Important Announcement
PubHTML5 Scheduled Server Maintenance on (GMT) Sunday, June 26th, 2:00 am - 8:00 am.
PubHTML5 site will be inoperative during the times indicated!

Home Explore The Market Resource

The Market Resource

Published by research.dept, 2015-12-18 12:27:33

Description: The Market Resource October 2015

Search

Read the Text Version

THE MARKET RESOURCE October 2015

1 CONTENTS Page Number 1 Industry News: Medical Tourism 135 5 Sagicor opens Trench Town branch 8 Jamaica National granted Bank Licence 10-14 Sagicor promotes breast cancer awareness 11 10-14

INDUSTRY NEWS: Medical Tourism• In recent times, countries such as India, Thailand, Singapore and Costa Rica provide medical treatment at a lower cost outside of developed countries such as the United States. This trend is known as Medical Tourism and insurance products of this kind are defined as an emerging part of the health tourism industry and in this month’s Industry News, we will be taking a look at medical tourism and some potential implications for the insurance industry. 1

INDUSTRY NEWS: Medical Tourism• Medical tourism is broadly defined as the “act of travelling to obtain specialized or economical medical care, well- being and recuperation” (Deloitte, 2011). Though medical tourism is in its infancy, one report (2015) estimates that 6 million people travel for medical treatment from one country to another. Additionally, it was estimated that in 2014 1.2 million Americans would travel outside the US for medical care. Medical Tourism may also be experiencing gradual growth, as data from 2011 indicated that the industry was expected to grow globally to an estimated $40 U.S billion annually by the end of 2010.• Several key factors may help to explain why consumers are attracted to this industry. Some key drivers that encourage consumers to choose medical tourism include: o Ability to afford out of country costs o Comparable or better quality care o Shorter waiting periods and quicker access to care.• Another factor that would attract consumers to medical tourism would be the availability of insurance to cover these types of services. In fact, one report by Deloitte (2011) showed that 69% of Canadians were willing to travel abroad to access medical treatments, etc. if their doctor recommended it and the service was covered under health insurance.• Some developments in Jamaica indicated that it is taking steps to enter this industry. In recent months, a Spanish-owned group known as Hospiten opened a $2.3 billion state-of-the-art medical facility in Montego Bay and is the only private hospital outside of Kingston with an Intensive Care Unit (ICU) facility. Additionally, in order to move towards providing health services and conform to international standards, multi-lateral agreements have been signed between the Jamaica National Agency for Accreditation (JANAAC) and the Inter-American Accreditation Cooperation.Evolving Medical tourism in Canada. Exploring a new frontier (Deloitte, 2011) and http://www.jamaicaobserver.com/news/Jamaica-moving-ahead-in-health-tourism---McNeill 2

INDUSTRY NEWS: Medical Tourism• Though the medical tourism industry is still in a growth process here in Jamaica and abroad, there are some opportunities and implications for the industry.  OPPORTUNITIES  Patients willing to travel to another country for medical care creates a mostly untouched market segment opportunity for private insurers.  The willingness of consumers to travel outside of their local areas to receive faster medical care enables insurers to develop innovative plans.  One such example is the Anthem Blue Cross and Blue Shield International Medical Tourism Program. Piloted in 2008, this program allows members planning to undergo certain procedures to access an extended network of respected hospitals and health care providers in India. Members can receive care at lower out-of-pocket costs for common non-emergency procedures which could result in thousands of dollars in total savings. Coverage of certain common non-emergency procedures such as major joint replacement and upper and lower back fusion.Evolving Medical tourism in Canada. Exploring a new frontier (Deloitte, 2011) and http://www.prnewswire.com/news-releases/anthem-blue-cross-and-blue-shield-introduces-international-medical-tourism-pilot-program-65396172.html 3

INDUSTRY NEWS: Medical Tourism DISADVANTAGES:  However, medical tourism may pose some disadvantages for insurers, which can include: Lack of support from critical stakeholdersUnstable Legal Limited Demand environment – small numbersuch as lack of of consumerslegal remediesfor malpractice seeking this type of careTravel Risks Quality, accreditation and liabilityMedical Tourism in the eyes of insurance companies (April 29, 2011) 4

SAGICOR LIFE SETS UP BRANCH IN TRENCH TOWN• In the month of October, Sagicor set up a satellite office in Trench Town. This project will aim to test service delivery in what is deemed to be an “at risk” community. The company has considered the project for roughly a decade and hopes bring life and health insurance to the economically marginalized.• Mark Chisholm, Executive V.P., noted that the products sold through this office will be tailored to meet the financial needs of these residents in an affordable way. The company will offer a tailored version of the “Protector Series” product, which was designed for persons in the lower socio-economic bracket so that can benefit from some level of insurance coverage.• The pilot office will be evaluated after 12 months and if successful, it is expected that this model will be replicated across the island.• Additionally, the Sagicor Mobile Unit was also present at this launch to offer free health screenings throughout the day to members of the Trench Town community. Insights• This strategic move by the company presents an opportunity for thecompany to reach the lower socio-economic bracket who may notreadily have access to the resource of life insurance.• In a previous report the Protector Series was featured and we cansee here that this product will help to push the notion among personsthat the company has products that are more affordable within theindustry. Mark Chisholm, Executive Vice President at Sagicor Life Jamaica Daily Gleaner (Wednesday October 28, 2015)/Sagicor Facebook Page 5

