eBook - Consumers' Guarantee Insurance

7/27/2019 eBook - Consumers' Guarantee Insurance

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-White Paper

Consumers Guarantee Insurance

Embracingthe future with INNOVATION and GROWTH.


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ABSTRACT

The serene island of Barbados, inhabited by an approximate 284,000 people is the

most developed country in the Eastern Caribbean.

While the people enjoy a moderately high standard of living in a well-developed mixed

economy and have foreign direct investments flowing in, they are prone to great risks

which can cost them dearly if preventive measures are not taken.

The island is known to be among countries with the "densest" and "most crowded road

networks," with 62.6 vehicles per kilometre of roads, states the Economist Intelligence

Unit, which compiles and publishes data on a range of economic and social issues

every year. With increasing number of vehicles and laws that permit drinking while

driving, motor accidents are steeply on the rise.

Besides automobiles, properties, both private and commercial are susceptible to

unforeseen accidents that can ruin them. Accidents can be due to natural calamities like

fire, storms, flood, lightning, earthquake to name a few. There are other forms of threat

are burglary, malicious damage, collision or impact damage and the list goes on.

While statistics reveal an alarming increase in incidents that threaten life, home,

automobiles and affect business operations, protection is offered by acoat of arms of

insurance.

The purpose of this whitepaper is to study the different types of insurances that are

available in Barbados today with special reference to the policies offered by Consumers

Guarantee Insurance (CGI).
https://en.wikipedia.org/wiki/Standard_of_livinghttps://en.wikipedia.org/wiki/Mixed_economyhttps://en.wikipedia.org/wiki/Mixed_economyhttps://en.wikipedia.org/wiki/Mixed_economyhttps://en.wikipedia.org/wiki/Mixed_economyhttps://en.wikipedia.org/wiki/Mixed_economyhttps://en.wikipedia.org/wiki/Standard_of_living


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Content

1. Introduction

2. The Big Picture -Scenario of Barbados

3. Major Player in Insurance Market : Consumers Guarantee Insurance (CGI)

4. Different Types of Insurances

a) Motor Insurance

b) Home Insurance

c) Contents Insurance

d) Commercial Insurance

5. Conclusion

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1. Introduction

Since 2004, the economy of Barbados has witnessed tremendous growth with multi-

million dollar commercial projects coming alive and foreign direct investments streaming

in among many factors. However, being amongst the most densely populated countries

it has also experienced the escalating risks that threaten home, automobiles and

business operations.

Accordingly, over the years, the insurance industry has taken leaps and bounds to

provide safety, security and peace of mind to the people. Furthermore, this has beenachieved through innovative solutions like those of Consumers Guarantee Insurance

(CGI) which have revolutionized this industry.

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2. The Big Picture - Scenario of Barbados

Though Barbados has been lucky in dodging the devastating storms that have rippedpeople and places apart, it is still prone to infrequent hurricanes, periodic landslides andother natural calamities.

In recent times, Barbados has rankedamong the top 10 nations in the worldwith high road accident victimsaccording to the size of theirpopulation as determined by theEconomist Intelligence Unit.Reportedly, Barbadians are gettinginjured in road accidents at an annualrate of 763 victims for every 100, 000

people on the island, putting Barbadosin the eighth spot globally. (Source:Barbados Road Safety Association & BarbadosRoads.net website).


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In the competitive arena of business, losingground is not an option. Ensuring that theshow goes on efficiently is critical if one hasto stay ahead. However, obstacles ariseunexpectedly in the form of machinery/equipment damage, dishonesty committed byemployees, burglary, theft and many more.Protection against all these is needed to

ensure that business does not suffer.

Besides, there are the dangers

associated with accidents at home orbusiness places that lead to fire andother perils.

Prevention is better than cure. However in many situations prevention is the only cure.

This preventive measure or cure is called Insurance.

The insurance industry in Barbados aims to provide coverage in all the aforesaidmatters.

