Sagicor General launches premium financing facility

June 23, 2021

The COVID-19 pandemic has changed how we do business as consumers. Apart from engaging with businesses online, today’s consumer aims to get the most value and convenience from the goods and services they purchase, especially considering the ongoing impact of the pandemic on the world’s economy.

As a regional insurer, with over 140 years of experience, Sagicor General (SGI)understands the changing needs of clients. They may experience challenges to protect their assets for a variety of reasons, which may leave them unable to financially recover from property damage when they need it the most. SGI appreciates that clients may have been negatively impacted through loss or reduction in income, which is why they are reminding clients of the option of premium financing toa ssist in easing their financial burden.

Dexter Mc Knight, Vice President, Insurance Operations, at SGI, explains what this facility means for clients and those thinking about protecting their home, vehicle, or other valuables. Mc Knight said, “Premium financing is an agreement between the policyholder and a third-party financial entity to pay the insurer the premium when it is due. The policyholder then pays the third-party financier monthly installments over an agreed period of time, up to 11 months.”

The benefits to clients are significant, according to Mc Knight. “You are now able to manage cashflow, by budgeting over a longer period of time. Persons experience financial freedom, as the choice is in their hands as to whether they are able to set aside a lumpsum pay mentor pay over a fixed time period. This means they can have the peace of mind of ensuring that their assets: their home, car, business, or contents are protected against any unforeseen event.”

Policyholders have the convenience of accessing the facility and receiving quick approval, and can speak to our customer service representatives for more information.