Tag: INS

Health Care

Frost & Sullivan Completes Malaysia Excellence Awards (Healthcare) Judging Session; Awards To Be Presented on April 14 in Kuala Lumpur

admin

KUALA LUMPUR, Malaysia, March 30, 2015 /PRNewswire/ — Frost & Sullivan recently completed the judging session for the Malaysia Excellence Awards for Healthcare, which will be presented at a dinner gala held on Tuesday, 14 April 2015 from 7.30pm at the Mandarin Oriental, Kuala Lumpur.

The Malaysia Excellence Awards aim to recognize Malaysian companies for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research in order to identify best practices.

The findings of the detailed evaluation are then presented to a panel of independent judges comprising influential personalities and leaders in Malaysia, to decide the recipient for each category.

Below are the esteemed judges who decided on the Frost & Sullivan Malaysia Excellence Awards Healthcare categories:

  1. Manoj Menon, Senior Partner & Asia Pacific Managing Director, Frost & Sullivan
  2. Hazmi Yusof, Country Head, Malaysia & Senior Vice President Asia Pacific, Frost & Sullivan
  3. Geeta Dhanoa, Head of Healthcare Award Program, Frost & Sullivan
  4. Naser Jaafar, Chief Operating Officer, Agensi Inovasi Malaysia
  5. Dato’ Dr. Jacob Thomas, President, Association of Private Hospitals of Malaysia
  6. Malini Ramalingam, Deputy Director, Connected Healthcare Digital Lifestyle, Malaysian Communications and Multimedia Commission
  7. Sherene Azura Azli, Chief Executive Officer, Malaysian Healthcare Travel Council (MHTC)
  8. Dr. Chua Hong Teck, Director, Healthcare and LIH, Performance Management & Delivery Unit
  9. Professor Datin Dr. Hamimah Hj Hasan, Deputy Dean for Undergraduate Affairs, Faculty of Medicine, University of Malaya

There will be a total of thirteen awards presented at the awards ceremony. They are:

  • Hospital of the Year
  • Medical Tourism Hospital of the Year
  • Private Health Insurance Provider of the Year
  • Pharmaceutical Company of the Year – Generics Drug Category
  • Healthcare IT Company of the Year
  • Ophthalmology Service Provider of the Year
  • Home Healthcare Company of the Year
  • Home Healthcare Entrepreneurial Company of the Year*
  • Health Screening Service Provider of the Year*
  • Corporate Social Responsibility Company of the Year in Diabetes Care*
  • Corporate Social Responsibility Company of the Year in Community Health*
  • Dental Company of the Year*
  • Health & Fitness Company of the Year*

For more information on the awards, please visit our website: http://www.malaysia-awards.com/ or like us on Facebook: https://www.facebook.com/FSAwards

*

These awards were pre-judged internally by Frost & Sullivan analysts and shared with the external panel of judges.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact Us:     Start the discussion

Media Contact

Carrie Low Corporate Communications – Asia Pacific
Phone: +603.6204.5910
Email: carrie.low@frost.com

ERN Health Care

Insurance + Investment Model Achieved Uprising Success

admin

Fosun’s implementation of the Buffett model accomplished significant impact

HONG KONG, March 26, 2015 /PRNewswire/ — Fosun International Limited (together with the subsidiaries, “Fosun” or the “Group”, SEHK stock code: 00656) announced its results of 2014. For the year ended 31 December 2014, Fosun’s net assets attributable to owners of the parent reached RMB 49.408 billion, up 24.7% from end-2013. Profit attributable to owners of the parent was RMB 6.854 billion, up 24.2% year on year from 2013.

With the “insurance + investment” twin-driver core strategy, Fosun has accomplished major improvements on both the financing end and asset end as well as the optimization of the overall asset structure. The twin-driver empowered by the “Insurance-oriented Comprehensive Financial Capability” and “Global Industrial Integration Capability Taking Roots in China” has been much strengthened than ever and has established advantages unique to ourselves, like all other world-class investment groups.

Persistent efforts on the financing end: Insurance float approached RMB100 billion, improving ROIC-WACC and EVA generation capability

In 2014, insurance segment profit grew significantly, and the scale of insurance float surpassed the RMB100 billion mark (attributable investible assets at RMB 79.8 billion). Benefiting from the contribution of a large scale of insurance float, ROIC-WACC (after adjustment) and capital employed (after adjustment) started to widen, Economic Value Added (“EVA”) of investible assets continued to enlarge and it will become a critical growth engine for Fosun in the future.

Fosun continued to speed up its development on the foundation comprising Yong’an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance. In May 2014, Fosun completed its acquisition into an 80% interest in Fosun Insurance Portugal (comprising the three insurance companies namely Fidelidade, Multicare and Cares), the leading insurer in Portugal with a 30% local market share, at a consideration of EUR1.038 billion.  In early 2015, Fosun further increased its equity interest in Fosun Insurance Portugal to 84.986%.  This is one of the most important acquisitions for Fosun over the last 23 years, adding more than EUR 13 billion of new total assets to our Group, including in excess of EUR12 billion of investible assets. With the same logic, from the second half of 2014 to date, Fosun invests in the global insurer Ironshore which specializes in specialty insurance, and an US P&C insurer Meadowbrook Insurance Group (NYSE:MIG) which has rich experiences in labor insurance businesses.

