JN Life strengthens share of life insurance market Loop Jamaica

The content originally appeared on: Jamaica News Loop News

JN Life Insurance Company Limited says it strengthened its share of the life insurance sector in 2023 while recording creditable performances across its business lines. 

Delivering remarks at the company’s 2023 Staff Awards ceremony dubbed the Golden Triumph Awards Gala at the Spanish Court Hotel on March 1, managing director of the JN Financial Group, Curtis Martin, revealed that despite challenges in economic conditions, the company’s share of the individual life market increased more than threefold over its 2021 share and more than doubled its 2022 stake. 

The company also increased its share of group life insurance, while its pension business- the JN Individual Retirement Scheme- also achieved a staggering 261 per cent of its annual pension contributions target.

Drawing an analogy to the biblical tale of ‘David and Goliath’, Mr Martin told JN Life team members: “At 10 years old, you may be young, but it is clear you mean business. JN Life, like David, has been flexing its muscles, bringing its best to battle by cleverly using what it has to its advantage.” 

He hailed the company as an exemplar of the ONE JN spirit, as it leveraged the JN network to expand its reach and innovate. 

Hugh Reid

Further underscoring the company’s performance, the general manager of JN Life, Hugh Reid, explained that in 2023, the sales team broke its individual life historical sales record three times, similar to 2022, with a significant percentage of sales being generated as a result of the relationship with JN Bank.

Reid shared that JN Life also set three new historical records in pension contributions.

“Those accomplishments were due to the efforts of all team members, and I want to pay tribute to the members of staff for the extraordinary accomplishments they achieved last year. We are on track to have a very successful and profitable year,” Reid disclosed.

Martin also highlighted that by capitalising on its synergies with member companies of the JN Group, JN Life has also been able to deliver new and creative products. 

“You have leveraged the mutual funds offerings of JN Fund Managers to launch in 2022 what I believe is the most innovative, viable and inclusive product the market has seen in a long time- the JN Life Vest term life insurance- which has allowed so many to afford life insurance and also invest,” he pointed out. 

He added that opportunities to further improve the experience of members will be achieved via the ONE JN Passport. The app, available for download in the Google Play Store and App Store, allows for easy onboarding and access to products and services offered by companies within the JN Financial Group.  

Othneil Blagrove, JN Life’s senior manager for sales and marketing, highlighted that the company has also been leveraging its people for success. He revealed that nine agents from the company last year qualified for the Million Dollar Roundtable (MDRT), the premier worldwide association of financial and insurance professionals. 

Entry into the MDRT is reserved for the top 10 per cent of professionals in the global industry. The team of Shanalee Givans, Deon Graveney, Kinesha Hamilton, Winsome Atkinson, Koishena Dawkins, Schamona Diah, Jacqueline James, Sanya Malcolm and Nyoka Johnson will be attending the annual MDRT International Conference in Vancouver, British Columbia, Canada in June.

“We are so happy for them. They contributed a whole lot to our success last year,” Blagrove commented as he commended the women on their singular achievement. 

Crediting the company’s overall success last year also to the support received from broker partners, the JN Group and its other member companies, Blagrove said JN Life remains committed to maximising its resources and leveraging the ONE JN synergy to drive the business of the company and other members of the JN Financial Group forward in 2024 and beyond.