Tatil records 10% growth for Q1 2012

ANSA McAL Group insurance subsidiary Tatil is reporting new business production of $4.2 million from its agents for the first quarter of 2012 despite facing such challenges as crime, an increasingly competitive environment and labour market issues.

Derek Jimdar, Group risk manager, said: “In terms of new business, we’ve grown from $3.9 million to $4.2 million from last year to this year.” Jimdar was speaking at a ceremony yesterday to present an overview of the first quarter of 2012 and the performance of its insurance agents. The ceremony was held yesterday at the Chaud Restaurant, 2, Queen’s Park West, Port-of-Spain.

Commenting on the growth of new business, Jimdar said it represented an outstanding achievement, given the challenging market. Though the insurance sector is a competitive one, Jimdar is also reporting a more than ten per cent increase for the three-year period 2010-2012.

“In terms of gross premium, we had a significant increase in our gross premium in the last three years. We’ve gone from just below $15 million in terms of gross premium....and we have gone to approximately $16 million, a significant increase, more than a ten per cent increase.”

Jimdar added that a ten per cent increase is not enough, that the company is aiming for a 15 per cent increase for the same period in 2013. Regarding the issue of Tatil and the motor vehicle market, Jimdar said: “We had continued market growth both in terms of increase in numbers as well as the cost of vehicles. This mean there is a higher prevalence of higher-valued vehicles,” he said.

Nigel Romano, ANSA McAL sector head, financial services, urged agents to deliver service to their customers since service is the key to retaining customers. “The focus has to be on ‘them’—the customer—not on ‘us’. The fundamental question should not be, how are ‘we’ doing but, how are ‘you’ doing. The customer connection must not only answer ‘did we do what we set out to do, but how can we do what you (the customer) pay us to do,” he told agents present for the distribution of awards.

Honoured for the Top Agency of the Year in the motor category was David Stephens. Czar Insurance Services was awarded the Top Agency of the Year in the non-motor category. Stephens also won the Top Producer of the Year.