assets they cite are the stepped-up financial strength and security that Sagicor brings to the Caymanian insurer. That strength, analysts say – combined with proven expertise in claims management, underwriting, and risk management – gives the newly restructured CGI unlimited potential to expand its product line, improve its insurance policies and enhance customer satisfaction.

“We’re hoping that our customers view the combination of CNC and CGI with Sagicor as something of a dream team,” said Gordon Philip, Chief Financial Officer. “When you meld the largest financial institution in the Cayman Islands and Caymanian management with the financial assets and regional operating history of Sagicor, the possibilities are infinite.”

Among the specific benefits of the CGI-Sagicor partnership hailed by market-watchers:

Greater financial strength and security

Backed by Sagicor’s $1.4 billion in assets, Cayman General has greater financial stability and security than ever before. Industry experts say this should give residents even more confidence in CGI’s ability to respond to their financial needs.

Enhanced customer service 

With the Sagicor partnership, Cayman General expects customer service to become one of the primary drivers of its long-term success. CGI officials stress that this single-minded focus on service will be supported by a comprehensive strategy for service improvements. Among the planned key elements are the addition of new staff, an emphasis on the professional development of the current staff, and a requirement that all employees put customers first.

Greater customer satisfaction 

Analysts say CGI officials are betting that this renewed emphasis on service will pay off with significant increases in customer satisfaction. “In a nutshell, we want our customers to feel secure in their purchases, relieved of worry, and confident that we’ve provided them with all of the information and personalized attention they deserve,” said Darlene Glidden, Vice President, Customer Care “When that happens, we’ve succeeded beyond measure. It’s as simple – and as complex – as that.” 

Technological advancement

Harnessing technology to the benefit of its customers is one of Sagicor’s strong suits, industry-watchers say – expertise that promises to yield an uncompromising one-two punch of both improved customer service and operational efficiency. Among the first technological moves planned by CGI is for systems to support the online purchase and management of insurance policies, including electronic claims submission and processing capabilities. “We’re committed to rapidly putting in place the technology needed to make the claims process faster, simpler and easier for all of our customers,” said Derry Lyon, Vice President, Property & Casualty Claims.

Faster claims settlement

A top priority for the combined company is tapping Sagicor’s regional expertise in handling claims. According to CGI officials, the company is committed to decreasing its claims-processing time. “We know from experience that the faster we move, the greater our customer satisfaction levels,” said Seeta Paltoo, Vice President, Health Claims. ” With Sagicor’s help, we’re confident that our clients will be more impressed than ever with our new systems and approaches.”

Enhanced risk management

In addition to the initiatives outlined above, regional analysts anticipate that CGI will work hard to leverage Sagicor’s hard-won risk-management expertise. Industry watchers are looking to CGI to put in place stepped-up risk-identification and -mitigation practices, further improving the company’s financial strength. 

Expanded employee professional development initiatives

In line with CGI’s renewed focus on customer service, the company’s management team is expanding the employee professional development and training programme aimed at honing their skills and financial expertise. “We’re committing the necessary resources to ensure that all of our customers’ needs are met by all of our employees,” said Trevor Stewart, Senior Vice President, Health Insurance “We’re pulling out the stops to make sure that our entire team understands what it takes to make our customers happy.”

Renewed emphasis on personal relationships

“This, really, is nothing new,” said Judy Campbell, Vice President, P&C Underwriting & Policyholder Services. “We’ve had such great success with relationship development in the past that Sagicor shares and supports our goal of developing personal relationships with each and every one of our customers. We want to know who you are, we want to understand how we can best serve your individual needs and we want to provide you a service that lasts a lifetime.”

Revamped policies

One move analysts will be watching closely is CGI’s ongoing exercise to reconfigure its policies. “We want our clients to understand exactly what they’re buying and easily identify what they want and need to purchase,” said Ken Osborne, Senior Vice President, Property & Casualty. “With that in mind, we’re in the process of rewording and reorganizing our policies to ensure that they’re as clear, concise, comprehensive and informative as possible.”

Expanded opportunities

Company officials stress that the initiatives outlined above are just the tip of the iceberg. “With Sagicor at our backs, our qualified staff by our side, and our loyal customers at our table, we know we have unlimited opportunities to improve Cayman General Insurance for our collective benefit, ” said Danny Scott, CGI’s President & CEO. “ The bottom line? We’re growing, we’re strengthening, and we’re refocusing our efforts to become the Cayman Islands’ insurer of choice, meeting all of the Islands’ insurance needs.”

A Closer Look at Sagicor… 

Established as Barbados Mutual in 1840, Sagicor has grown to become the Caribbean’s leading, indigenous financial-services company. Today, Sagicor offers a wide range of financial services, including life and health insurance; annuities; pensions; property and casualty insurance; banking; and investment and card-processing services in 20 countries, including the USA. At year-end 2005, Sagicor’s assets exceeded US$ 1.4 billion, with an additional US$ 1.9 billion under management. Sagicor’s strength is evidenced by its A, or Excellent, rating from the A.M. Best insurance rating agency in the USA– a rating that directly reflects the company’s financial position, strategic management and operating effectiveness. For more than 165 years, Sagicor has worked to provide Caribbean families the assurance and peace of mind they need during their most turbulent times. It is a commitment the company’s officials consider to be sacred.

…and a fresh look at Cayman General

Cayman General was the Islands’ first locally established insurance company and, with the help of its loyal customers, had become its largest prior to Hurricane Ivan, and had built an impressive book of local business over the years. CGI officials stress the company’s commitment to maintaining a permanent presence in the Cayman Islands. “We’re innovative, we’re entrepreneurial, we’re strong, we’re resilient, we’re dependable – and we’re here to stay,” said President Danny Scott. “We owe our success to the Cayman Islands, and we’ll always be here to serve the country’s needs, today and in the future.”

    Back...