BUYING insurance could soon become a fully digital experience as Caribbean Assurance Brokers (CAB) develops an online platform that will eventually allow customers to compare quotes, purchase policies, and submit claims from their computer or mobile device.

But the investment comes at a cost as CAB prioritises digital transformation over short-term profits.

“When this portal goes live you will be able to go on and get your quotation from all the companies in Jamaica and choose which insurance company you want to do business with, based on the quotations,” Chief Executive Officer Donna Brown explained during the company’s recent annual general meeting (AGM).

WALKER…at that time, you’ll come here very happy saying, ‘I’m getting some serious dividends’ (Photo: Naphtali Junior)

The technology push contributed to CAB posting a second-consecutive annual loss. The company reported a net loss of $41.7 million for the year ended March 2025 — an improvement from the $98.4-million loss recorded a year earlier. According to Brown, the losses reflect deliberate investments in technology and digital infrastructure that it believes will strengthen the business and drive future returns for shareholders. The online portal, which is expected to begin rolling out later this year, is the first phase of a broader customer self-service platform.

Future phases will allow customers to access additional insurance services and submit claims online, with the roll-out being done in stages to ensure a smooth customer experience. The investments are intended to improve customer convenience while allowing CAB to scale its operations without significantly increasing headcount, though it has acknowledged that the strategy has weighed on the company’s financial performance.

“Those decisions came at a cost and affected our short-term financial performance. But transformation is not merely an expense; it is an investment. We chose to act before we were forced to and while we still had the opportunity to shape our future,” Brown said.

Brown pointed to early signs that the company’s strategy is paying off, referencing the establishment of a dedicated sales branch in 2024 to strengthen its individual life insurance business, helping CAB become the top broker for Sagicor Life Jamaica’s individual life insurance business. Its individual life insurance revenue climbed 69 per cent to more than $123 million during the financial year while general insurance revenue rose 15 per cent to $129.2 million.

Shareholders attend Caribbean Assurance Brokers’ (CAB) annual general meeting at the Jamaica Pegasus hotel on Wednesday, July 22, where the company outlined plans to invest in new technology aimed at driving long-term growth and profitability. (Photo: Naphtali Junior)

“These results demonstrate that our strategy is delivering positive outcomes and, most importantly, positioning us for a return to profitability,” Brown said.

As the company transforms itself from what its chairman, Raymond Walker, described as a “broker house of yesteryear” into a technology-driven insurance broker, investing in digital infrastructure that can support operations across the Caribbean, he said the strategy is intended to differentiate CAB from its competitors and strengthen the company’s long-term value, assuring shareholders that the investments made today are expected to translate into improved financial returns in the future.

“At that time, you’ll come here very happy saying, ‘I’m getting some serious dividends,’ “ Walker said.