Sagicor Life Insurance in the Cayman Islands this week introduced its electronic online eLife insurance platform to better serve customers in that country.

The company said the platform, which is the first of its kind to be launched in Cayman, will allow clients to easily access a wide range of services including; requesting quotes, choosing coverages and make payments online and at their own convenience.

“ELife is an online platform that allows new and current customers to view and select a life insurance plan that meets their needs and complete the application process online without any need to physically meet with an advisor or fill out any paperwork. They can apply for life insurance anytime, day or night,” said Norman Wilson, sales manager at Sagicor Life in the Cayman Islands, in a recent news release.

The platform, which seeks to take the hassle out of purchasing life insurance, is in keeping with Sagicor’s mission to provide a wide range of products and services to meet the needs of its customers across the Caribbean.

The company said that “the new platform will streamline applications and provide responses within 48 hours or less — provided clients upload all of the requisite documents and successfully complete their online applications.”

“The launch of eLife is timely as more of our clients are looking for safer and more convenient ways to access our services. Our online platform adheres to the highest online security standards and utilises secure data protection protocols to ensure that our clients’ personal information is safe at all times,” added Sagicor Country Manager Tatiana Brown in speaking to the platform’s ability to safely secure the personal information of customers.

Sagicor Life of the Cayman Islands is a subsidiary of Sagicor Group Jamaica which is a registered entity with the Cayman Islands Monetary Authority (CIMA). As a Class A domestic insurer it carries a full range of life, pension, group life and annuity products.

Sagicor Group Jamaica, which recently saw a 54 per cent increase in its shareholders profits following sharp declines since the onset of the novel coronavirus pandemic last year, said that a 38 per cent spike in revenues attributed to the significant turnaround including a positive performance from its insurance segment.

“The individual life insurance segment played its part in this recovery as net premium income grew by five per cent to $7.28 billion. Against the backdrop of the pandemic, Sagicor managed to scale its portfolio to more than 630,000 policies in Jamaica and the Cayman Islands as people saw the greater need for insurance in the future,” the company indicated in its latest report.