Canopy Insurance has uncovered plans to enter the singular extra security business as soon as the second quarter of the following year.
Individual extra security alludes to a life coverage strategy covering a solitary life, rather than bunch disaster protection, which covers many lives.
“My idea for Canopy is to make sure that the company is covering all my clients, I like to say, from the cradle to the grave and even beyond.”
Canopy is a technology-driven health and life insurer, powered by GraceKennedy and the Musson Group.
The organization was framed following disappointment by GK and Musson with the worth they got in return for their month to month bunch wellbeing and life coverage expenses.
Now that the organization is hoping to enhance its business, Tomlinson guaranteed that the current business won’t be overlooked or abandoned.
“We’re going into individual life kind of business. That’s a paradigm shift, it’s a game-changer for us because we are primarily business-to-business. Now we’re going to go business to individual. But we’re not going to ignore that section; the employee benefits division is strong and we have to make sure we secure that, but there is much to be gained,” he said.
Regardless, he told the Business Observer that Canopy will likewise be moving into annuities, annuities, and individual retirement later on.
Meanwhile, Tomlinson is confident that the expansion of individual life to Canopy’s contribution will help the organization catch and hold a more prominent piece of the pie by ethicalness of how individual life strategies are regulated.
“The truth is that in our existing business — group health — we’ve been able to, in the past four years, get about 10 percent of the market, but with business-to-business you on-board persons on a massive scale and those contracts are typically one-year contracts and as they renew, persons can move them from one company to another, but with individual life, you stay.
We never encourage people to move their individual life policies from one company to another; that’s bad for the industry. It’s more costly for the customers too,” Tomlinson explained.
Tomlinson was the primary CEO of JN Life Insurance where he labored for quite a long time. Before that, he burned through seven years at NCB Insurance and has filled in as leader of the Insurance Association of Jamaica.
