History of JAIFA

88 years of excellence in service to the nation

ESTABLISHED ON July 4, 1932, the Jamaica Association of Insurance and Financial Advisors (JAIFA), formerly the Life Underwriters Association of Jamaica (LUAJ), is one of the oldest membership organisations in Jamaica. It is located at 72 Hope Road, Kingston 6, and is a nonprofit organisation which represents the sales force of the life insurance industry. The association maintains four chapters – Metropolitan, Central, Northern and Western – which span the entire island. These chapters help to impact the nation with activities from our membership islandwide.

The association’s primary functions are to:

• Administer professional education courses;

• Promote the adoption of high standards of ethical conduct in the profession;

• Provide the linkage with the life insurance industry, life underwriters associations worldwide and the Government.

The Jamaica Association of Insurance and Financial Advisors is committed to the development of its members, and this is achieved through the educational programmes and motivational seminars which are offered. JAIFA offers the following professional courses:

• The Chartered Life Underwriters (CLU), which is a six-part course done in conjunction with Canadian Association of Insurance and Financial Advisors (ADVOCIS) and The America College;

• Chartered Financial Consultants (ChFC) course, which is the final rung on the life insurance professional’s education ladder;

• Financial Services Certified Profession (FSCP), which is an eight-week course;

• The Agency Management Training Course (AMTC), which is a 23-week course.

• The Financial Services Certified Professional programme consists of courses which are designed to teach the principles of financial planning and financial services, by combining essential product knowledge with basic planning concepts, as well as ensuring high levels of ethics and professionalism within the industry. The FSCP programme consists of eight courses which are done in conjunction with the American College. At the end of these courses, the student can apply for the prestigious FSCP designation. This designation highlights the higher level of professional achievement attained by our members.

The Code of Ethics, based on the Insurance Act, governs the professional conduct of life insurance sales representatives. JAIFA acts as the watchdog to ensure that these standards are maintained.

JAIFA is the link between its members and:

• Million Dollar Round Table (MDRT)

• Canadian Association of Insurance and Financial Advisors (CAIFA)

• Caribbean Association of Insurance and Financial Advisors (CARAIFA)

• Insurance Association of Jamaica (IAJ)

• LIMRA

Through these links, members are given the opportunity to qualify for:

• CARAIFA’s Quality Awards (CQA)

• CARAIFA’s Achievement Awards (CAA)

• CARAIFA’s President Circle (CPA)

• Million Dollar Round Table

JAIFA awards members of the association each year for outstanding performances. These awards are life insurance industry awards. Sales representatives in the different companies compete for the various awards.

Awards given are:

• JAIFA Association Member of the Year – this person must have been a member of JAIFA for at least 10 years and be involved in industry and community activities;

• Production Member of the Year – (Bancassurance and Life Companies categories) the agent who earns the highest first-year commission and who has a low percentage of lapse cases;

• Membership Communication Committee (MCC) Representative of the Year;

• Top Ten Production Members of the Year;

• Top Ten Bancassurance Members of the Year;

• Top Three Agents – First Year Commission (FYC) – earnings from new business in that year;

• Top Three Agents – Cases;

• Moderators are recognised for their work during the year;

• Student of the Year – Top student after completing the FSCP programme;

• CARAIFA Awards – CAA, CQA, CPA;

• Chapter of the Year – Bestperforming chapter.

To encourage productivity, JAIFA organises competitions annually.

ACHIEVEMENTS

Several organisations have been born out of the LUAJ, now

JAIFA. Some of these are:

• The Insurance Employees Co-operative Credit Union (IECCU), which was incorporated in 1977;

• Caribbean Association of Insurance and Financial Advisors (CARAIFA), formerly Caribbean Association of Life

Underwriters (CALU), which was formed during the 19771978 administrative year; • The JAIFA Tennyson Palmer Basic School in Montego Bay. The school was adopted by the Government as a model school. This was a project of the JAIFA Western Chapter.

JAIFA’s board 2019-2020. Standing (from left): Director Denton Atkins, Director Selena Chin, Northern Chapter Chair Veronica Buchanan Farquharson, Western Chapter Chair Kedine Matthews-Smith, Central Chapter Chair Daweina Tomlin, Metro Chapter Shirley Daley and Director Irene Graham. Sitting (from let)} PDI Chairman Courtney Golding, First Vice- President Otis Hamilton, Immediate Past President Kathryn Marrett, President Nehemiah Perry, Second Vice-President Triola Harper-Smith. and Treasurer Alwaine Thorpe.