How Businessman Peter Harris Helped to Create One of Barbados’s Most Lucrative Insurance Providers

How Businessman Peter Harris Helped to Create One of Barbados’s Most Lucrative Insurance Providers 

Petr Harris is one of Barbados’s most authoritative business figures, having been the co-founder of one of the islands most innovative insurance companies, not to mention holding various important roles with a number of businesses.

Today he continues to develop his skills to help better improve his and many other businesses in and around Barbados. He is also an avid sports fan with a passion for hockey, a sport he has actually competed in himself – perhaps this is how Harris gained his famous competitive edge that peers know all too well of!

His current positons as both chairman of PVH Consultants and CEO of Consumer Guarantee Insurance showcases how important a figure Peter Harris remains within the Barbadian business world, particularly in the insurance sector.

How Peter Harris Got Started in Business

Peter Harris first graduated from Combermere High School, Barbados in 1983. He started out in various insurance jobs, getting a better understanding of the nature of the business on the island. It was in this time that he realised there was many important aspects lacking in Barbados’s current insurance providers.

After coming together with like-minded businessman Bruce Bayley in 1993, the two men founded what would go on to become one of the biggest insurance companies in all of Barbados – Consumer Guarantee Insurance (CGI).

History of CGI

Consumer Guarantee Insurance was first founded in November 1993, after Harris, Bayley, and a group of investors wanted to bring a comprehensive insurance provider that locals could trust and believe in.

In their early years as a company CGI looked to implement innovative concepts into the insurance sector of Barbados.

For example, CGI was one of the first Barbadian insurance company that provided a roadside recue program in the shape of the Automate service.

Finding Success

As this was the first of its kind in Barbados, locals found the service to be so reliable that CGI was inundated with requests for their Automate service. This success led to even more innovation from Harris, with the introduction of a household-equivalent service known as Housemate.

Today, CGI insures more than $4 billion in various property assets in Barbados, leading them to become the third-largest local insurance company as well as the second-largest auto insurance provider – a premium annual income in excess of $55 million is a testament to just how far CGI has come in its 22 years as a business.

Continuing to Innovate and Improve Insurance in Barbados

A more recent innovation from Harris and his team at CGI is the embracing of new technologies to help ease the stresses caused by the current economic climate.

Online services are readily available now such as the new Monthly Insurance Plan. This allows consumers to pay their insurance premiums within payment schedule that best suits them, allowing the chance to alleviate some of the stresses associated with meeting premium payments.

The company currently provides car, home, and commercial insurance premiums as some of the most competitive rates in all of Barbados. With more 20 years’ experience, CGI has achieved everything it set out to do and much more, thanks in no part to the invaluable input from Peter Harris, Barbados businessman extraordinaire.

Peter Harris website: www.peterharrisbarbados.com