Genesis Insurance Brokers moving services online

While other insurance agencies have moved some of their services, such as making claims or getting a quote, online, Genesis Insurance Brokers and Benefits Consultants Ltd has distinguished itself by making all of its services virtual, even its consultations.

CEO Yogendranath Ramsingh said the company uses new and updated technology to facilitate the ease of doing business and offering its services.

“The key thing is that we have managed to incorporate and keep some of the key technical results within the industry. So we have one, a statute with AON – a UK-based management consulting firm – two, the ability to deliver service through technology and three, we have extremely strong skill sets,” he said during an interview with Business Day.

“So we’d give you a username and password, then you log on and you get access to your information, because it’s cloud-based… anywhere you are in the world, you are able to access it. You’d also be able to see a copy of the claims, the status of it – and this is something that is not common in the industry. Usually you’d have to call or e-mail someone for information. But we’re making you self-sufficient by giving you access to the tools.”

Clients like the idea of self-service because it’s easier and it gives a competitive edge, he added.

As for cybersecurity, he said investments had to be made in external resources to improve security.

“Because we’re cloud-based, it’s important we have protection by external resources, so that’s something that’s spinning off into cybersecurity insurance.”

Ramsingh said the company responds to market needs so when it becomes more in demand, it will be offered.

But for now, Genesis is ensuring it remains safe as it protects extremely sensitive data.

“Cybersecurity insurance comes with two things: the level of coverage and the actual investment into the cybersecurity oversight. So those things can range upwards of $100,000 a plan-basis.

"The packages also include what we need them to monitor and it also promotes employee awareness. It sends out phishing e-mails to see if employees will open them.”

These are sent multiple times throughout the day, he said, to ensure there are fewer instances of employees clicking on phishing e-mails.

On the technological advancement side, Genesis is soon to launch an app that will offer all its services.

In addition to that, Ramsingh said his insurance broker tries to be inclusive with its rates, especially to cater to small businesses – family-owned businesses and low-income clients.

Speaking on what distinguishes himself from his competitors, he said, “You must have a proper board of directors, sufficient capital and good corporate governance practices. Not all the insurance brokers are able to do that. But this hasn't been a challenge for us.”

Ramsingh said he got into having his own insurance broker as he was well-versed in it: he has been an insurance broker for 18 years and in the banking sector for 15.

“With that, you get a good insight into somebody's requirements and therefore, the ability to help and advocate on a client's behalf becomes an important factor,” he said.

Ramsingh said along with creating a credit union plan for his clients, Genesis, in its five years of existence, has been able to make its way into the mature market.

As for challenges he has overcome, he said establishing his company took a bit longer than anticipated because people were waiting to see if it would be successful: “and that’s the Trinidadian phenomenon – they wait until you get good and stable before jumping into something.”