UNDER the current PNM administration, the ease of doing business in Trinidad and Tobago has deteriorated, making it increasingly difficult for industries to thrive.
The insurance sector, which plays a critical role in protecting individuals and businesses, is no exception. Producers, including agents and brokers, face numerous challenges that hinder their ability to provide efficient and reliable service to customers.
In stark contrast, during Kamla Persad-Bissessar’s leadership from 2010 to 2015, the economy was thriving, and the ease of doing business was significantly better, fostering an environment where industries could grow and flourish.
One of the most glaring issues under the current administration is the burdensome administrative processes that plague the insurance industry.
Lengthy paperwork, excessive bureaucracy, and inconsistent documentation requirements create unnecessary delays in issuing policies and processing claims.
These inefficiencies slow down service delivery, leaving customers frustrated and producers overwhelmed. In addition, the sector suffers from a lack of modern technology.
While other industries embrace digital transformation, many insurance processes remain manual and outdated, increasing the likelihood of errors and further contributing to delays.
Regulatory hurdles are beyond cumbersome and also pose significant challenges for producers. Although regulations are essential to protect consumers, the lack of consistency and clarity in their implementation adds layers of confusion and complexity under this administration.
Producers must navigate these obstacles, taking valuable time and resources away from serving their customers. Moreover, poor communication between insurance companies, producers, and customers exacerbates these issues. Breakdowns in communication lead to misunderstandings, delayed transactions, and diminished trust in the system.
This erosion of trust is further compounded by delays in claim settlements and unclear policy terms. Customers often feel disempowered and frustrated, while producers struggle to maintain strong relationships due to systemic inefficiencies.
Under Kamla Persad-Bissessar’s administration, the focus on creating a business-friendly environment was forefront and addressed many of these issues. Administrative processes were streamlined, modern technology was embraced, and the regulatory framework was designed to support growth rather than stifle it. The result was a booming economy where industries, including insurance, operated efficiently and effectively.
The contrast between the business environment under Kamla Persad-Bissessar and the current administration is clear.
Her leadership prioritised economic growth and the ease of doing business, allowing industries to flourish and contribute to the nation’s prosperity.
For Trinidad and Tobago to regain its economic momentum, it is crucial to return to policies that support business growth, drive innovation, and prioritize the needs of industries and consumers alike. I say bring back Kamla now before we continue down a path of no return.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited
No Ease of Doing Business in T&T
UNDER the current PNM administration, the ease of doing business in Trinidad and Tobago has deteriorated, making it increasingly difficult for industries to thrive.
The insurance sector, which plays a critical role in protecting individuals and businesses, is no exception. Producers, including agents and brokers, face numerous challenges that hinder their ability to provide efficient and reliable service to customers.
In stark contrast, during Kamla Persad-Bissessar’s leadership from 2010 to 2015, the economy was thriving, and the ease of doing business was significantly better, fostering an environment where industries could grow and flourish.
One of the most glaring issues under the current administration is the burdensome administrative processes that plague the insurance industry.
Lengthy paperwork, excessive bureaucracy, and inconsistent documentation requirements create unnecessary delays in issuing policies and processing claims.
These inefficiencies slow down service delivery, leaving customers frustrated and producers overwhelmed. In addition, the sector suffers from a lack of modern technology.
While other industries embrace digital transformation, many insurance processes remain manual and outdated, increasing the likelihood of errors and further contributing to delays.
Regulatory hurdles are beyond cumbersome and also pose significant challenges for producers. Although regulations are essential to protect consumers, the lack of consistency and clarity in their implementation adds layers of confusion and complexity under this administration.
Producers must navigate these obstacles, taking valuable time and resources away from serving their customers. Moreover, poor communication between insurance companies, producers, and customers exacerbates these issues. Breakdowns in communication lead to misunderstandings, delayed transactions, and diminished trust in the system.
This erosion of trust is further compounded by delays in claim settlements and unclear policy terms. Customers often feel disempowered and frustrated, while producers struggle to maintain strong relationships due to systemic inefficiencies.
Under Kamla Persad-Bissessar’s administration, the focus on creating a business-friendly environment was forefront and addressed many of these issues. Administrative processes were streamlined, modern technology was embraced, and the regulatory framework was designed to support growth rather than stifle it. The result was a booming economy where industries, including insurance, operated efficiently and effectively.
The contrast between the business environment under Kamla Persad-Bissessar and the current administration is clear.
Her leadership prioritised economic growth and the ease of doing business, allowing industries to flourish and contribute to the nation’s prosperity.
For Trinidad and Tobago to regain its economic momentum, it is crucial to return to policies that support business growth, drive innovation, and prioritize the needs of industries and consumers alike. I say bring back Kamla now before we continue down a path of no return.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited