Insurance and its value to many parts of life
Bernadette Giddings has over 31 years of experience in the insurance sector
Bernadette Giddings has over 31 years of experience in the insurance sector

Local expert weighs in

Over the years, the global insurance industry has faced some turbulent times with the continuing low interest rates environment, a challenging equity market, and tightening regulatory changes, such as the US Department of Labor (DOL) rule and new US tax guidelines. Meanwhile, consumers’ shift to hybrid online and offline research and purchasing has largely concluded in developed markets and is accelerating in developing markets with the spread of mobile phones.

These changes, along with the impact of price-comparison websites and other technological developments, plus the race to implement digital processes, are tectonic shifts forcing insurers to adjust their business models.
This is according to a social media post on Insurance Companies and Industry worldwide, but particularly in the United States of America.

Recently, the Pepperpot Magazine sat down with Bernadette Giddings, who celebrated 31 years in the insurance industry working at the Demerara Mutual Life Insurance Company.

“I had applied at many organisations over 31 years ago and two insurances companies called me for interviews. One of my dreams as a young person was to work at a Bank, however, insurance companies are financial institutions,” Giddings told the Pepperpot Magazine.

Like every industry, people face challenges, and Giddings explained how she overcomes hers.
“When faced with challenges, firstly I remain positive. Secondly, I look at the challenges from all angles and thirdly, I set goals,” Giddings noted during her interview with the Pepperpot Magazine.

According to a social media post, life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death.
The post further reiterated the point that life insurance also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire, and you are no longer insured by your employer.

This perspective was further confirmed by Giddings regarding the relevance of insurance companies and the need for an insurance policy in an individual’s life.
“Yes, insurance is very relevant in today’s society because insurance is beneficial to anyone looking to protect their family, property and themselves from financial losses.

Some of the benefits that insurance provides it help you with a medical emergency, and managing cash flow uncertainty. Staying with the company offers me security because it has been around for over a century,” Giddings contended during her interview.

Giddings had a few words of encouragement for people who want to give up on insurance.
“I would encourage persons to remain with insurance companies because it is more stable than other fields, no matter what is happening in the economy, people always need protection from risks,” Giddings assured during her interview.

In the event of your death, a life insurance policy can:
Safely transfer your wealth to your loved ones.

Provide income to your family members to carry on their comfortable lifestyle. Pay off your mortgage to have a debt-free house. Provide for your children’s education.
One social media post posited, as it relates to Insurance Agencies and companies in Guyana

The Guyana Chronicle reported on February 14, 2022 that the 2022 National Budget “has placed affordable medical and life insurance within the reach of more Guyanese by making premiums deductible from their chargeable incomes.”

According to the newspaper, several young people have seen the importance of protecting their families with policies that are applicable in this regard. One beneficiary of a policy from a local insurance company (Assuria) noted during her interview with the Chronicle.

“With the high costs at the private hospitals, having financial coverage in the event of a serious illness or accident, health insurance is very important. With the life insurance, I also see it as something important because my family gets an amount of money if I die, and that can help them with any expenses, especially my kids’ future education expenses,” Priya Persaud expressed in an interview.

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