New insurance firm strengthens alliances with stakeholders | 28 November 2019
Recently established insurance firm, Alliance Insurance – the trading name for the Asian Overseas General Insurance Limited – hosted a reception on Saturday at the Berjaya Beau Vallon Bay Resort to meet and honour its business partners and stakeholders.
Alliance Insurance was licensed in July 2018 by the Financial Services Authority (FSA) and started its operations that same year.
It initially offered motor, home, fire, public liability and employer liability insurances but has extended its range of services to include travel insurance, covers for personal and group accidents and different bonds products.
Alliance is hoping to venture into insurance covers for hull and cargo before the end of this year.
Notable persons that were present at the reception on Saturday were Health Minister Jean-Paul Adam; Minister for Finance, Trade, Investment and Economic Planning Ambassador Maurice Loustau-Lalanne; FSA chief executive Steve Fanny and the chairman of the board of directors of the FSA, Suketu Patel.
Tokens of appreciation were given out to each of the guests, brokers and agents who have helped the insurance firm in its young journey.
Percy Quatre, chief executive of Alliance Insurance, noted that the brokers and agents who have partnered with the firm are essential parts of the company since they act as intermediaries between Alliance and its customers.
A total of 40% of the company’s business portfolio are from the insurance brokers and insurance agents.
In recognition of their support, cash prizes were presented to the company’s top three brokers.
Fidelity Insurance Brokers clinched the prize for the top broker followed by Virtual Insurance Broker in second position and Hefca Insurance Broker in third.
“We are seeing ourselves growing further and with the businesses we receive from our intermediaries – brokers and agents – surely we will get there. It will take time to build a large portfolio but we are satisfied with how things are going,” Mr Quatre noted.
“The event is a way to thank the brokers and show them our appreciation for their good work and their loyalty to our company,” he added.
In his speech, Mr Quatre highlighted that Alliance Insurance is positioning itself to become the insurer of choice in Seychelles.
Mr Quatre continued by ensuring those present that Alliance Insurance will continue to retain its customer-centered and open-door approaches to further benefit its clients.
He was followed by FSA chief executive Fanny who expressed that the entrance of Alliance Insurance into the local insurance market creates a healthier competitive economy and provides Seychellois with more choices.
“Alliance Insurance must bring about the necessary oxygen to provide for the diversification of the insurance industry. At the end of the day, we want Seychelles to prosper and the financial industry to prosper to bring about a healthier economy,” he stated.
It is to be noted that the insurance industry is regulated by the FSA, the regulatory body for non-bank financial services in the country.
On his part, Minister Adam said that the government is committed to fostering fair competition in the country and ensuring that people can make informed decisions based on a wide range of options.
He stressed that the population too must be made aware of the importance of insuring their homes, life and properties as a safeguard for any future problems.
The event concluded with a cocktail where guests were invited to network and discuss business opportunities and challenges.
Alliance Insurance is owned by Ramu Pillay and Dr M.S. Phogat, and is one of the six insurance firms currently operating in Seychelles.