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3. Major Player in Insurance Market: Consumers Guarantee Insurance (CGI)

Among the major players in the market, Consumers Guarantee Insurance (CGI)

emerges as one of the most prominent names .

Since its foundation on November 1, 1993, the company has built its reputation

through innovation and value addition to the insurance industry. Its deep understanding

of consumers needs and concern for the greatergood have led it to come up with novel

solutions that have revolutionized the domestic insurance market.

The company has introduced many new innovations to the local insurance industry.

Products like Agreed Value motor insurance and "Automate and Homemate" among

others have catapulted CGI to the forefront of the industry over the last two decades.

The company offers competitive pricing with a customer oriented focus in delivering

products and services.

CGI insures over $4 Billion in property assets. It is the second largest auto insurer with

premium income of over $55 million annually. Approximately $25 million worth of claim

payments are made annually.

Today in response to the increased risks that endanger people, property and business,

CGI counteracts it by bridging the gap between a challenging economic climate and the

needy consumers pockets. State of the art online services and the introduction of

Monthly Insurance Plans enable customers to pay their instalments in a way that is

most convenient to them.

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4. Different Types of Insurances

CGI offers a vast range of solutions to people regarding the safety and security of their

properties, automobiles, businesses, homes and their contents. The solutions aim at

fulfilling the various requirements of the people and effectively meeting the need of the

different circumstances.

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4. a) Motor Insurance

According to Barbados Roads Motor Vehicle Accident Statistics the total number of

motor related accidents has increased from 6400 in 1998 to 8750 in 2008.

(Source: http://www.barbadosroads.net/documents/statistics.html )

The graph shows the trend of average auto insurance expenditure over the past few

years.
http://www.barbadosroads.net/documents/statistics.htmlhttp://www.barbadosroads.net/documents/statistics.htmlhttp://www.barbadosroads.net/documents/statistics.htmlhttp://www.barbadosroads.net/documents/statistics.htmlhttp://www.barbadosroads.net/documents/statistics.htmlhttp://www.barbadosroads.net/documents/statistics.html


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How does CGI Motor Insurance provide protection?

CGI provides affordable motor insurance designed to suit every pocket.

Free valuation service is provided to all customers so that they only purchase

the coverage they actually need. This results in savings through lower cost

insurance.

In order to cater to the different situations and various needs of customers, CGI

has come up with novel solutions. Products like Agreed Value motor insurance,

Automate roadside assistance and free car valuations have revolutionized the

domestic insurance market.

Unmatched level of service is offered to customers.

CGI has introduced a range of online services that replace tedious paperwork

and make the whole process quicker, easier to understand and available to the

customers anytime at their convenience.

Freemotor insurance quotes and instalment calculators enable customers to

compute premiums that suit their budget perfectly.

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4. b) Home Insurance

There are dangers associated with accidents and other unforeseen circumstances in

which a person faces the risk of losing ones house.

Regardless of where the property is located on the island, in Barbados, any property

located inland is quite as much at risk as compared to a property which is located on the

coast where it could be a victim of the high seas or tsunami, or be prone to land

slippage or flooding or lie unprotected and exposed to windstorm.

Availing home insurance thus becomes imperative for a stable and secured future.


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How does CGI Home Insurance provide protection?

CGI Home Insurance covers the home and contents of the insured by offering

protection against damage and peril. The perils covered vary depending on the

level of coverage that one purchases.

There are three levels of cover available:

Residential Fire Only

Residential Fire and Limited Perils

Residential Comprehensive

CGI offers low cost home insurances that are very easily affordable. Free home valuation service is provided to all customers so that they only

purchase the coverage they actually need.

Unparalleled level of service is provided to customers at any point of time.




Freehome insurance quotes and instalment calculators enable customers to

compute premiums that suit their budget perfectly. A free service called Home Mate available to CGI Comprehensive Homeowner

Policyholders. Home Mate is a 24-hour emergency response team trained in

resolving household problems like plumbing, electrical, security, cleaning and

property claims service.

