Amitabh Sharma, Features Coordinator

Sharpe - Contributed

"My job requires vision, insight, flexibility, aggressive marketing and prudent management of funds," says Jacqueline Sharpe, general manager of Scotia Jamaica Life Insurance Company.

As an insurance executive she has seen changes over the years in this sector, which have helped to make the field more vibrant and responsive to customer needs.

Opportunity and skills

Sharpe started as a banker and made a transition into insurance. "I saw the potential to grow this area as a business," she says. "As a banker, I saw the opportunity to bridge the gap in unmet customer needs and enhance the value proposition." Sharpe says that this also presented an opportunity to learn all she could about the new industry on the job.

She informs that her financial background was an asset. "Incumbents interested in insurance should develop great financial planning skills, a sound knowledge of financial products and services, along with strong people and sales skills," she advises.

The insurance executive explains that there is opportunity for people with actuarial skills to enter the field, as this is a huge growth area which needs people who are finance-oriented.

Sharpe advises persons interested to get started at whatever level they can. "However, you will need to keep growing and develop your skills," she says.

"However, you should always keep an eye open to take on new challenges and grow your career by cross training and being proactive and aggressive," she says.

Growth

Like the rest of the Caribbean, Jamaica has not seen rapid growth in the insurance sector over the last five to 10 years. "The growth has been steady and moderate," she informs.

But Sharpe sees an upward swing in the sector, "The companies have become more vibrant and are offering a variety of products and services catering to the needs of the customer."

Life insurance, besides playing a key role in the financial sector, has strong economic growth potential and provides exciting and challenging opportunities as a career. "The industry is now also growing beyond life insurance into wealth management," says Sharpe.

"This calls for greater financial advisory and planning skills to help people choose a range of products and services to meet their needs," she adds.

Another key area of growth is relationship management, which requires people to interact to build centres of influence. Sharpe also noted that new support services to the industry, such as marketing, accountings, actuarial science and sales, are also key areas of focus for persons interested in this career.

Links

Sharpe got her training from Life Insurance and Market Research Association. "It is essential to learn the fundamentals of running an insurance business," says Sharpe.

"Membership in the Insurance Association of Jamaica, has also allowed me to network and build relationships with my peers, keeping abreast of current issues and trends that impact the industry," says Sharpe.

Unlike other areas in the financial industry, technology has not had much significant impact, informs Sharpe. "Most transactions are still manual," she says.

New technology systems have allowed persons to better manage their client base and data, customers can view products available and access information on policies.

Because of access to information, this has caused the industry to see more informed and sophisticated customers, encouraging the key players to become more competitive and develop new products to meet their needs.

Developing new products

"Customers are also now less risk averse and are willing to try new products for greater returns, and so this has forced us to meet the emerging needs with more flexibility," adds Sharpe.

Sharpe has been instrumental in introducing several new products, "these products have met and satisfied the needs of the newer, more sophisticated customer", she says.

Rewards

For Sharpe, the rewards have been priceless. "The satisfaction of knowing you have helped people to improve their financial situation on one end of the spectrum is deeply fulfilling," she says.

As a senior manager, there is also the satisfaction of seeing a company grow, and a sense of pride in seeing her staff develop their careers as opportunities present themselves.

The way forward

For those interested in the insurance business, Sharpe believes it is an industry that has a lot of growth potential with varying job/career opportunities available.

She encourages getting in at whatever level and to keep growing and developing the skills. "Seek out what areas you like best and create your niche," she says. "Never be afraid to accept new challenges in order to meet your career goals.

"Remember," she adds, "the key is to consistently develop skills through ongoing training and research; be aggressive and proactive."

amitabh.sharma@gleanerjm.com