As at 31 December 2014, the assets of insurance segment under management by Fosun exceeded RMB 113.085 billion, comprising 34.8% of the Group’s total assets. Upon completion of the Ironshore and MIG transactions, this proportion and scale are expected to climb up further.  

Insurance has become the most important segment for Fosun and has exerted a fundamental impact on the overall business operation and profit generation for the Group. In 2014, the operating revenue from the insurance segment hit RMB 7.868 billion, up 2,742.3% year-on-year, and contributed to 12.7% of the Group’s total revenue. Profit attributable to owners of the parent generated from the insurance segment stood at RMB1.149 billion, up 119.4% and contributed to 16.8% of the Group’s profit attributable to owners of the parent. Fosun’s ratio of net debt over shareholder equity declined to 73.3% in 2014 from 86.0% in 2013, and it is anticipated that it will decline stably in the future.

In 2014, Fosun’s attributable investible assets generated from the insurance segment reached RMB 79.81 billion in 2014, up 1,335.6% year-on-year. Thus, the investible capital (after adjustment) was also increased to RMB 214.703 billion, up 57.2% year-on-year. Meanwhile, the ROIC-WACC (after adjustment) reached 2.2% in 2014, up 0.6 percentage point year-on-year. In the future, as insurance assets eligible for consolidation for the year expanded, the ROIC-WACC (after adjustment) and investible capital (after adjustment) is expected to continue to increase, so EVA generation is also expected to expand.

Thanks to the efforts made by the insurance business team and the rapid, deep and persistent impact of Fosun’s investment capabilities on the return on assets of the invested insurance enterprises, the invested insurance enterprises saw their premium income and return on assets grow rapidly and healthily. Taking Fosun Insurance Portugal as an example, its consolidated return on assets climbed to 8.4% in 2014 from 4.3% in 2013. For the domestic invested insurance enterprise, Yong’an P&C Insurance, its consolidated return on assets also climbed to 12.6% in 2014 from 5.4% in 2013.

It is worth mentioning that the increased return on assets had not only been a result of any aggressive asset allocation that Fosun has adopted. In fact Fosun had been a bit biased towards the conservative end. For instance, 81.3% of Fidelidade’s assets were allocated to fixed income investments and cash last year. Only the remaining 18.7% were appropriated to equity and infrastructure real estate assets.

Investments focused health and happy & fashionable lifestyle industries, rolled out ecosystem planning and sped up participation in industry consolidation around the world with China momentum

In 2014, Fosun focused more on planning the ecosystem layout for the healthcare and happy & fashionable lifestyle and participate in consolidation of industries around the world, including cases like the privatization of Chindex, our acquisition into the whole of Luz Saude healthcare group of Portugal, the establishment of Studio 8 as a controlling shareholder, the privatization of Club Med and our investment in Thomas Cook which have just been concluded. These famous enterprises are all in the healthcare and happy & fashionable lifestyle industry ecosystem.

The healthcare and happy & fashionable lifestyle segment achieved revenue of RMB11.94 billion in 2014, up 20.3% year-on-year and contributed to 19.3% of the Group’s total revenue. Profit attributable to owners of the parent reached RMB1.702 billion, up 53.6% year-on-year and contributed to 24.8% of the Group’s profit attributable to owners of the parent. Segment net assets reached RMB26.747 billion, up 19.5% year-on-year and contributed to 35.3% of the Group’s net assets.

Currently, the healthcare industry of Fosun consists of strong and industry-leading participants, including Fosun Pharma, Alma Lasers, Luz Saude, United Family Hospital, Chancheng Hospital, Multicare Healthcare Insurance, all of which Fosun has controlling interests in. Fosun is also joint venture partners in Sinopharm, Starcastle Senior Living and Pramerica Fosun Life Insurance. Enterprises on Fosun’s happy & fashionable lifestyle industry platform include strong and industry-leading players including Yuyuan, tourism destination enterprises such as Club Med, Atlantis in Sanya, the creative film producer Studio 8, etc. In early of this year, Fosun shall put particular emphasis on supporting participation of these platform enterprises in consolidation of industries around the world. Fosun seeks to bridge the value mismatches between the robust China’s consumption momentum and these brands and services preferred by customers around the world. Fosun seeks to integrate resources, meet the need for good life from customers around the world, especially those in China, with the best products and services, building a healthcare and happy & fashionable lifestyle ecosystem that is based on the China’s growth momentum and the capability of integrating industries around the world.

Asset allocation: the health and happy & fashionable lifestyle businesses of high growth and weak cyclicality had taken over the dominant position

Following years of determined transformation, Fosun’s integrated financial segment assets expanded rapidly. Apart from enhancing investment in insurance business, Fosun acquired Hani Securities of Hong Kong last year, invested in 2 financial leasing companies, i.e. Chuangfu Financial Leasing and Hangzhou Financial Investment Leasing. Ali Small Loan, which Fosun had participated in its establishment and operation for many years, has become a showcase model of clientele expansion driven by scalable internet financial services. In 2014 the China Banking Regulatory Commission (CBRC) officially approved Fosun’s eligibility as one of the main co-founders of the Internet commercial bank “Zhejiang Internet Commerce Banking Co., Ltd.”

