practices to drive efficiencies and enhance
customer experiences. One licencee
offers various travel related insurance
products to individual travelers, utilising
an internet and social media distribution
model hosted by a related party specialist
travel company This virtual space allows
policyholders to buy tailored polices for
travel insurance, pay premiums, receive
policy documents and file claims online.
All the usual insurance transactions are
fully automated, making the process more
accessible for the client and far less labour
intensive for the insurance (mother) entity.
To meet the challenges imposed by a market
requiring lower costs and higher volumes
their choices were to invest in call centres
or new technology. The business chose to
explore an online presence, which is globally
accessible, through which to deliver their
product and instructed their in-house IT
department to develop a suitable website.
The prospective owners conducted a
CAPTIVE INSIGHT
worldwide review of suitable domiciles
and the Cayman Islands were included on
the short list, a decision no doubt partially
encouraged by the excellent marketing
efforts of the Insurance Managers
Association of the Cayman Islands (IMAC).
Following an interview process they landed
on Cayman as the domicile of choice for
their non – EU coverage (as well as another
location in the European Union) and now
hold a Class B (iii) licence.
Similarly, the second entity also decided that
overseas students interested in studying in
North America and requiring healthcare
coverage, would be best serviced using
the internet to process applications etc.
Aware of Cayman’s reputation as a world
renowned international financial hub,
the broker determined that Cayman was
the domicile of choice for this enterprise
also, as it is pro-active and receptive to
feedback from its insurance market. There
has developed in the Cayman Islands
an eco-system of sufficient scale, scope