Business Briefs

BCIC signs pact with transport operators

British Caribbean Insurance Company, BCIC, has signed an agreement the Transport Operators Development Sustainable Service, TODSS, for the provision of what the insurer describes as “sustainable and affordable insurance coverage”.

The memorandum of understanding was signed with the public transport providers on November 11 and runs for one year. PPV licensees will get up to 60 per cent discount for safe driving, and 11 months to pay their annual premium, as well as medical expenses and other benefits.

BCIC says the pact is meant to support business continuity for the transport operators, who, like other sectors, have seen a fallout from the coronavirus.

“After conducting a market review, we saw where COVID has put a lot of pressure on our PPV customers, so we are happy to be able to partner with TODSS,” said BCIC General Manager for Insurance Solutions, Michelle Anderson, who with TODSS President Egerton Newman were signatories to the agreement.

Alliance to issue prepaid Mastercard to public workers

Alliance Financial Services Limited will issue its ePay Mastercard prepaid card to members of the Jamaica Civil Service Association, JCSA, whose spending habits are said to represent a $30-billion market.

The ePay card is offered by the financial company in conjunction with technology partner e-Payment Group, headed by Kavin Hewitt.

Alliance will issue 26,000 cards through the human resources departments of the public agencies, departments and ministries where JSCA members are posted. The cardholders will be eligible for discounts at 250 merchants nationwide, and can have their salaries loaded to the card, according to a release announcing the initiative.

“A number of other things have driven us to introduce this benefit to our members at this time, including the need to assist public-sector workers to control their spending, especially salaries that can be automatically added to the card each month to avoid having to encash his/her pay cheque at a bank,” said JCSA President O’Neil Grant.

The association plans to integrate the JCSA Mastercard with the services of Jamaica Civil Service Mutual Thrift Society, which is JCSA’s savings and loan organisation, Grant said.

Walmart grows stronger in pandemic

Walmart turned out another stellar quarter as the world’s largest retailer powers through a pandemic that has felled other national chains.

Third-quarter profits surged 56 per cent and revenue hit US$133.75 billion, a 5.3 per cent increase. Both were better that Wall Street had projected. Online sales spiked nearly 80 per cent after nearly doubling in the previous quarter. And sales at stores opened at least a year rose 6.4 per cent. It is a promising sign for Walmart ahead of the coming holiday season.