Special kudos to Michaela Theophilus who spearheaded the Insurance Month Planning Committee, who, along with a number of Insurance Associations, planned a number of activities which aided in furthering the education and exposure of the general public as well as those of us within the insurance industry.
The Insurance Institute of the Bahamas, which is headed by Timothy Ingraham, is to be especially commended for hosting the 5th Annual Caribbean Insurance Education Conference. This conference is sponsored by the Association of Insurance Institutes of The Caribbean and in previous years, has been held in Guyana and Barbados. As the Insurance Institute of The Bahamas first became active two (2) years ago, after a hiatus of 20 yeas, this is the first time this event has been held in The Bahamas.
The theme of the conference “Embracing New Challenges … Finding New Solutions” was addressed a number of ways, with topics ranging form FTAA, Legislation, Reinsurance, Insurance Education, Customer Service, Claims, Distribution and Education of the Customer.
There is no doubt that the insurance industry is changing and that there are new challenges being faced by those of us within the industry as well as by our consumers. The question remains, how are we going to meet those challenges and move on to the next level?
I ask that question to those who provide insurance services as well as those who benefit from insurance. it is clear that we all have to accept change – consumers are being asked to pay higher premiums, insurers are having to provide a competitively priced product to a more discerning consumer, medical providers are being asked to provide more detailed information and face constant questions about prices, and regulators are proposing new laws which would provide more protection for the consumer, but will they end up helping or hurting the industry?
During the events of Insurance Month I have observed a number of things I think the industry will need to work on if we are to overcome today’s challenges to arrive at solutions for a better tomorrow. One is that our industry is too fragmented and we have to learn to respect each other and to work with each other.
The other observation I had is that we are too afraid to embrace change. We would rather continue to do things as we have always done them instead of challenging ourselves to think outside the box. As Jackson Burnside pointed out in his presentation at the conference, we don’t know where the solutions that we seek will be found, but if we open our minds and listen, we just may be surprised by where the solutions for tomorrow lay.
By Jeanine M. Lampkin, F.L.M.I; A.C.1.1.;
Chartered Insurance Broker Managing Director & CEO
Lampkin & Company Insurance Brokers & Benefit Consultants Ltd.
Contact tel. # 325-850