SAGICOR GROUP INSURANCE ADVISOR ADVERTISEMENT• In the month of October, Sagicor Life placed an advertisement in the paper highlighting their top performing Group Insurance Advisor for the 3rd quarter or 2015. Insert pictureFinancial Gleaner (Friday October 23, 2015) 6

SAGICOR PROMOTES ANOTHER “ASK AN ADVISOR” FEATURE• In the month of October, Sagicor Life placed another advertisement on social media encouraging their followers to contact their financial advisors on Facebook.• On Wednesday, October 28, 2015, Facebook users were given the opportunity to contact Patrick Thompson to get their financial and insurance questions answered.Sagicor Group Jamaica Facebook Page 7

JAMAICA NATIONAL HAS BEEN GRANTED APPROVAL TO BE CONVERTED INTO A BANK• This month, it was announced that Jamaica National Building Society was given approval to be converted into a commercial bank.• Once conversion is complete, Jamaica National is positioned to become the 3rd largest commercial bank in the island, with 12.8% of the market. Just behind National Commercial Bank and Scotiabank with roughly 36% and 26% respectively.• The conversion will allow the institution to begin offering credit products and services and also the opportunity to reorganize the group.• The transition will see the Society’s 11 businesses placed under three different holding companies – i) a financial holding company; ii) a non-financial holding company and iii) a mutual holding company. Insights 8• This development presents the opportunity for the company to reorganize and market its financial services in a new way that may appeal to customers and non- customers alike.• It is possible that the introduction of a commercial bank to the group may give the company leverage to develop bancassurance products. The Daily Observer (Friday October 2, 2015) and Financial Gleaner (Friday October 16, 2015)

SAGICOR HOSTS ANNUAL MOTIVATIONAL SEMINAR • Sagicor held its annual motivational seminar for financial advisors and administrative staff at the Secrets Resort in Montego Bay. • The seminar’s aims was to motivate team members to realize their full potential in their careers and personal lives. • The four day event was hosted under the theme “Power Up to the Top” featured a mix of local and international motivational speakers and athletes including: Delatorro McNeal; Lisa Nichols; Asafa Powell and Novlene Williams-Mills.The Daily Observer (Friday October 9, 2015)/Sagicor Group Jamaica Facebook Page 9

SAGICOR SPONSORS “KEEPING ABREAST LUNCHEON”• In the month of October, Sagicor sponsored another staging of the “Keeping Abreast Luncheon” which was hosted by the Jamaica Cancer Society and Jamaica Reach to Recovery.• Highlights from the events were also featured on major social media platforms such as Facebook and Instagram. Additionally, representatives from Sagicor also handed out branded tokens, including bags to attendees.The Daily Observer (Friday October 9, 2015)/Sagicor Group Jamaica Facebook Page and Instagram Page 10

SAGICOR POSTS BREAST CANCER “MYTHS” SOCIAL MEDIA• This month Sagicor, posted advertisements on Facebook sharing myths about breast cancer with its followers. 12 34Sagicor Group Jamaica Facebook Page 11

SAGICOR FEATURES STORY OF CANCER SURVIVOR• In recognition of breast cancer awareness month, Sagicor also featured a story of one their financial advisors – Patricia Evelyn, who survived thyroid cancer and is now cancer-free.• The financial advisor also provided a testimony about developing Chronic Obstructive Pulmonary Disease (COPD) and on becoming an advocate for domestic abuse. Patricia Evelyn, Financial Advisor 12http://www.jamaicaobserver.com/magazines/allwoman/How-Patricia-Evelyn-beat-the-odds_19233496/ and Sagicor Group Jamaica Facebook Page

PROMOTIONAL VIDEO: “LIFE MATTERS WITH SAGICOR” – BREAST CANCER AWARENESS• In commemoration of breast cancer awareness month, Sagicor aired another segment in their “Life Matters” series, which was centred on the life threatening disease. The video introduces us to three breast cancer survivors – two Sagicor Financial Advisors and the Chairwoman of the Reach to Recovery organization, who shared some details of their personal experiences before and after being diagnosed with breast cancer.• The segments also featured expert advice from a gynaecologist who lists and explains the various types of breast cancer and the factors that cause the disease. Additionally, the audience was also provided with information on the incidence and mortality associated with breast cancer. For example, in Jamaica the incidence of breast cancer is 1 in every 22 women, while breast cancer mortality is 30 in every 100,000 women.• The video also promotes the Sagicor critical illness plan – Ultra Lifeline. Furthermore the video highlights the high cost of breast cancer treatment and urged viewers to not delay when considering to purchase this type of coverage from Sagicor.Sagicor Group Jamaica Facebook Page/Youtube Page 13

SAGICOR AND BREAST CANCER AWARENESS PROMOTIONS Insights• This year it appears that Sagicor increased its efforts to bring awareness to breast cancer as well as to promote their critical illness product(s) and establish a brand presence in the minds of current and potential customers.• These can have an impact on persons and as such may help to increase sales by enhancing the company’s brand awareness and its product offering with breast cancer survivors.• The possibility of increasing sales is also supported by the video which caries cancer data as well as emotive messages that may help to convince persons to buy this type of product from the company. 14


Like this book? You can publish your book online for free in a few minutes!
Create your own flipbook