In early 2015, Fosun has announced that the Group has collaborated with Fidelidade to invest EUR 59.14 million to increase its interests in RHJI (which wholly owns BHF-Bank, one of the largest independent private banks in Germany and the UK time-honored private bank Kleinwort Benson specialized in commercial banking). Upon approval by relevant regulatory authorities, Fosun will hold indirectly a 28.61% interest in RHJI versus previous 19.49%, enabling the Group to bring to customers in China the world’s best-in-class private banking services and allow the invested enterprises to reap benefits from prosperity and growth of the financial market in China.

The growth in integrated financial businesses, together with the previously mentioned healthcare and happy & fashionable lifestyle businesses, constitute two segments of high growth and weak cyclicality. These two segments achieved revenue of RMB 20.954 billion in 2014, up 95.1% year-on-year and contributed to 33.9% of the Group’s total revenue. Profit attributable to the owners of the parent was RMB 5.279 billion, up 73.4% and contributed to 77.0% of the Group’s profit attributable to owners of the parent.

To develop “Insurance + Industry + Hive 1+1+1” cross-industry integration innovation closed loop

Leveraging Fosun’s established capabilities in healthcare, happy & fashionable lifestyle, logistics and commodity industries, the Group encouraged cross-industry integration and proactively promoted connection of industries with insurance and finance, capabilities of creating environment that facilitated integration of industries and insurance into hive cities, creating one cross-industry integration operation platform unique to Fosun after another.

In 2014, Fosun put great efforts in pursuing the establishment and development of Hive cities and sped up the transformation of upgrading traditional property businesses. Hive cities is a product integrating Fosun’s industrial resources to assist local governments in the construction of core urban functions, with a key feature of “industry-backed urban development and urban-industry integration”. Through providing core urban functions required by the cities, Fosun is able to take a lead in introducing its core industrial resources and to further introduce ancillary industries that support the core industries, with a view to promoting “Urban-Industry integration” by establishing a 24-hour plus 3-in-1 vibrant community for work, consumption and living, as well as introducing living and consumption services industries.

As at 31 December 2014, Fosun launched a cumulative total of 12 hive cities in 5 major categories. The Group initiated the five city functions with multi-industry operations including the healthcare hive, culture & entertainment, travel & leisure, logistics & trade and financial services. Total construction areas for hive cities invested by our managed funds and participating and controlling companies exceed 4.7 million sqm.

As for Fosun’s travel & leisure hive project in Sanya, Hainan, the world’s third Atlantis hotel that integrates tourism, properties and financial industries, its GFA of construction area aggregating around 510,000 sqm. By the end of 2014, we already invested RMB 2.35 billion. The construction work has been progressing smoothly and will be completed by the end of 2016. It will become the benchmarking product as a 3.0 upgrade version of tourism resort in Hainan. Meanwhile, we has also facilitated the cooperation of Starcastle Senior Living, Forte, Pramerica Fosun Life Insurance in the Shanghai Starcastle Zhonghuan Community, establishing a senior living community of the highest quality in Shanghai with medical and senior care services. Furthermore, Fosun will also make use of its “Fosun healthcare + Insurance + Leasing + StarHealth Hive” cross-industrial integration model to promote a countrywide healthcare and senior care system. It will launch a pilot scheme of “Club Med + Insurance + Overseas properties” cross-industrial integration to promote development of tourism destinations around the world both on a sale or rental basis. It will also launch a pilot scheme of the “Overseas properties + Insurance + Industries (rental by function)” cross industrial integration model to promote office properties ownership around the world.

Fosun has not been lagging behind the mobile Internet innovation trend

The mobile Internet, with its vast user base, accessibility anytime anywhere, connectivity with the rapidly developing Internet of the Things, has imposed thorough changes to everything in the environment. Fosun firmly believes that mobile Internet will allow the Chinese market to perform on par, if not better, than the US market. Mobile Internet will force every traditional industry to make a choice between pursuing full integration into mobile Internet, or to delineate from mobile Internet. Every industry is forced to find an ultimate way of survival under the mobile Internet environment.

In 2014, the Group’s Internet investment team and venture capital platform continued to focus on innovations on traditional industries brought about by the mobile Internet and mobile Internet related technologies (Internet Plus), persisting in “first or unique in the industry” as the guideline in identifying projects. Its existing investment portfolio has already covered digital healthcare, Internet finance, Internet tourism, online education, mobile social industries, etc.  Our showcase projects including Ali Small Loan, Perfect World, Linekong Interactive, guahao.com, Ali’s Dream Castle and My Money, etc. As at 31 December 2014, Fosun has invested HKD 836 million in VC area, and more than USD 500 million in the entire Internet area over the year.

The Group is also building the layout of connecting traditional industries with mobile Internet and Internet of the Things. Fosun proactively pursues connection of Yong’an P&C Insurance, Great China Financial Leasing and Internet P2P business for a pilot P2P Internet financial leasing program under credit insurance; also new scenario O2O app, e.g. guahao.com + Fosun Pharmacy. The Group is also fully prepared to promote Internet financial services based on real-world logistics and warehousing control and connecting with the Internet, such as “Hainan Mining + Finance + Internet Ore Trading Platform + Logistics”, “Nanjing Steel + Finance + Internet Steel Trading Platform + Logistics”, “Yuyuan Gold + Finance + Internet Gold Trading Platform”, “ROC + Finance + Internet Oil Product Trading Platform + Logistics”. Accordingly, the Group has invested heavily in medical cold chain logistics, participated in Cainiao Logistics, commissioned construction of Tianmiao Logistics cities, and established cold chain logistics, etc. In the future, Fosun will further promote industries integrating Internet and finance for upgrading and transformation, e.g. environmental transformation of “Nanjing Steel + Environmental Investment + Insurance + Leasing”.

