Sagicor closes Marcus Garvey Drive centre
Published:Wednesday | July 21, 2010 | 12:00 AM
Sabrina Gordon, Business Reporter
Sagicor Life Jamaica has closed its Marcus Garvey Drive insurance centre that was opened three years ago as the distribution channel for its new protector series policies, and has merged the operation into its larger Kingston Business Centre on Trafalgar Road.
Although the centre operated from Sagicor-owned property, the consolidation will save the company $13 million to J$15 million in annual rental costs, said vice-president of individual life division, Mark Chisholm.
"What we have recognised is that other members of the sales team have now included the sale of the protector series product into their product offering, so we no longer needed that additional fixed cost," Chisholm told Wednesday Business.
The 25,000 square foot property located at 218 Marcus Garvey Drive on the site that formerly housed Colgate Palmolive, is also owned and managed by Sagicor Property Services.
The 20 sales representatives who operated out of the office have been transferred to the business centre office.
The centre was set up in September, 2007, when Sagicor launched its 'Protector Series', targeting a mass market of small and micro businesses as well as persons in lower-income groups.
While the product was available at Sagicor's branches, brokerages, and from sales agents, the main distribution point was the Marcus Garvey Drive centre, with a special team put in place to sell the product.
Good sales
Chisholm said the product is selling well, with 10,800 policies issued in the three years.
The Protector Series is open to subscription by 18-to-60-year-olds with earnings under $600,000 and under three plans - Maximum Protector, Critical Illness and Life Protector.
Policy subscribers can choose coverage in increments of J$250,000, J$500,000 or J$1 million, paying premiums as low as J$42 or as high as J$800, depending on age, sex and the amount of coverage chosen.
The Marcus Garvey property is now vacant, but Sagicor Property is seeking new tenants.