Imperial Life Financial, the oldest continuously operating financial services company in The Bahamas, is demonstrating that while the enterprise is rooted deeply in Bahamian history, its outlook and mode of operation are definitely at the leading edge of 21st century e-business.
Already a leader in the insurance industry in point-of-sales management technology, Imperial Life has announced the launch of WEBI, a fully mobile, virtual office and resource system designed specifically to empower the company’s sales representatives to continuously upgrade the speed, efficiency and accuracy of service to their clients.
According to Guy Richard, Imperial Life’s Executive Vice President, the installation of WEBI represents a significant capital investment. $1.4 million has already been invested in Canada for the development of this tool. “Not only is WEBI a major capital investment in business development, it also is an investment in our sales force,” said Mr. Richard at a recent agent recognition and award function. “It demonstrates our confidence in their abilities, and we believe this technology will reap significant returns for them, the company and ultimately our clients.”
Mr. Richard said that Imperial Life’s parent company in Canada has reported significant savings and an increase in the productivity of its sales force since it established WEBI in 2000. They say that many of the hindrances to customer service occasioned by physical distance need no longer get in the way of an agent’s response to client service needs. No matter where sales agents find themselves on any given day, as long as they have access to a computer and the Internet, they have in their possession important tools of the trade and an immense volume of information and collaterals relating to all the essential aspects of their business. This is especially important as we service our clients from our offices in Nassau, Freeport and Abaco as well as our many clients throughout The Bahamas.
“Consumer demand for convenience is a driving factor in the emergence of e-business,” said Mr. Richard. “This demand will increase as the pace of life and competition increase under new global and regional trade arrangements such as FTAA.
If we are to remain competitive in this new climate, all businesses will have to become cutting edge in the way they operate,” said Mr. Richard.
Additionally, Mr. Richard noted that WEBI allows Imperial Life Bahamas to keep pace with current practices in most modern companies in the United States and Canada. He said that according to a study carried out in the US earlier this year, 90 percent of the life insurance companies surveyed had an extranet and 56 percent have the intention of investing between five percent to 25 percent more in
2003, as compared to 2002.
Keith Major, Vice President, Insurance Division at Imperial Life
said that certain time-to-market challenges have plagued the insurance industry for decades. The strength of WEBI lies in its ability to reduce the time agents take to write new business. Imperial Life agents will now be able to improve the overall turn around time for policy issue and providing other key services to customers as they will have at their fingertips, information, forms and applications in a readily accessible format. WEBI will simply make it easier for the agent and company to do business, he said.
“The advantages that WEBI is bringing to my sales team will keep them operationally, on par with their counterparts in Canada and the United States. The company has already scheduled seminars in Nassau and Grand Bahama to train company sales representative in the use of the system,” said Mr. Major.
“Imperial Life is already a leader in the industry and with this technology we will increase the distance between us and our competitors,” said Mr. Major. “WEBI represents a significant information platform for Imperial Life Financial that will revolutionise the way we exchange information with our team members, using state-of-the-art technology. Our agents will have fast and direct access to our clients’ portfolio in a secure manner that protects clients’ interests. They will be able to rapidly download a wealth of materials such as product brochures and different administration forms,” said Mr. Major.
Guy Richard said that WEBI represents a complete break with tradition in the industry, where meetings, paper and fax machines ruled the day. “The accessibility of current information is of incalculable value to the client and the representative. It empowers agents to anticipate and address client needs, before many of them become aware of such needs,” said Mr. Richard.
