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Bahamian Insurance Company Introduces Extranet

by Leroy James,, New York

31 December 2002

Bahamian insurance company Imperial Life Financial has introduced a virtual office and resource system designed to assist the company's sales representatives to upgrade the speed, efficiency and accuracy of service to their clients.

Guy Richard, Imperial Life's Executive Vice President, says the installation of WEBI represents a significant investment. ”Not only is WEBI a major capital investment in business development, it also is an investment in our sales force," he said.

According to Mr. Richard, consumer demand for convenience is a driving factor in the emergence of e-business, and this demand will increase as the pace of life and competition increase under new global and regional trade arrangements such as FTAA. ”If we are to remain competitive in this new climate, all businesses will have to become cutting edge in the way they operate," he continued.

Imperial Life agents will now be able to improve the overall turn around time for policy issue and providing other key services to customers as they will have at their fingertips, information, forms and applications in a readily accessible format.

"Imperial Life already is a leader in the industry and with this technology we will increase the distance between us and our competitors," said Keith Major, Vice President, Insurance Division at Imperial Life. He said further that WEBI represents a significant information platform for Imperial Life Financial that will revolutionise the way the company exchanges information with its team members, using state-of-the-art technology. Agents will have fast and direct access to client portfolios in a secure manner that protects client interests.

Earlier this year, Imperial's Canadian parent, Imperial Life Financial, merged with Desjardins-Laurentian Life Assurance to create Desjardins Financial Security (DFS), with $13.4 billion in assets under management. Imperial Life Financial employs about 140 staff and agents, all of whom are Bahamian. The company has offices on three major islands in the Bahamas, namely New Providence, Grand Bahama and Abaco and serves clients throughout the archipelago. Founded more than 100 years ago, Imperial Life is a leading provider of life insurance, retirement and wealth accumulation products and investment and management services.

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