First Heritage Credit Union and ICWI ink car insurance deal
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.