In 2014, Fosun persistently implemented its “Mobile Fosun” strategy and successfully developed its instant chatting & communications apps/system, namely “Fosun Chat”.  Fosun also actively explored its O2O business. Fosun wishes to fully promote and establish its “Cloud + Terminal” within the organization based on this system. Through developing mobile Internet technologies and adopting a mobile Internet mentality and methodologies, Fosun can integrate and survive in mobile Internet era by upgrading and transforming all Fosun staff and businesses and systems with mobile internet technologies. We encourage every enterprise to develop user terminals and improve our product and user experiences, facilitating more frequent transactions among the offline customer results, and getting connected and transformed into online users. With its unreserved integration with mobile internet, Fosun will not be lagging behind the Internet and mobile Internet innovation trend. You will see Fosun on the cutting edge of mobile Internet and Internet of the Things in the future.

Looking ahead: Adhering to investment discipline, persisting in value investing, dancing with cyclicality on the value floor

Adhering to the basic logic and discipline of value investing is always the most important principle of Fosun. Value investing is both you need to be disciplined and also you have to dance with cyclicality. In the future, we need to persistently apply the most stringent investment discipline on ourselves. We need to learn day after day, accumulate and improve so as to become an intelligent vital entity. In the future, Fosun will continue to adhere to its value investing principles, integrate and combine global resources,  combining and integrating global resources, continue to strengthen its investments with insurance funds, expand the comprehensive financial assets and health & happy lifestyle industries, and fully embrace with mobile internet, with the aim to becoming a world-class investment group underpinned by the twin drivers of “insurance-oriented comprehensive financial capability” and “industrial-rooted global investment capability”. We believe that the world will be different because of Fosun. Life will become better because of Fosun.

Health Care

China Jo-Jo Drugstores’ Sales Reimbursed by Health Insurance Companies Increased 260% and 50% respectively for Online and Offline Pharmacy

admin

HANGZHOU, China, December 4, 2014 /PRNewswire/ — China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the “Company”), a leading China-based retail and wholesale distributor of pharmaceutical and healthcare products through its own online and retail pharmacies, today announced that its sales reimbursed by health insurance companies grew significantly both online and offline. From January to October 2014, the management estimates the online private insurance reimbursed revenue have reached approximately $1.62 million (RMB10 million), a 260% increase over the same period in 2013; the reimbursed sales of offline retail drugstores have reached approximately $0.89 million (RMB 5.5 million), a 50% increase year over year.

Starting from July 2011, Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd. (“Jiuzhou Pharmacy”), a subsidiary controlled by the Company has signed and renewed annual sales agreements with several major Chinese insurance companies, including China Life Insurance Company (NYSE: LFC) and Ping’an Insurance Group. According to the agreements, these insurance companies pay Jiuzhou Pharmacy for part of their insured customers’ purchases of medicine and healthcare products from our online and offline drugstores. The private medical insurance in China is supplemental to China National Medical Insurance, and is usually purchased by large profitable enterprises as benefits for their employees.

Jiuzhou Pharmacy was the first drugstore chain in Zhejiang Province to establish this sales model (also known as “Direct Pay to Claims”), with China Life Insurance Company in 2011. Since then, it has signed agreements with other major insurance providers, and third-party vendors, who make Jiuzhou Pharmacy their designated drugstores and clinics.

Mr. Lei Liu, Chairman of the Company, stated, “The health insurance reimbursement sales were initiated by us in Zhejiang Province and has been contributing to the Company’s revenue growth in the past few years. We will continue to develop and expand our sales channel, and strive to bring more benefits to the Company.”

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of September 30, 2014, the Company had 51 retail pharmacies in Hangzhou. The Company’s wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).

Forward Looking Statement

Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” “anticipate,” the negatives thereof, or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. It is routine for the Company’s internal projections and expectations to change as the quarter and year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which the Company bases its expectations may change. Although these expectations may change, the Company is under no obligation to inform you if they do. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of numerous factors, including the risks associated with the effect of changing economic conditions in the People’s Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products. Readers are referred to the reports and documents filed from time to time by the Company with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-jo-jo-drugstores-sales-reimbursed-by-health-insurance-companies-increased-260-and-50-respectively-for-online-and-offline-pharmacy-300004762.html

Health Care

Frost & Sullivan Commends Alorica for Introducing the PREEMPT Health Management Solution to Aid Health Insurance Companies in Customer Care

admin

— PREEMPT is differentiated by its proactive, analytics-driven care management model

MOUNTAIN VIEW, Calif., Sept. 25, 2014  /PRNewswire/ — Based on its recent analysis of the customer care outsourcing market for the healthcare vertical, Frost & Sullivan recognizes Alorica with the 2014 North American Frost & Sullivan Award for New Product Innovation in Contact Center Outsourcing. Alorica’s PREEMPT healthcare solution is designed to help health insurance companies evaluate member health, identify future risks and educate at-risk members through a multi-channel medical messaging system.

