Barbados Association of Insurance and Financial Advisors
Pledge
To place the interest of my clients and policyholders above my own;
And ensure that any advice I tender them
will be without bias or
regard for my own personal advantage.
To respect the confidence of any clients and prospects
and carefully guard any information, which becomes
known to me
concerning their personal affairs
To refrain from making statements of a misleading
or derogatory nature
Which might cause the public to lose confidence
in any life insurance company, or financial services providers,
its policies, products or its agents.
Under no circumstances to rebate or offer to rebate
Any part of a premium.
Formation
Life Underwriters Association of Barbados is a non-profit, professional association of persons engaged in the sale of products and services of life insurance companies. It was back in 1965 when a number of agents came together and founded a body, which could represent the agents in the Life Insurance industry and also improve their image to the public. The first president of this association was Mr. Lionel Craig.
Among the objectives of the Association are the following:
1. To promote the adoption and application of the highest standard of ethical conduct in the profession of life underwriting and the business of life insurance.
2. To increase the knowledge of agents concerning “legal reserve”, life insurance and its uses.
3. Enhance the quality of service rendered to the public by the life underwriter.
4. Continuous education of its membership.
After a bright start interest waned in the association during those early years and it was not until 1973 before a concerned group of Life Underwriters decided to revive the Association. The concerned group of Life Underwriters who revived this association were Bill Highton, John Daniel, Trevor Greaves, Shirley Clarke, Ken DeSuze, Frank Odle, Lionel Edghill, Elridge Thompson, Marcus Jordan. The steering committee comprised John Daniel, Bill Highton, Mrs. Shirley Clarke, Mertilla Coulthrust, Eustace Gay, Ken DeSuze and Elridge Thompson who was elected as President in 1973.
On June 21st 1973 a Board of Directors was elected after a steering committee submitted a report to members at a general meeting. The Board presided over the affairs of a membership, which comprised 72 males and four females drawn from eleven companies at that time.
After 10 years the membership had increased to 99 males and 36 females.
The revived association has resulted in closer inter company relations, a serge toward professional education and links being established with CALU and LUAC (now known as Advocis) the former now renamed CARAIFA.
The Secretariat is housed in Norman Centre, Broad Street, Bridgetown, St. Michael; the office was officially opened on May 17th 1988 by the then Minister of State in the Prime Minister’s Office Senator Dr. The Honourable C.D. Clarke.
BLAST OFF
For the past 10 years with a break in between LUAB/BARAIFA has been hosting a one-day motivational seminar in January of each year entitled “Blast Off” this was design to motivate, encourage and give agents a much needed boost after the Christmas holidays
We have had speakers such as Leachim Semaj, Dr. Aggrey Irons and Patrick George Smith, themes included: “Awakening the Power Within”, Determination to Achieve”
SALES CONGRESSES
The Association has hosted some Sales Congress under the stewardship of Mr. Mark Norville
- 1986 “Soar Beyond the Clouds”
- 1988 “The Power of Movement”
- 1992 “For the Love of Life”
- 1996 The Joys of Life
- 2008 Creating Synergies – Maximize Effort (CSME)
- 2017 Power of Imagination
AWARDS
The Awards function has been given a theme every year for the last eight years they were:
- 1997 “It all Starts with Insurance”
- 1998 “Living a Life Time” (25th Anniversary celebrations)
- 1999 “We are Our Brother’s Keeper”
- 2000 “Candle of Hope”
- 2001 “Cross Over”
- 2002 “Transformation A Bridge to the Future”
- 2003 “Transformation A Bridge to the Future
- 2004 “Ensuring the Future – Pursuing Excellence.”
In 1998 the association celebrated its 25th anniversary with several activities among them were; a Church Service, Children’s party for children from the various children’s home cricket matches and the awards dinner.
In the year 2002 Mrs. Antoinette Thompson FLMI, CLU, CHFC was presented with a special award in recognition of her continued interest in the association and her contribution to the industry and the country.
The year 2004 saw a new award being introduced to the Association; the Antoinette Thompson Award Suleman Nana was the recipient of this award.
THE CANDLE OF HOPE
Mr. Patrick Forde performed for the LUAB Awards Function on July 1st 2000 the theme was “Candle of Hope”, his performance was amazing and he danced his way into the hearts of many.
At this function the featured speaker Mr. Harold Hoyte challenged life underwriters to help the less fortunate in the society. Mr. Hoyte’s challenged was answered in a matter of 17 days when the first meeting of the Candle of Hope Committee was convened on July 18th 2000. At this meeting the committee decided to indeed be “their Brother’s Keeper”.
Plans were discussed for a fundraising concert to assist Mr. Forde with a much needed pair of prostheses.
Mr. Harold Hoyte thereafter joined the committee along with Ms. Jennifer Walker of the National Training Board. Ms. Roseanna Tudor of the Council of the Disable gave great support from behind the scene corresponding with Hanger Prosthesis& Orthetics in Oklahoma who gave the first quotation of Barbados $100,000.00. She later became a member of the committee January 2001.
The concert was the main fundraiser, artistes from across the island performed free of cost. The support was overwhelming as people came out in large numbers to give their support. After expenses the concert netted 28,000.00. Still with our focus in mind donations amounting to $19,500.00 were received from schools, churches, association and the five life insurance companies.
We received a revised quotation from Hanger Prosthesis & Orthetics in Orlando Florida of $70,000.00, which was met in April 2001. Preparations were in place for Patrick to travel to Orlando Florida with a donation of two tickets from American Airlines. The accommodation and travel to and from were made by the President of the Barbados Association in Orlando Mr. Ryvan Campbell and by the May 19th Patrick returned to Barbados with new legs.
We have also been able to assist Mr. Forde by securing an IBM computer for use in his work, and the Academy of Learning had offered him two courses in computer training.
EDUCATION
BARAIFA continues to play an integral role in the education of its members as is evidenced by the number of Life Underwriters who have graduated from the Life Underwriters Training Course (LUATC) (now known as the Insurance and Financial Advisors Training Course (IFATC) and by those who have achieved the Chartered Life Underwriter’s designation (CLU) and the Chartered Financial Consultant (ChFC)
Back in September 1990 the association established a landmark when the Introduction to Life Underwriting Course was introduced in collaboration with the Extra Mural Department of the University of the West Indies and has gained government’s approval as the prerequisite for licensing of underwriters.
The CLU/CHFC institute was launched on December 6th 1999 at the Accra Beach Hotel. This was another milestone in the development of the association. The Government of Barbados has granted recognition too, to the Association when it invited the Association to participate in the National Economic Consultative Council.
The Association has also recorded among its successes the bringing together or persons who, although recognizing the need for keen competition on a day to day basis, enjoy very cordial relationships as members of an association which is drawn from a number of life insurance companies.
BARAIFA Past Presidents
SECRETARIAT STAFF
Miss Wendy Norville – 1991 – to present
GENERAL INFORMATION
The Association carries a membership of over 200 persons from the five life insurance companies. As we continue to grow from strength to strength each year there were many changes, one such change was the name from Life Underwriters Association of Barbados to the Barbados Association of Insurance and Financial Advisors. Our website was officially launched on Friday October 31st 2003 in addition to the CARAIFA Kidney Foundation.
MISSION STATEMENT
To be the leading Life Insurance Association in the region providing the highest level of training for its members to meet the demands of the insuring public while offering the highest level of service to its clients in addition to making a meaningful contribution at all levels in society.
