Marathon Insurance Brokers has announced plans to raise $500 million through an initial public offer (IPO), which is slated for March next year.
The proceeds of the IPO would be used to expand the 25-year-old insurance brokerage firm while financing its $100-million innovative online platform, Mibinsure.com.
If the IPO is successful, the company plans to list the shares on the Junior Market of the Jamaica Stock Exchange.
In the meantime, Marathon has taken giant steps to simplify the motor vehicle insurance process, giving thousands of Jamaicans fast, easy and direct access to a wide range of coverage options through the introduction of its Mibinsure.com platform, which comes with the promise of lowering premiums by 60 per cent or less.
The online platform is said to usher the local insurance industry into a new, modern high-tech era where every Jamaican, seeking coverage for hard-earned assets, is able to compare offerings from multiple insurance companies and access the best policies they can afford.
At the same time, some 11 general insurance providers, with products on Mibinsure.com, will benefit through wider market reach, greater efficiency and the ability to readily see how they rank against their competitors.
Mibinsure.com will kick into full gear next week Sunday, December 1, 2019, boasting a brand new product line on its platform.
All Marathon clients will be able to renew their motor vehicle policies online and print their Cover Notes themselves. The platform now allows for the online purchasing of motor vehicle insurance, printing cover notes and invoicing.
By next year, customers should be able to manage their policies; report claims and check the status of their claims on the online portal. Commenting on the new system, Burgher said “The $100-million investment in Mibinsure.com was in response to the need to provide wide and ready options and services to clients in the age of technological advancement.”
The new platform will serve Marathon’s growing clientele by putting the best and most affordable policies at their fingertips. “No more long wait at the office to renew your motor insurance — another first in the industry,” Burgher explained.
The company has remained at the forefront of local insurance brokerage services, updating and modernising its systems and offerings over the years. Mibinsure.com, the result of five years of innovation, is the latest step in this continued programme of upgrade. The platform is to be further expanded to provide wider services to the industry.