"It's imperative that we share knowledge, know how, strategy and vision if we are to master managing for the future. Our human capital is an important asset not only for the company but also for the benefit of policyholders and clients. We are living in a world of change and what will make Clico distinctive is a firm action plan of how to thrive and not just survive in these challenging times," CLICO's Executive Chairman, Mr. Leroy Parris told the entire leadership of its Sales Team of Insurance and Financial Advisors from Barbados and the Eastern Caribbean during the formal opening of the one-week meeting at the St. Kitts Marriott Resort on Monday. The meeting is being held under the theme: "Managing for Organizational Excellence."

~~Adz:Left~~Mr. Parris said that the dynamics of life in the Caribbean Community dictates "we prepare our leadership for the new world of rising oil prices and its implications, the challenging demographics and culture of our society, the new regulatory environment, competition from multinational and regional players as well as the Caribbean Single Market and Single Economy (CSME)."

He said it was important that Clico articulates its vision, strategy and the relevance of its products and services to its Management who will in turn download this information to their financial advisors in the respective countries in which the company operates.

According to Mr. Parris, the recent ENRON scandal has resulted in the continuous scrutiny of the operations of financial services companies and companies have to address the efficiency of how business is conducted. "This will be a determining factor in making one company over another the company of choice and Clico intends to be the company of choice in the Caribbean and this is why it has to work assiduously with its administrative personnel and Financial and Insurance advisors to keep them retooled and on the cutting edge.

He quoted former CEO of General Electric, Jack Welch who advocated that "if the rate of change on the outside exceeds the rate of change on the inside the end is near."

"We do not intend to let that happen to us. I believe if more companies in the Caribbean adopt this approach as well, we will survive this new social revolution," Mr. Parris contended, pointing out "people are increasingly interested in investment and wealth creation and we have to ensure that we provide relevant solutions and advice.  We are also mindful that we are dealing with people who are technology driven and expect service at the touch of a button. Our customers are now and will in the future be working in differing jurisdictions in our Diaspora.  Clico must be able to provide trans-national services if we are to maintain our clientele." 

The CLICO Executive Chairman said managing organisational excellence would be a challenge as the company seeks to contend with the emerging open market economy.  Mr. Parris noted that under the new rules of procurement and competition of the World Trade Organization, the European Union, the African Caribbean and Pacific Groups as well as the CSME, "our economic, social and cultural landscapes will be refashioned."

He said CLICO has already started to seek alliances with international and regional companies to penetrate new markets, develop economies of scale, acquire new skills and competencies, additional reach and a wider service offering. "These are some of the initiatives necessary for survival.

Companies cannot be insular but must grasp the opportunities, which will present themselves," said Mr. Parris, adding: "This is what we are here to share with our advisors.  The ability to do just that.  We believe that Clico is a progressive company in the Caribbean and indeed the world is the ability to work within regulatory framework and constantly build upon and satisfy the requirements."

Stressing that the reality of business today is that the customer is king, and Caribbean governments are working constantly, to ensure that they are protected.  Mr. Parris highlighted several pieces of legislation that have been enacted in Barbados such as the Consumer Guarantee Act, Consumer Protection Act and the Fair Competition Act.  "Businesses have to rise to the challenge of ensuring that we are never in contravention of any of these provisions for the protection of the customers," said Mr. Parris, who noted also that at the regional level, the Caribbean Financial Services Agreement seeks to harmonise the provisions of the law to govern the financial service sectors in the Caribbean community and Clico is working to ensure that its company's personnel understand the standards required and are prepared to uphold the provisions of the Agreement when enacted.

"Issues within the Act such as cross border trading, education and training requirements, protection of investors and policy holders, the maintenance of the integrity of the financial services system, harmonised regional standards, impact of competition as it relates to preparation for service excellence and best practices are some of the initiatives that will be a part of our deliberations during the course of this week," Mr. Parris told the senior managers.

Caribbean economies he said are poised for exceptional growth as preparation continues for the hosting of Cricket World Cup 2007, although the region's real challenge will be to sustain the development and growth after World Cup, and continue to thrive and maintain excellence in all the productive sectors.

The CLICO Executive Chairman challenged his senior managers "to translate all the techniques, skills and information you will acquire here this week to your team of Insurance and Financial Advisors so that they will benefit and put into practice what is required for achieving excellence."