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4. c) Contents Insurance

Household goods, clothing, personal possessions, fixtures and fittings, in short, anything

that is not permanently attached to the structure of the building generally constitutes the

Contents of a House. Besides, there are valuables like jewellery items of gold, silver or

other precious metals, watches, various equipments and instruments that can be

insured.

What coverage does CGI Contents Insurance provide?

CGI Contents Insurance covers the contents of the insured by offering protection

against damage and peril. The perils covered vary depending on the level of

coverage that one purchases.

There are three levels of cover available:

Fire Only Fire and Limited Perils

Comprehensive

CGI offers low cost insurances that are very easily affordable.





Free insurance quotes and instalment calculators enable customers to compute

premiums that suit their budget perfectly.

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4. d) Commercial Insurance

Coverage of businesses means

protection against potential losses

due to unforeseen circumstances

like property damage, theft, liability,

and also provides coverage in the

event of an interruption in business

or injured employees is what makesup Commercial Insurance.

By understanding ones business needs thoroughly,

one is guided how to shelter and protect ones

business properly.

Not having the correct insurance to completely

cover ones business layout can lead to ones ruin.
http://www.businessdictionary.com/definition/coverage.htmlhttp://www.businessdictionary.com/definition/protection.htmlhttp://www.businessdictionary.com/definition/protection.htmlhttp://www.businessdictionary.com/definition/property-damage.htmlhttp://www.businessdictionary.com/definition/theft.htmlhttp://www.businessdictionary.com/definition/liability.htmlhttp://www.businessdictionary.com/definition/event.htmlhttp://www.businessdictionary.com/definition/business.htmlhttp://www.businessdictionary.com/definition/employee.htmlhttp://www.businessdictionary.com/definition/employee.htmlhttp://www.businessdictionary.com/definition/business.htmlhttp://www.businessdictionary.com/definition/event.htmlhttp://www.businessdictionary.com/definition/liability.htmlhttp://www.businessdictionary.com/definition/theft.htmlhttp://www.businessdictionary.com/definition/property-damage.htmlhttp://www.businessdictionary.com/definition/protection.htmlhttp://www.businessdictionary.com/definition/protection.htmlhttp://www.businessdictionary.com/definition/protection.htmlhttp://www.businessdictionary.com/definition/coverage.html


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How does CGI Commercial Insurance provide protection?

CGI Commercial Insurance covers the commercial property of the insured by

offering financial security against losses suffered due to a number of natural and

man-made perils. There are three levels of cover available:

Commercial Fire Only

Commercial Fire & Limited Perils

Commercial Fire & Perils

CGI offers low cost insurances that are very easily affordable.



and make the whole process quicker, easier to understand and available to thecustomers anytime at their convenience.

Free insurance quotes and instalment calculators enable customers to compute

premiums that suit their budget perfectly.

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http://www.insurecgi.com/motorquotehttp://www.insurecgi.com/motorquotehttp://www.insurecgi.com/motorquotehttp://www.insurecgi.com/motorquote


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- Conclusion -

Given the dramatic increase in risks concerning accidents and unforeseen incidents

that affect homes, automobiles and business in Barbados today, the need for

insurance cannot be diluted. The insurance industry is on the rise.

CGI offers policies that conveniently meet the different budgets of different pockets

and provide maximum coverage.

The company has a sound track record of smooth operations concerningreimbursement and claim recovery. Besides, its prompt customer services facilitate

instant resolution of queries and offer unconditional support. Features like live chat

enable customers to directly communicate in real time with the customer service

representatives in total confidentiality.

At the core, it is the deep respect for every customers need which drives CGI to

provide for the very best. It is with this motto of adding value to every customers life

that it relentlessly innovates; and today it solely stands on this foundation with a

reputation built over the past 20 years.

Essentially, what CGI provides to every customer is an unfaltering protection or a coat

of arms. Thus in a nutshell, the very spirit of the Barbadian National Symbol lives

through the actions ofConsumers Guarantee Insurance (CGI).

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