Business

First Heritage Credit Union and ICWI ink car insurance deal

Sunday, March 02, 2014    

Print this page Email A Friend!


FIRST Heritage Co-operative Credit Union (FHC) and The Insurance Company of the West Indies (ICWI) have formed a deal that sees FHC's members with motor loans benefiting from an exclusive comprehensive car insurance policy provided through a FHC Referral Programme to ICWI. This new offering is effective mid-March this year. FHC has over 150,000 members.

A Memorandum of Understanding was signed by the chief executive officer of First Heritage Co-operative Credit Union , Basil Naar, and president of ICWI, Paul Lalor.

In detailing the unique features of this new ICWI motor car insurance scheme, which has been specially tailored for FHC members, VP of Marketing, Distribution & Human Resources at ICWI, Samantha Samuda, said each FHC member with a motor vehicle loan would have access to free island wide road side assistance; a capped excess of J$35,000 in the event there is a claim, as well as uninsured motorist protection, which would protect the FHC member if involved in an accident with an uninsured driver.

The new comprehensive insurance plan provides coverage for the life of the motor vehicle loan with the credit union, at one price, calculated at the inception of the coverage. In addition, existing motor vehicle loans with FHC can also be included, but for shorter periods on renewal with the credit union.

Speaking at the MOU signing function, Norman Thompson, assistant general manager — Retail Network at FHC said, "under this collaboration with ICWI our members will get low premiums for motor vehicles insured, given the number of FHC members expected to participate.

"It is the credit union's mandate to continually augment the benefits and services we offer to increasingly meet the needs of its members and we see this referral programme as another success in this regard."

Paul Lalor, president of ICWI, credited FHC for challenging his insurance company to think outside the box and create new products and services to meet the demands of its members.

"FHC is growing fast and we want to grow with you, as our vision at ICWI is to be the No 1 motor vehicle insurance underwriter in the Caribbean," he said.

Mr Lalor stated that ICWI is looking to establish a branded presence in all 14 parishes by the end of 2014 which will ensure greater accessibility to members of FHC who want to join the programme.

Basil Naar, CEO of FHC said the collaboration between his credit union and ICWI had a good future.  "The financial sector is becoming more competitive, so our organisation will always have to seek to enhance the customer experience and establish a competitive edge through offering creative and unique products and services, outside of financing. " he said.

ADVERTISEMENT

POST A COMMENT

HOUSE RULES

 

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper – email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT
ADVERTISEMENT

Poll

Do you think an increase in JUTC bus fares is justified at this time?
Yes
No


View Results »


ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT