Sacha Walters-Gregory, Staff Reporter
British Caribbean Insurance Company Limited (BCIC) has launched an exclusive seniors insurance product, Diamond Max, to satisfy the needs of persons 60 years and over.
"We saw that our 65-and-over clients were finding it hard to get insurance," said Simone Foote, marketing manager at BCIC, who explained that often this age group is required to do a medical and receive higher premiums because they are perceived as poor drivers.
"When we analysed our portfolio, that was not so. They were having accidents, but they weren't as bad as our younger clients," said Foote. Research revealed that many seniors were unhappy with their insurance company, but were not switching because of loyalty.
"They felt they were being undervalued," said Foote.
Thus BCIC created Diamond Max which involves getting a dedicated claims official, a personal touch, to deal with a claim and BCIC Assist which is a 24-hour emergency roadside and breakdown assistance.
"They're given a name," which Foote said is important to seniors. They value being able to call a specific person when dealing with their issues. The policy, which had an initial rollout last August, has two big pull factors for seniors, reasonable rates and no need for a medical.
"We want to make insurance easier for them," said Foote, indicating that they do not require that seniors do a medical until they are over age 80, which is not the industry standard.
"It's is specifically priced for this group," said Foote, who noted that the response has been positive with their direct customers as well as the brokerage firms who are thankful for the option to offer to their senior clients.
Alphonso Francis, who has a Diamond Max policy, said he is pleased with his switch to the policy. He had an accident since having the policy and had to make a claim.
"They didn't give me any runaround. I really have to recommend them for the response," said Francis referring to the accident response he received which included providing a wrecker service, which is a part of the policy and hassle-free service subsequently.
Another customer, Carmen Linton, who is in her late 60s, recently switched to the policy. She was particularly attracted to the cost and the inclusion of BCIC Assist, which offers emergency roadside assistance.
"So if I get a flat tyre, they'll come. That made it very attractive," said Linton, adding that the premium and the fact that she didn't have to do a medical made it even more attractive.
"I'm going to tell my friends about it, so they can join up," said Linton.
Foote noted that she encourages persons to re-evaluate their insurance.
"It doesn't cost you anything to just shop around but a little time," she said.