- NEWSDAY.CO.TT - A la Une - 04/Feb 07:08

Ease of doing business has eroded under PNM

THE EDITOR: Under the current PNM administration, the ease of doing business in TT has deteriorated, making it increasingly difficult for industries to thrive. The insurance sector, which plays a critical role in protecting individuals and businesses, is no exception. Producers, including agents and brokers, face numerous challenges that hinder their ability to provide efficient and reliable service to customers. In stark contrast, during Kamla Persad-Bissessar’s leadership from 2010 to 2015, the economy was thriving, and the ease of doing business was significantly better, fostering an environment where industries could grow and flourish. One of the most glaring issues under the current administration is the burdensome administrative processes that plague the insurance industry. Lengthy paperwork, excessive bureaucracy, and inconsistent documentation requirements create unnecessary delays in issuing policies and processing claims. These inefficiencies slow down service delivery, leaving customers frustrated and producers overwhelmed. In addition, the sector suffers from a lack of modern technology. While other industries embrace digital transformation, many insurance processes remain manual and outdated, increasing the likelihood of errors and further contributing to delays. Regulatory hurdles are beyond cumbersome and also pose significant challenges for producers. Although regulations are essential to protect consumers, the lack of consistency and clarity in their implementation add layers of confusion and complexity under this administration. Producers must navigate these obstacles, taking valuable time and resources away from serving their customers. Moreover, poor communication between insurance companies, producers, and customers exacerbates these issues. Breakdowns in communication lead to misunderstandings, delayed transactions, and diminished trust in the system. This erosion of trust is further compounded by delays in claim settlements and unclear policy terms. Customers often feel disempowered and frustrated, while producers struggle to maintain strong relationships due to systemic inefficiencies. Under Persad-Bissessar’s administration, the focus on creating a business-friendly environment was forefront and addressed many of these issues. Administrative processes were streamlined, modern technology was embraced, and the regulatory framework was designed to support growth rather than stifle it. The result was a booming economy where industries, including insurance, operated efficiently and effectively. The contrast between the business environment under Persad-Bissessar and the current administration is clear. Her leadership prioritised economic growth and the ease of doing business, allowing industries to flourish and contribute to the nation’s prosperity. For TT to regain its economic momentum, it is crucial to return to policies that support business growth, drive innovation, and prioritise the needs of industries and consumers alike. I say bring back Persad-Bissessar now before we continue down a path of no return. DR NEIL GOSINE UNC treasurer The post Ease of doing business has eroded under PNM appeared first on Trinidad and Tobago Newsday.