2014 North American Contact Center Outsourcing - Healthcare Vertical New Product Innovation Award

2014 North American Contact Center Outsourcing – Healthcare Vertical New Product Innovation Award

Photo – http://photos.prnewswire.com/prnh/20140924/148149

In the past, the industry as a whole did very little to incorporate a holistic approach to healthcare. However, the growing cost of chronic diseases, budgetary constraints and a more educated customer base are incenting healthcare providers to provide better solutions. Anticipating this need, PREEMPT’s turnkey delivery platform incorporates a multi-channel, customer-centric approach for improving patient communications. It offers outreach on the channels that patients prefer. This includes phone and live chat communications, e-mail, automated voicemail messages, and text messaging.

According to Alorica, for every 100 patients that are given preventive care, the healthcare payer will save between $1 million and $4 million in hospitalizations for heart attack, stroke, chronic obstructive pulmonary disease (COPD), dehydration, and ulcers.

“PREEMPT’s predictive analytics engine statistically determines the migration probability of each patient by assigning risk attributes and the likelihood of his/her taking medical action,” notes Frost & Sullivan Principal Analyst Michael DeSalles. “Its reliability allows insurers to view their members as patients and take responsibility for their education before a catastrophic event. This way, insurance companies can adopt a new cradle-to-grave paradigm and shed substantial costs.”

What makes the solution unique in the BPO market is that it is a proactive, analytics-driven care management solution. At a critical juncture in the American healthcare system, PREEMPT emphasizes preventative care as a top priority for health insurance companies. Competitors do not, at this time, have a similar health management solution in the BPO market.

Alorica’s PREEMPT program employs a differentiated five-stage progression plan that comprises data segmentation, predictive analytics, communication plan, campaign execution, and back-end analytics. Finally, the solution employs a closed-loop process, wherein it updates clinical outcomes for each patient and compares them with the desired results. This allows adjustments to be made to the algorithms in the predictive models and enables the refinement of the communication plans.

“Alorica has an edge over its competitors in delivering a robust customer interaction management platform for health insurance companies,” notes DeSalles. “The company’s extensive healthcare experience, a growing global footprint, and tenured management team give Alorica’s clients added value for customer care outsourcing in the healthcare vertical.”

Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it offers customers, which, in turn, increases customer acquisition and overall market penetration potential.

Frost & Sullivan’s Best Practices Awards recognize companies in a variety of regional and global markets for outstanding achievement in areas such as leadership, technological innovation, customer service, and product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research.

About Alorica

Alorica is a worldwide leading provider of customer management outsourcing solutions spanning the entire customer lifecycle. From customer acquisition and sales, to customer care and support, to logistics and fulfillment, Alorica offers a seamless customer experience across all service channels. Alorica’s award-winning Business Process Outsourcing services span both the Business-to-Consumer (B2C) and Business-to-Business (B2B) sectors across all industries for Fortune 1000 companies. Headquartered in Irvine, Calif. with more than 20,000 employees in 40 domestic, near shore, and offshore customer management centers, Alorica offers the proven industry experience and know-how to provide a total customer management solution. For more information, please visit www.alorica.com.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us:     Start the discussion

Join Us:           Join our community

Subscribe:       Newsletter on “the next big thing”

Register:        Gain access to visionary innovation

Contact:

Mireya Espinoza
P: +1-210-247-3870
F: +1-210-348-1003
E: mireya.espinoza@frost.com

Photo – http://photos.prnasia.com/prnh/20140925/8521405547

Economy

ACE Life Partners with AEON to Offer Life Insurance Through Telesales Channel

admin

BANGKOK, Aug. 22, 2014 /PRNewswire/ — ACE Life, the global life insurance division of ACE Group, today announced a partnership with AEON Insurance Service (Thailand) Company Limited to jointly offer a range of life, personal accident and health insurance products to AEON Thana Sinsap (Thailand) PLC’s customers countrywide via telemarketing.  With the opening of ACE Life Telemarketing Call Center at Ted’s House Building, customers can conveniently purchase life insurance on the phone. 

To provide innovative products via this newly launched distribution channel, ACE Life has launched the ‘Two in One Protector’ plan specifically for this new segment of customers.  It provides death coverage from sickness and accident, dismemberment and total permanent disability from accident.  Premiums start from  as low as seven baht per day with medical expense benefit of 15,000 baht per accident.

Kevin Goulding, Regional President of ACE Life in Asia Pacific said, “Thailand is one of the core markets for ACE Life in Asia Pacific and our partnership with AEON signifies a milestone in our company’s strategy to  expand our  distribution channels.  Committed to strive for better service to our customers, we aim to deliver value added financial protection solutions to our Thai customers.”

Sally O’Hara, Country President of ACE Life Assurance Public Company Limited commented, “We are delighted to be partnering with AEON Insurance Service (Thailand) to provide innovative life insurance products to AEON Thana Sinsap (Thailand) PLC’s customer base.  Our partnership leverages ACE Life’s multi-channel business and service model in Thailand and we look forward to building a long and rewarding relationship with AEON.” 

