Sagicor Brings ‘Wise Financial Thinking’ with Donald Austin at Helm

As the Caribbean reaffirms its economic standing thanks to the resurgence of tourism and other industries, Sagicor Financial Group has maintained its position as one of the leading institutions bracing the region through a recession and now through its path to recovery.

With that, the Group, which has been in operation for 175 years, has moved to bundle its presence in the region through the formation of Sagicor (Life) Eastern Caribbean with none other than Donald Austin at its helm.

Austin is well known for his stalwart leadership in the Caribbean’s technology sector through Cable and Wireless Communications.

Speaking with Business Focus Saint Lucia, Austin said Sagicor was both proud and thankful to have maintained a position of trust and respect among its customers almost 200 years after establishment.

He cited the Company’s strength as being a grasp of an excellent balance between the provisions of strong financial services for its many valued customers and competitive returns on the investments of its shareholders.

“Sagicor strives to ensure a strong future for centuries to come by delivering on our brand promise of “Wise Financial Thinking”through a prudent approach to our business operations,” Austin said.

He went on to note that as the Company forges forward towards operational excellence and stable returns it must continue to guarantee success by being customer-centric.

“Our customers are number ONE to us, whether it be in satisfying their financial services needs or as it pertains to the needs of the communities in which we operate. If there is one reason for our success, it is our attention to detail when it comes to our customers. Our commitment and understanding of their needs are paramount to earning their loyalty and thus enabling us to grow even further,” Austin said.

In 2013 the transfer of British-American Insurance Company Limited ’s traditional insurance business to Sagicor Life Inc was finalised. Subsequently, a new entity was incorporated in St. Lucia with the Company’s management in Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, St. Lucia and St. Vincent & the Grenadines all reporting to Donald Austin as CEO.

He told Business Focus that all of Sagicor’s Eastern Caribbean business is being transferred into this wholly-owned subsidiary, Sagicor Life (Eastern Caribbean) Inc.

Once this is completed across the region, it is expected that some 25% of the shares of this entity will be listed on the Eastern Caribbean Securities Exchange within approximately two years.

“We also continue to maintain a presence in Anguilla and Montserrat to service our existing portfolios there. We are always looking to grow our business. We will be aggressively rolling out new systems to help in making it even easier for our customers to do business with us,” the CEO said.

Citing insurance numbers in Saint Lucia, Austin underlined that some 25 percent of citizens in St. Lucia have life insurance, leaving a comfortable 75 percent for potential market growth.

Added to this, he said Sagicor was already working on providing Mutual Funds to the region so that citizens in the Eastern Caribbean will have another avenue for investments. This is being offered through a subsidiary company – Sagicor Asset Management Inc, which allows Sagicor to offer customers a full financial package. That means that should Sagicor’s existing or potential customers come into a lump sum of cash, the company can invest it for them across the region and even in the USA or emerging markets, to give them a better return.

“We have a very experienced team that was formed in 1997, who are very willing and able to help potential customers across the region. Over the years they have delivered returns consistently above other market players or benchmarks for the industry,” Austin said.

Staying true to his calling, Donald Austin was sure to mention the advancement of technology in the Caribbean as being one of the most considerable pillars in the Sagicor empire today.

He cited technology as moving at a “mind-boggling pace” in the region with the impact of Information and Communication Technologies (ICTs) on all industries being considerably dramatic.

Some of these technological developments are being eyed for infusion into the insurance industry as a whole, with Sagicor of course being very much out of the starting blocks on this front.

“We have our CariCARE Cards which allow instant claims settlement for our Group and Individual Health customers so that they do not need to have all the funds when they visit their health providers. Their claim is verified on the spot and they pay only their portion of the bill (usually about 20%) resulting in immediate satisfaction to our many customers. We are also upgrading our internal systems to deliver faster and better service levels to our customers. When these upgrades are completed clients can look forward to convenient online transactions over the internet and via their smartphones” he said.

Sagicor serves many customers with diverse needs and requirements. But this diversity also manifests itself as a key strength, with the Company having to be constantly interfacing with its customers and the various markets to develop products and services that are relevant for the environments in which it operates.

Recently Sagicor launched its Maximum Protector product in St. Lucia and St. Kitts and re-launched it across the rest of the Eastern Caribbean. This gives customers a Life Insurance product with medical and health benefits included, without the need for medical tests if they are between the ages of 18 and 55 – a truly great product for the region. Sagicor is also in the process of formulating another new product, which will be launched in the next few months.

Questioned about what next to expect from Sagicor, Austin said this was greatly dependent on the needs of new and existing customers.

Whatever the direction might be however, he is confident in his ability to lead the Sagicor Eastern Caribbean office to give of its best through a decisive people-oriented vision that would stimulate and convince.

In the meantime, the Eastern Caribbean as a whole remains a major market for Sagicor with many opportunities for growth.

“My vision is for us to create a self-sufficient entity that is uniquely relevant and sustainable. So I want you to visualise with me a functional, self-contained entity which will make and execute decisions locally, while leveraging our regional experiences and expertise. I envisage that this new entity will put the customers’ needs FIRST at all times while upholding Sagicor’s vision,” Austin said.

(Published. Business Focus St. Lucia – July 2015)