GRACEKENNEDY’s GK General Insurance Company has been dedicated to serving its customers for over 40 years with the motto “Because we care”, continuously adapting to meet their evolving needs.

As a wholly owned subsidiary of GraceKennedy Limited, GK Insurance embodies the parent company’s core values of honesty, integrity, and trust. In an exclusive interview with the
Jamaica Observer, Chaluk Richards, general manager of GK General Insurance Company, reflected on the pivotal moments that propelled the company to its current standing among the top three insurance providers in the market.

“Before GK Insurance there was George and Branday, an agency within the GraceKennedy Group, then in 1981 it evolved into Jamaica International Insurance Company (JIIC),” Richards explained to the Business Observer. “GraceKennedy recognised the opportunity to expand its presence in the general insurance sector during a period of strong emphasis on nation-building in Jamaica. This led to the establishment of a Jamaican insurance company, marking the formation of JIIC.”

Its inaugural location, which still stands today at 19-21 Knutsford Boulevard in New Kingston, St Andrew, initially comprised just one floor. Over time the company expanded to occupy all three storeys of the building. Richards explained to the Business Observer that GraceKennedy tends to foster synergistic businesses that collectively address the needs of their customers. The group already had a brokerage in Allied Insurance Brokers, making entry into the insurance industry a natural and synergistic venture, especially with the existing George and Brandy Insurance Agency. This move represented an expansion of the agency, complemented by the recognition of an existing insurance brokerage at the time. JIIC initially focused on providing insurance solutions for GraceKennedy subsidiaries involved in trading and food companies. In 1999 GK Insurance made a significant move by acquiring CHIC/NCB Insurance Company, previously owned by National Commercial Bank. Despite its relatively recent establishment JIIC saw a substantial number of clients switching over from the George and Branday agency; and while in the 1980s numerous insurance companies vied for market share, many competitors from that era have since faded, absorbed through acquisitions by other insurance firms including GK Insurance.

“Along our growth trajectory we’ve acquired at least two substantial portfolios. In 1999 we acquired Caribbean Home Insurance Company and in 2005 we obtained the Jamaican portfolio of Dyoll Insurance Company Limited,” Richards added.

The acquisitions made by GK over the years propelled it to become the largest insurer in Jamaica in 2006 (based on premium volume). Since then it has continued to grow, now ranking among the top three general insurance companies in the market. In 2015, recognising the need to align with its parent brand, JIIC underwent a rebranding exercise and emerged as GK General Insurance under the umbrella of GraceKennedy Limited.

Richards expressed to the Business Observer that insurance is a long-term type of business, one that grows gradually over time. From day one it was imperative to establish solid relationships with international reinsurance partners, which he cited as key, building these relationships to the point where GK now has strong, stable reinsurance partners with over 30 years of collaboration. In total GK has partnered with over 10 reinsurance partners to diversify its portfolio. Today, the company proudly serves a client base of over 30,000 individuals.

“Insurance is a promise that if someone has an unfortunate event, the insurer will stand behind the customer and put them back to the place they were before. Every insurance company makes that promise but what separates GK Insurance is that it ensures that it stands behind the promises it makes,” Richards said sternly. “Persons can comfortably sleep easy because we are a business that they can trust — and they know that we are not going to try to get out of our obligation. We’re going to stand with them when they need us most.”

GK Insurance Company offers a comprehensive range of insurance solutions including motor vehicle insurance; property insurance; marine, aviation, and transport insurance; liability insurance; and microinsurance, covering various general accidents and risks. However, its portfolio is easily balanced between motor insurance and commercial underwriting.

It has centred its business model on prioritising the customer experience and designing its processes and systems to cater to specific customer needs. One notable initiative was the creation of plain-language policy documents, making insurance terms more understandable for the average person. This innovation, implemented in the early 2000s, aimed to empower individuals to read and comprehend their policies fully before making a purchase.

“Service is paramount, and being in tune with the world of the customer and meeting their evolving needs is our focus,” emphasised Richards.

Continuing its commitment to addressing customer needs, GK Insurance introduced GK Weather Protect during the pandemic — a product tailored for farmers and triggered by weather events such as rain, wind, or drought.

“Farmers typically lack access to coverage that enables them to recover after severe weather events and resume operations,” he noted.

GK General Insurance expanded its offerings by introducing cyber insurance in 2020, in addition to its standard home and auto insurance policies. Last year, in June, it also released EV products tailored specifically for electric vehicles, making it one of the first insurance companies to provide coverage for EVs. The company remains committed to continuous improvement, particularly in response to new challenges arising in the post-pandemic reality.

“We’re currently conducting a comprehensive review and revamp of our customer excellence programme to enhance and relaunch our internal processes,” he stated, underscoring their dedication to delivering exceptional customer service.

In 2021 GK Insurance underwent a strategic restructuring to better align its operations with the evolving needs of its customers across various channels and ongoing services, emphasising the company’s steadfast commitment to exceptional customer service.

With a network of over seven branches spread across the island, GK Insurance harbours ambitions for expansion beyond Jamaica’s borders. Currently, the company has established a regional footprint in the Turks and Caicos Islands and Dominica, boasting strong partnerships with brokers and agents in these regions. These are areas where GK Insurance aims to further expand its presence, leveraging its existing affiliates and exploring new growth opportunities. Recognised for its innovative approach, GK Insurance is currently in the soft launch phase of its mobile app, GK One. The app features various functionalities for members of the financial group, including third-party motor insurance services, however it’s important to note that the app is still in its early stages — but the company plans to ramp up awareness efforts soon. A key component of its strategy is to offer an omnichannel experience for customers.

“Our primary objective is to consistently meet the evolving needs of our customers,” stated Richards. “Our customers can look forward to continuous innovation in our products and customer service; they can look out for an enhanced GKGOnline to make the user experience significantly better and faster, and it will be a game changer in how you do insurance online.”

Additionally, he revealed that additional insurance services are pending for the GK One app, with a pipeline of products being developed to offer more comprehensive insurance solutions.