Janet Silvera, Senior Gleaner Writer

William Craig, chief executive officer of Billy Craig Insurance Brokers, based in Montego Bay.

Montego Bay-based Billy Craig Insurance Brokers (BCIB) projects that its premium income will reach $1 billion this year and is attributing its performance to client loyalty and new product introduction.

In the last 10 years, the company has experienced a near six-fold growth in gross premiums, rising from $172 million.

If BCIB were to reach its $1 billion target, its revenues would have grown 11 per cent over the $900 million recorded in 2006.

"It is important to note that our business model is one built on client loyalty and service," said managing director Ian Miller.

"We have numerous clients who have been with us over 15 years and a couple who have been with us for over 40."

Clientele

BCIB's customer base runs the gamut from taxi operators and private vehicle owners to high net worth individuals and local and international companies.

But the company claims dominance as the largest broker for local jewellers, arranging coverage for cash, jewellery, fine art and bullion.

"This is a market that we tapped into before anyone else in Jamaica did," said Miller. "Other people have tried to compete with us, but have failed, because it is exclusively ours, and we designed the product 'Jeweller's Block', which is used by other countries, specifically to serve Jamaica," said Miller.

The company said the increase in its business in the past year also comes from the introduction of products like APPLE, targeted at entrepreneurs, and other specialist packages developed for specific clients.

Chief executive officer William Craig said that over the past few years, BCIB has seen many of its clients expand throughout the Caribbean, while its partnership with a network of London correspondents has given it access to underwriters in such far-reaching places as Asia and the Middle East.

Company history

The company started out 45 years ago as an agent, said Craig, and at one time accounted for 30 per cent of the now-defunct Dyoll's business.

"We were also agents for West Indies Alliance Insurance Company and have had long-standing relationships with both these companies," said the CEO.

"In September, we were recognised for our contribution to the growth of General Accident's insurance portfolio."

BCIB was founded in 1962 by the late William J.H. Craig, father of the current CEO, who bought an existing agency and renamed it Billy Craig Insurance.

Montego Bay residents still reminisce about the senior Craig - who later became Custos of St. James - driving many miles on dusty roads to deliver claim cheques; and his tagline - 'Don't be Silly, Insure with Billy' - still elicits a fond chuckle, a demonstration of its success at engendering brand recognition.

Expansion

The company expanded quickly in the 1960s and opened an office in Kingston, but during the 1970s the organisation contracted and that branch office was closed. In 1983, BCIB Kingston was reopened, and five years later, in 1988, the business changed focus to insurance brokerage.

"And this changed our business significantly," said son, William.

"Instead of representing the insurance company, we represented the client and began placing business with all insurance companies instead of just a chosen few."

With the growth of the business, BCIB now plans to tackle the issue of data transfer, under a project to link electronically with its partners.

"Data transfer is between us and the insurance companies that we do business with," Miller said.

"As brokers, our job is to represent our clients and place their business with the insurance company that gives them the best deal."

Currently, client information is transmitted on paper and the insurance companies re-enter the data on their computer systems, resulting in a time lag in the execution of business.

janet.silvera@gleanerjm.com