Financial & Insurance Services Have Role To Play In Tourism
Insurance and financial services can play a critical role in the sustainability of the tourism sector.
This is according to Minister of Tourism and International Transport, Ian Gooding-Edghill, who was speaking on day two of the 36th Annual Sales Congress, at Wyndham Grand Barbados, Sam Lord’s Castle Resort & Spa.
It is being hosted by the Barbados Association of Insurance and Financial Advisors (BARAIFA) under the aegis of the Caribbean Association of Insurance and Financial Advisors (CARAIFA).
Referring to the financial effects felt by workers in the industry because of the COVID-19 pandemic, Mr. Gooding-Edghill noted that the industry’s financial advisors and insurance professionals can work with staff in the tourism sector to help empower them.
“The COVID-19 pandemic changed the way we conducted business, and we had, as a Government and certainly as individuals, to become more resilient to protect our businesses, families and to secure our futures…. My Ministry had to retain strategies, retool our resources, and become even more proactive in confronting challenges…to transform Barbados into achieving a more sustainable future….
”Consequently, as we observe the resurgence of travel and tourism, brought about by the result of our resilience, the significance of financial insurance becomes critical in light of the potential hazards, such as natural and man-made disasters, and God forbid pandemics, all of which can seriously impact our economies,” the Tourism Minister stated.
He also stressed that data collected by insurance and financial advisors could be used in the tourism sector.
“Data analytics enables businesses to understand market performance and refine strategies effectively. Companies are able to personalise offerings by analysing customer behaviour patterns, boosting sales and satisfaction. Analysing internal data helps to optimise operations, reduce costs and enhance staff efficiencies. In relation to tourism, travel products for specific markets can be customised and cyber security enhanced to improve travel experiences,” Mr. Gooding-Edghill pointed out.
It was also underscored that insurance is critical for travellers, noting that travel insurance protects travellers from unexpected events.
“In essence, insurance provides the safety net, and financial advisory provides the roadmap for a sustainable and prosperous tourism industry. By recognising and strengthening these connections, we can create a more resilient and vibrant tourism sector, benefiting both visitors and the communities that host them,” he added.
Mr. Gooding-Edghill also thanked the officials of BARAIFA and CARAIFA for choosing to host their annual event in Barbados, as the island positions itself to be a premier Meetings, Incentives, Conferences and Exhibitions (MICE) destination for both professional and social engagements.
Congress Director, Tyrone Lowe, said Barbados is known for being a good MICE destination. He added that based on the feedback so far, attendees are “very pleased” with the Congress, and it is going “extremely well”.
Mr. Lowe shared that over 300 delegates from 14 countries were participating in the Congress, with large contingents coming from Jamaica and Trinidad & Tobago. The next conference is slated to be held in Trinidad & Tobago.
Author: Sheena Forde-Craigg