Insurance Employees Co-operative Credit Union

Description:

The Insurance Employees Co-op Credit Union Ltd. (IECCU) was registered under the Co-operative Societies Act and Regulations on October 28, 1977 and held the first Annual General Meeting on November 28th, of the same year. The new Board of Directors of I.E.C.C.U. borrowed $4,000.00 from the Life Underwriters Association of Jamaica (LUAJ) to furnish 120 sq. ft. of office space rented at the LUAJ’s Headquarters, 72 Hope Road, Kingston 6. The office was staffed with one fulltime employee and opened for business on the 1st Monday in December 1977.

At the end of the first year IECCU outgrew its office space and had to seek more space upstairs from the owner of the property.

……one of the earliest Credit Unions
in Jamaica to computerize its operations

IECCU remained at 72 Hope Road until 1984 when, having outgrown all available space at that location, the Credit Union rented 2000 sq. ft. of office space at 27 Parkington Plaza. IECCU eventually bought a 8000 sq. ft. building at Parkington Plaza in 1995.

IECCU is one of the earliest Credit Unions in Jamaica to computerize its operations using the Batch Processing System. In 1986 the Credit Union purchased its first set of computers and software. Full computerization was achieved in 1997.

Since its establishment, IECCU has expanded the products and services offered to the employees of the insurance industry from simple share accounts to the present wide array of financial instruments and services. The Institution has also shown steady growth, and now has assets of more than $1billion and in excess of 8,000 members. A dividend has been paid to our members every year with the exception of the very first year of operation.

IECCU was the first credit union in Jamaica to have received a Level I Accreditation from The Jamaica Co-op Credit Union League using the P.E.A.R.L.S. formula for assessment in the year 2000.