Blackman calls for continuous improvement in insurance sector

MSenator Chad Blackman, Minister of Economy and Investment, challenged insurance advisers to continually adapt and improve their sector.

The call was made during his keynote address at the 51st Annual Barbados Association of Insurance and Financial Advisors (BARIFA) Awards Ceremony at the Wyndham Grand Barbados Sam Lord’s Castle Resort on Saturday evening, which had the theme: Reimagine, Thrive and Win.

“Change is the only constant,” the minister said, emphasizing the importance of equipping professionals with the necessary tools and knowledge to succeed in a changing market. “Rebuilding yourself is key.”

Blackman highlighted the dynamic nature of the insurance landscape, where changes in consumer attitudes, economic conditions and geopolitical factors are constantly changing the environment in which the industry operates. He further emphasized the need for professionals to adapt to these changes in order to remain relevant and competitive.

“A constant change in public attitudes; a constant change in consumer attitudes; a constant change regionally, globally, in geopolitics, and in the cost of living,” the senator noted. “How do you equip and re-equip yourself and your members in this environment now to not only remain relevant but continue to thrive?”

Blackman praised the association’s commitment to professional development, resources and training for its members. He emphasised the association’s mandate to offer a comprehensive overview of the industry and ensure its members are well-prepared to meet the demands of a changing sector.

Reflecting on the event’s theme, Blackman praised its relevance and timeliness in the face of ongoing change and challenges, particularly the climate crisis, suggesting it captures the essence of what is needed for the industry to thrive and succeed. (RG)