Kevin Goulding, Regional President of ACE Life in Asia Pacific (center) and Sally O'Hara, Country President of ACE Life in Thailand (left) together with Sakarabhop Dhivarakara, Managing Director of AEON Insurance Service (Thailand) Company Limited (right) presided over the grand opening ceremony of the "ACE Life Telemarketing Call Center" at Ted's House Building on August 6, 2014

Kevin Goulding, Regional President of ACE Life in Asia Pacific (center) and Sally O’Hara, Country President of ACE Life in Thailand (left) together with Sakarabhop Dhivarakara, Managing Director of AEON Insurance Service (Thailand) Company Limited (right) presided over the grand opening ceremony of the “ACE Life Telemarketing Call Center” at Ted’s House Building on August 6, 2014

ABOUT ACE LIFE IN THAILAND

ACE Life Assurance Public Company Limited (ACE Life) is part of the ACE Group, one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, the ACE Group provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. The ACE Group’s core operating insurance companies are rated AA for financial strength by Standard & Poor’s and A++ by A.M. Best.

Specifically to meet the needs of financial protection and security of its broad range of customers, ACE Life in Thailand (ACE Life Assurance Public Company Limited) offers a comprehensive range of quality life insurance products and services.  The company partners with financial institutions and other companies to tailor individual policies for their clients and employees while ACE Life’s team of over 2,500 agents service and support customers throughout the nation.  

More information can be found at www.acelife.co.th.

ACE Life, ACE Group of Companies and ACE Limited are registered trademarks of ACE Limited.

Photo – http://photos.prnasia.com/prnh/20140821/8521404707

Economy ERN

Solid Performance in Asia Contributes to Ageas’ Growth

admin

HONG KONG, Aug. 7, 2014 /PRNewswire/ — Ageas Announces 6 month results 2014 (Note 1) — Asia Financial Highlights

Ageas posts solid first half insurance results

  • Net profit of insurance operations was EUR 340 million
  •  Group inflows (at 100%) up 10% to EUR 13.8 billion, largely driven by Life inflows in Asia (+15%) and Continental Europe (+24%)
  • Group net profit of EUR 31 million
  • Insurance solvency ratio at 208%; Group solvency ratio at 203%.   General Account net cash position at EUR 1.6 billion (vs. EUR 1.9 billion at the end of 2013)

Strong Life new business growth while delivering good profit in Asia

  • Ageas Asia’s net profit at EUR 78 million vs. EUR 66 million (+19%) of which EUR 16 million originated from its Hong Kong operations
  • Asia’s inflows at EUR 6.7 billion vs. EUR 5.9 billion (+14%)
    • Mainland China’s inflows increased 20% to EUR 4.8 billion, with new business premiums up 19% to EUR 2.7 billion. The bank channel and the agency channel both contributed to this growth.
    • Thailand’s Life inflows were up 15% to EUR 884 million. Life new business premiums were up 24% to EUR 434 million. Non-Life inflows were up 5% to EUR 110 million across all lines of business.
    • Malaysia’s life inflows amounted to EUR 274 million. Non-Life premiums were EUR 301 million.
    • Hong Kong’s inflows increased 5% to EUR 227 million.
    • India’s inflows were EUR 50 million.
  • Strong solvency in Asia (including non-consolidated operations) at 244%

Announcing the 6 month results 2014, Gary Crist, Chief Executive Officer of Ageas Asia commented:

“We have solid contributions from all countries within the region especially from Mainland China. Inflows were up 15% to EUR 6.3 billion, with non-consolidated partnerships taken at 100%. While the second quarter showed good growth, Ageas benefited from an especially strong first quarter. Higher new business sales mostly originated from Mainland China and Thailand resulting from successful sales campaigns and continued channel development, including a strong increase in the number of agents. Renewal premiums were again up significantly (+17%) to EUR 2.8 billion benefiting from strong sales last year and continued good persistency across all entities.”

Please visit http://www.ageas.com for full details of the press release.  

Note:

1. All 6 month 2014 data are compared to the 6 month 2013 figures unless otherwise stated.

Economy ERN

Banco Bradesco 1H14 Results

admin

SAO PAULO, July 31, 2014 /PRNewswire/ — The main figures obtained by Bradesco in the first half of 2014 are presented below:

