Exodus launches into insurance market

Exodus launches into insurance market

BY KELLARAY MILES
Business reporter
milesk@jamaicaobserver.com

Sunday, February 23, 2020

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In what was described as an almost divine appointment, the founders of Exodus Insurance Brokers have articulated how they have charted a path in becoming the newest brokerage firm to enter the insurance market.

The business principaled by long-time insurance underwriters Garfield Coke and wife Dawnet Coke has pledged to break away from tradition by catering to the needs of clients in a one-stop for all classes of insurance.

Speaking at a launch event at the Four Seasons Hotel in Kingston on Thursday, Garfield Coke, the chief executive officer (CEO) of Exodus, said that working in the insurance business for more than 30 years allowed him to gain vast experience in the field and propelled him, along with the help of his wife and partners, to start the business.

“As we prayed and searched to find a name, and played and toyed with possibilities, almost in the form of a vision it came clearly to me that this brokerage shall be called Exodus,” he said.

Coke said that the business, which since its inception has thrived on divine intervention, was also funded and staffed in a similar manner.

“The venture came together from sources unexpected; we needed about $30 million and were pleased as we got more than that, allowing for the Exodus to become a reality. We were able to get agreement from the moguls of the industry. We were also able to pull from different sectors of staff and manpower among all the industry [including Harold Wong, the company's general insurance manager],” he shared.

With ambitions to dominate a marketplace having several other competitors, Exodus said they will blaze the trail with new technology and home-style hospitality, with the aim being to change service standards in the industry.

“We wanted to change the marketplace in having a comprehensive one-stop shop. Most companies either focus on life or general as brokers, but we wanted one representative to be able to come through the jigsaw of people trying to figure out who to talk to regarding different types of insurance. This one representative will be able to give a portfolio outfit and, having all the partners on board, we get to serve the client rather than the partner. We really wanted to bring service at the door in a home-style manner.

“You will notice we all wear a band. It's not just a leather band that's branded, in it is a USB that is an all-access band that give us immediate access. Just by inserting it in a laptop it gives us information [protected and encrypted] on all our partners that will allow us to serve our clients immediately, just in one visit,” Coke told the Jamaica Observer.

Incorporated in June 2019 and having secured an operating licence late last year, the business housed on the 9th floor of the PanJam building in New Kingston said they are now ready to engage all the players in the marketplace. Acting as an intermediary in securing insurance needs for their clients, Exodus brokers will be writing for companies including Sagicor, Guardian, BCIC, General Accident, JN life, ICWI, GK General, Canopy, IIBRe and any other that may emerge.


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