Therefore, a thorough assessment of an entity's structure will determine a company's longevity, especially in an environment that constantly changes due to internal and external forces. Furthermore, successful companies are the product of genuine leaders who best suits the nature of the business and the environment in which the organization operate.
Sagicor Life Jamaica Limited has adopted a divisional structure which has influenced the company's continued success and growth; ranking third among the top financial services providers in the country. Furthermore, with a distinct performance culture and strong transformational leadership, Sagicor continues to charter a path for consistent profitability, delivery of tailored products and services and a workforce that is motivated to achieve the given objectives. On the other hand, the company has experienced a few impediments such as a silo effect among divisions that has created minor inefficiencies. As a result, leaders continue to design, implement and monitor such occurrence, as they aim to refine and sustain the productive work environment. With a heterogeneous environment, the company's vision of being a great company committed to improving the lives of the people within the communities they operate is made a reality.
Company Background.
Visionary R. Danny Williams recognized the potential for developing the country and along with six young entrepreneurs; Adrian Foreman, Manley McAdam, Donald Davidson, Herbert Hall and Peter Rousseau, formed a new company; Life of Jamaica Limited (LOJ) in 1970. LOJ quickly became Jamaica's pacesetter in the Insurance industry which caught the attention of Sagicor Financial Corporation, a premier Caribbean financial services organization incorporated in Barbados in 1840. Due to the global effects of the recession in the United States and downturn in Jamaica's economy, the founders and leaders made a strategic decision to give up 58 percent of ownership to Sagicor in 2008 by way of acquisition.