  1. The Adjusted Net Income(1) for the first half of 2014 stood at R$ 7.277 billion (an increase of 22.9% compared to the Adjusted Net Income of R$ 5.921 billion recorded in the same period in 2013), which is equivalent to R$ 3.23 per share, and returns of 20.7% on the Adjusted Average Equity(2).
  2. Adjusted Net Income is composed of R$ 5.165 billion from financial activities, representing 71.0% of the total, and
    R$ 2.112 billion from insurance, pension plan and capitalization bond operations, which together accounted for 29.0%.
  3. Bradesco’s market capitalization on June 30, 2014 was R$ 134.861 billion(3), up 8.1% compared to June 30, 2013.
  4. Total Assets stood at R$ 931.132 billion in June 2014, up 3.8% over June 2013. Return on Average Assets was 1.6%.
  5. In June 2014, the Expanded Loan Portfolio(4) reached R$ 435.231 billion, up 8.1% over June 2013. Operations with individuals totaled R$ 135.068 billion (up 9.6% over June 2013), while operations with companies totaled R$ 300.163 billion (up 7.5% over June 2013).
  6. Assets under Management stood at R$ 1.305 trillion, up 5.8% over June 2013.
  7. Shareholders’ Equity stood at R$ 76.800 billion in June 2014, up 16.3% on June 2013. The Capital Adequacy Ratio stood at 15.8% in June 2014, 12.1% of which was classified as Common Equity/Tier I.
  8. Interest on Shareholders’ Equity relative to the first half of 2014 was paid and recorded in provision to shareholders, in the amount of R$ 2.396 billion,being R$ 0.497 billion in monthly installments and R$ 1,899 billion recorded in provision.
  9. The Interest Earning Portion of the Net Interest Income stood at R$ 22.805 billion, up 8.2% compared to the first half of 2013.
  10. The Delinquency Ratio over 90 days dropped 0.2 p.p. in the last 12 months and stood at 3.5% on June 30, 2014 (3.7% on June 30, 2013).
  11. Efficiency Ratio (ER)(5) in June 2014 was 40.9% (41.8% in June 2013), whereas the adjusted-torisk ratio stood at 50.0% (52.6% in June 2013). It is worth mentioning that, in the second quarter of 2014, we recorded the best quarterly ER (38.6%) in the past 5 years.
  12. Insurance Written Premiums, Pension Plan Contributions and Capitalization Bond Income totaled R$ 25.442 billion in the first half of 2014, up 5.2% over the same period in 2013. Technical Reserves stood at R$ 142.731 billion, up 8.3% compared to June 2013.
  13. Investments in infrastructure, information technology and telecommunications amounted to R$ 2.211 billion in the first half of 2014.
  14. Taxes and contributions, including social security, paid or recorded in provision, amounted to R$ 14.116 billion, of which R$ 5.156 billion referred to taxes withheld and collected from third parties, and R$ 8.960 billion from Bradesco Organization activities, equivalent to 123.1% of the Adjusted Net Income(1).
  15. Bradesco has an extensive customer service network in Brazil, with 4,680 Branches and 3,497 Service Branches – PAs. Customers can also use any of 1,175 PAEs – ATMs (Automatic Teller Machines), 48,186 Bradesco Expresso service points, 31,509 Bradesco Dia & Noite ATMs and 16,103 Banco24Horas ATMs across the country.
  16. Payroll, plus charges and benefits, totaled R$ 5.651 billion. Social benefits provided to the 99,027 employees of the Bradesco Organization and their dependents amounted to R$ 1.401 billion, while investments in training and development programs totaled R$ 53,581 million.
  17. In May 2014, Bradesco BBI participated as one of the coordinators and joint bookrunners of a securitization transaction for Ford Motor Credit Company in the U.S., involving a US$ 1.04 billion transaction; this is the second time Bradesco BBI participates in funding operations for the U.S. automaker.
  18. In May 2014, Banco Bradesco and Banco do Brasil, via its subsidiary Companhia Brasileira de Solucoes e Servicos (“CBSS”), created the company LIVELO S.A. (“LIVELO”). The coalition loyalty program allows customers to accumulate and redeem points from multiple partners. The effective deployment of operations is conditioned to due compliance with applicable legal and regulatory formalities.
  19. In July 2014, Banco Bradesco signed a new “Tecban Shareholders’ Agreement”, including the main Brazilian retail banks, covering the consolidation of external ATM networks by the Banco24Horas ATM Network within a fouryear term, ultimately enhancing the efficiency and quality/reach of customer services rendered. The effectiveness of such Shareholders’ Agreement is subject to preceding conditions, including due approval from competent regulatory entities.
  20. In July 2014, Bradesco entered into a strategic partnership with IBM Brazil, which will take over the operational structure and all maintenance and support contracts entered between Scopus Servicos, an Organization Bradesco company, and its other customers.
  21. Major Awards and Acknowledgments in the period:
  • For the third consecutive year, Bradesco was named “Best Brazilian Bank” by Euromoney Awards for Excellence. In addition Bradesco BBI was chosen as best Brazilian Investment Bank (Euromoney magazine);
  • Among financial institutions, Bradesco led the ranking of most valuable brands in Brazil (IstoE Dinheiro magazine and BrandAnalytics/Milward Brown Optimor consulting firm); and
  • Stood out as the only Brazilian bank ranked among the “Best Companies to Work for in Latin America” for the second consecutive year, under the “Companies with over 500 employees” category (Great Place to Work consulting firm).

The Bradesco Organization fully complies with best global sustainability and corporate governance practices, particularly: Global Compact, PRI (Principles for Responsible Investment), Equator Principles, Carbon Disclosure Project and Green Protocol. Our sustainability actions, strategies and guidelines are guided by best corporate governance practices. The Organization’s main activities focus on banking inclusion, social and environmental variables for loan approvals and product offerings, based on social and environmental aspects. Regarding responsible management and engagement with stakeholders, we highlight activities geared towards valuing professionals, improving the workplace, client relations, managing suppliers and adopting environmental management practices. We also highlight the Organization’s role in Brazilian society as one of its leading social investors, supporting education, environment, culture and athletic programs.

With its 57-year history of extensive social and educational work, Fundacao Bradesco has been a stalwart supporter of such programs, and operates 40 schools across Brazil. In 2014, an estimated budget of R$ 523.434 million will benefit approximately 105,672 students in its schools, in Basic Education (from Kindergarten to High School and Vocational Training at the High School level), Education for Youth and Adults, and Preliminary and Continuing Qualification focused on the creation of jobs and generation of income.

