eases insurance payments

Recognising the need for a financial solution to address insurance premium rates, personal loan provider Bayshore Finance Trinidad and Tobago Ltd created Solis Credit. In an interview with Express Business, Candice Adams, group marketing and sales manager, said Solis Credit is designed to help the many people struggling to pay their legally required insurance premiums. “Solis Credit was born out of a clear need in the market.

We saw too many individuals struggling to pay their insurance premiums in one lump sum, which often led to lapses in coverage or difficult financial trade-offs. This was especially concerning in the case of motor vehicle insurance, which is not only legally required but also plays a critical role in road safety and personal responsibility,” said Adams. Additionally, she said this product is meant to make insurance more accessible for those in need.



“We created Solis Credit to make insurance more accessible through flexible monthly payment plans, helping individuals stay protected without the upfront financial burden. We support individuals and businesses in safeguarding their most valuable assets—whether it’s a car, home, employees, customers, company vehicles and property—by ensuring they can maintain continuous coverage and peace of mind. Our mission is to make insurance accessible and affordable to all,” she said.

Adams said people with an insurance premium are approved. “No job letter, utility bill or source of income is needed to sign up unlike other credit options, she said. Adams continued: “As insurance premiums continue to rise, many people and companies are finding it harder to afford the full cost up-front.

Solis Credit helps by breaking that cost into manageable monthly payments, easing the financial pressure and making it easier to keep coverage in place.” Overall benefits She explained that the top overall benefits include: • monthly payment plans for insurance premiums • improved cash flow by spreading insurance costs over time—from three to 11 months • reduced risk of policy lapses, helping people stay continuously covered • peace of mind knowing that protection is in place for 12 months while you pay for it monthly. Individual benefits As for individuals, Adams said benefits include: • avoiding large, one-time premium payments • staying compliant with legally required motor vehicle insurance • greater financial flexibility to manage other personal expenses.

Business benefits For businesses, the company is offering benefits of: • freeing up of capital for operations or investment by spreading out insurance costs • ensuring critical assets—like fleets, equipment, or property—are always protected • staying compliant with insurance requirements without straining cash flow. Adams added that people can also use Solis Credit to pay the full insurance premium, or part of it, with instalments to be repaid to Solis Credit. She said people can apply once they renew or purchase their policy at any of their partner locations—listed on the Solis Credit website.

Agents have access to an agent portal where they can sign up customers on the spot. Customers then make their first payment to Solis Credit, which pays the partner the full premium, and the customer repays Solis Credit monthly. Bayshore Finance T&T Ltd was originally founded as a personal loan provider in 2015.

In November 2016 the company switched to solely providing Insurance Premium Financing (IPF), and in December 2020 the IPF financial product was branded Solis Credit. Since its inception, Bayshore Finance T&T Ltd has been committed to providing its customers with easy and accessible financial solutions. Over the years, the company has successfully helped thousands of customers with their financing needs and has established itself as a trusted name in the fintech and insurance industry.

Today, Bayshore Finance T&T Ltd is one of the leading providers of insurance premium financing in the Caribbean, under its Solis Credit brand. In January, Express Business reported a 25% increase in motor vehicle insurance rates according to the Association of Trinidad and Tobago Insurance Companies (ATTIC). ATTIC attributed the increase to the rising frequency and severity of road accidents, thefts, and other vehicular incidents.

“There is also a growing number of vehicles on Trinidad’s roads which has led to increased traffic congestion and increased collisions,” the association stated in response to questions from the Express Business at the time..