Yoni Epstein
Chairman of Itel BPO Solutions, Yoni Epstein is calling for the Financial Services Commission to intervene in a dispute between the business process outsourcing sector and the general insurance companies.
Epstein says insurance providers are slowing the recovery of the BPO industry following the devastation caused by Hurricane Melissa.
He explained that damage to equipment and other capital stock within the sector amounted to about 90 per cent of their total value.
However, he said insurance companies are only willing to cover about 65 per cent of those losses.
According to Epstein, insurers are still refusing to fully cover the verified damage despite assessments from independent evaluators. He argued that the situation is making it difficult for BPO companies to fully recover, warning that Jamaica could lose outsourcing business to countries such as India and the Philippines.
The BPO sector currently employs more than 50,000 people in Jamaica and generates close to US$1 billion in export earnings each year.
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