KINGSTON, Jamaica —Minister of Industry, Investment and Commerce, Senator Aubyn Hill, has applauded Sagicor Life for creating a tailored group insurance scheme for members of the Jamaica Manufacturers and Exporters Association (JMEA).

The announcement came as Sagicor and JMEA formalised their partnership with the signing of a Memorandum of Understanding (MOU) during a ceremony held at the Sagicor Group Jamaica Head Office in Kingston on Tuesday, February 25.

“I’m pleased to be here as a Minister of Industry, Investment and Commerce… to reaffirm our unwavering commitment to the growth and empowerment for Jamaican businesses and improving the lives and livelihoods of our people and our communities,” Hill said.

“This memorandum of understanding between the Jamaica Manufacturers and Exporters Association and Sagicor Life Jamaica is a clear demonstration of what bold collaboration can achieve. For too long, our manufacturers and exporters have faced challenges in accessing affordable employee benefits. With this group insurance scheme, that changes. Now, all JMEA members will be able to provide essential health coverage for their workers. What a wonderful initiative!” he added.

The MOU reflects the financial security and growth that will be available to members of the JMEA through a comprehensive suite of health and life insurance options.

Senator Hill pointed out that Sagicor has shown firm advocacy for the development of small businesses while supporting the greater cause of health and life insurance for Jamaican workers.

The minister added that he is particularly happy about the insurance offerings targeting young people.

“Many times, we don’t think of these insurance-type products until we need it and very often don’t have it. So, I’m so glad to see that and many of these MSME (micro, small and medium enterprises) and companies have lots of young people in there, which generally when you’re healthy and you’re having parties, you don’t think about this thing,” he stated.

President and chief executive officer of Sagicor Group Jamaica, Christopher Zacca, said the MOU between the insurance company and JMEA reflects their shared commitment to the business sector in Jamaica.

He stated that the needs of the exporters are always evolving and the support systems in place should change accordingly.

“Whether it’s through insurance, banking or investments we are always exploring innovative ways to support financial initiatives and business initiatives in this country. And because of that commitment, a lot of thought was put into this ground-breaking partnership which we are going to make happen; it is not just an MOU,” Zacca promised.

For his part, President of the JMEA, Sydney Thwaites, expressed excitement over the partnership but agreed with Zacca that the work to make the MOU a reality begins now.

“We have to keep in mind that this is an MOU and the hard work really starts now, and the dedication of all the teams is really important to move it from a concept and an MOU, into some meaningful action. We know that’s going to happen and we look forward to it, and we appreciate the support,” Thwaites said.

-JIS