Local insurer pays same day claims

MEGA is the only insurance company in Trinidad and Tobago with the capacity to issue policies on the same day on which they are written and to pay claims on the same day they are made, once the relevant documentation is in order.

This was the boast of the President and Chief Executive Officer (CEO) of the company, Albert Tom Yew, when he addressed his company’s awards ceremony. He said the company was challenging itself even further. Its objective for this year is to be able to issue a customer’s cheque for payment of a claim within five minutes of that claim being made. Tom Yew also said his company had minimised the cost of maintaining a policy to way below current industry standards — meaning lower rates and improved benefits. “We are constantly on the lookout for new, non-traditional business and are currently examining some possibilities outside of Trinidad and Tobago.

“These, when they materialise, will further increase our profitability and hence give us the ability to reduce rates even further,” he said. The insurance executive also said his company no longer saw its role as one merely to provide policies and pay claims when they become due. He said MEGA must become involved, by joining the fight against HIV/AIDS, and by working with both governmental and non-governmental agencies, to help educate the population to the lifestyle changes that are necessary “to survive the threats that confront us today”.