Kerry Ann Stewart, business development officer at JIIC, displays a poster advertising the new Premier Lady plan at the product launch held June 3 at the Courtleigh Hotel in New Kingston. - Photos by Colin Hamilton/Freelance Photographer

Jamaica International Insurance Company (JIIC) has begun the roll-out of three new products branded as the Premier line and targeted at motor and property clientele, but also small businesses.

The latter, however, remains a work in progress.

With its new Premier Lady policy, JIIC - like its competitor, Insurance Company of the West Indies with its Road Angel plan - offers discounts on premiums to women drivers, a no-claim discount on renewals, as well as increased coverage limits.

The insurance sector has long considered women a better risk than males - they tend to get into fewer accidents - with some insurers going aggressively after that market segment.

In that regard, JIIC is a decade or two behind ICWI in offering incentives to that segment.

Two years ago, BCIC also came to the market with Lady Max, a plan that seeks to differentiate itself through security services for women-driven vehicles valued over $2 million.

Subscribers to JIIC's Premier Lady policy will receive up to 25 per cent discount on premiums, but the sum insured must not be less than $1 million.

Increased limits on third-party liability for property damage and death or bodily injury to any one person goes up to $5 million, while death or bodily injury in any one event is $7.5 million.

JIIC has also launched Premier Suite, which is geared at the commercial property market, offering insurance coverage specifically to apartments and town houses.

To follow in short order is a third product, Premier Biz, targeted at small-business operators.

The launch date for Premier Biz is being finalised, as are the price, coverage limits and premium rates.

The plan is designed for small commercial entities with no more than 20 persons employed, and income not exceeding $30 million.

motor policy

Selassie Fox 'models' one of JIIC's new insurance plans for property owners during the product launch on June 3 at the Courtleigh Hotel in New Kingston.

JIIC, when it launched the Premier plans on June 3, also announced an upgrade to its motor policy, adding provisions under personal accident for medical expense, and death/disability coverage.

"These policies are giving additional limits to third-party limits/money limits so as to create a little differentiation from the competition and to give our business partners, the insurance brokers, something compelling to sell to our customers," said JIIC Managing Director Andrew Levy.

As well as new product development, the company also sees the need to work on customer interaction and service delivery.

"We believe that once we do that, the results will take care of themselves to a large degree," Levy said.

sabrina.gordon@gleanerjm.com