(1) According to the non-recurring events described on page 8 of this Report on Economic and Financial Analysis; (2) Excludes mark-to-market effect of Securities Available for Sale recorded under Shareholders’ Equity; (3) Number of shares (excluding treasury shares) multiplied by the closing price for common and preferred shares on the last trading day of the period; (4) Includes sureties and guarantees, letters of credit, advances of credit card receivables, co-obligations in loan assignments (receivables-backed investment funds and mortgage-backed receivables), co-obligations in rural loan assignments and operations bearing credit risk – commercial portfolio, which includes debentures and promissory notes; and (5) In the last 12 months.

Energy and Power

OIL Announces an Increase in per Occurrence Limits to $400 Million

admin

HAMILTON, Bermuda, July 30, 2014 /PRNewswire/ — At its July 23rd, 2014 Board of Directors meeting, Oil Insurance Limited (OIL) elected to increase its per occurrence limit from $300 million to $400 million and the event aggregation limit from $900 million to $1.2 billion effective January 1st, 2015. Furthermore, OIL will give its members until January 1, 2017 to move to the $400 million limit in order to facilitate the adoption of the additional $100 million limit into their insurance programs. Atlantic Named Windstorm (ANWS) limits will remain the same at $150 million part of $250 million with a $750 million event aggregation limit.

Robert D. Stauffer, President & CEO, said that the decision to increase the limit was supported by a significant majority of the members who requested the increase in a membership survey conducted in May of this year. “Our members were clear that an increase in limits would be very helpful in their quest to keep pace with the significant investments they are making in Oil & Gas projects around the world. It is not uncommon for our members to invest in $10-$40 billion projects and our “All Risks” policy can seamlessly and directly take them through the construction phase and into operation without the concern of coverage challenges. Our goal at OIL is to constantly evolve our value proposition to accommodate the current needs of our members and increasing limit does just that. The current limit increase closely follows a $300 million cash dividend in 2014, a $100 million premium credit in 2013 and a prior limit increase of $50 million in 2012.”

For more information about OIL’s property coverages and related value go to http://www.oil.bm.

Oil Insurance Limited (OIL) insures over two trillion dollars of global energy assets for more than fifty members with property limits up to $400 million totaling more than thirteen billion dollars in total A- rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent. Products offered include Property (Physical Damage), Windstorm, Non Gradual Pollution, Cyber, Control of Well, Terrorism, Construction and Cargo. The industry sectors that OIL protects include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities and other related energy business sectors. 

Economy

ACE Life Appoints Jeffrey Woo as Hong Kong’s New Chief Agency Officer

admin

HONG KONG, July 28, 2014 /PRNewswire/ — ACE Life, the global life insurance division of ACE Group, today announced the appointment of Jeffrey Woo as its new Chief Agency Officer, as well as a member of the Executive Committee, in Hong Kong. Mr. Woo will be responsible for all aspects of agency management to bring the team to a new height. He will report to Allan Lam, Country President of ACE Life in Hong Kong.

Mr Jeffrey Woo is appointed as new Chief Agency Officer of ACE Life
Mr Jeffrey Woo is appointed as new Chief Agency Officer of ACE Life

“I’m very pleased to have Jeffrey on board as his previous experience in agency management will prove invaluable to the personalized customer care provided by ACE Life,” said Allan Lam, Country President of ACE Life in Hong Kong. “Agency is our core distribution channel which we will continue to grow and develop. I am confident that Jeffrey will lead our agency teams to the next level of professionalism and productivity as well as to deliver better services to our customers.”

Mr. Woo has a wealth of insurance and management experience, with his most recent role being Deputy Regional Chief Agency Officer of an international insurer. He has a proven track record of success in agency management, especially in respect to agency growth strategies and initiatives. Formerly, Mr. Woo was the Director of a global professional services company, specializing in advising various insurance companies on their agency growth initiatives; he had also worked at several leading global life insurers.

Media Contact:

Bonny Ching
+852-2837-7095
bonny.ching@acegroup.com

Photo – http://photos.prnasia.com/prnh/20140728/8521404250

Economy WRK

Publication of the Programme for the World Congress on Safety and Health at Work 2014

admin

BERLIN, July 17, 2014 /PRNewswire/ —

Top-level guests at the world’s biggest safety & health convention – Day passes now bookable – Information for journalists 

A world without serious accidents at work – this is the vision that will be discussed by politicians, scientists and experts from all over the world at the XX World Congress on Safety and Health at Work, which is taking place in Frankfurt am Main from 24 to 27 August 2014. The emphasis is on such themes as innovation for better occupational safety & health, the promotion of health at work, environment, safety & health, and diversity & inclusion. Companies and organisations are presenting the latest trends and findings on accident prevention. At the simultaneously held International Media Festival on Prevention, films and information products on safety & health are being presented. 4,000 participants from more than 130 countries are expected. A number of celebrities – among them German Federal Minister of Labour Andrea Nahles – have pledged their attendance. Journalists can gain accreditation via the congress website.

Safety & health at work are key elements of sustainability and economic development. According to the International Labour Organisation (ILO), more than 300,000 people worldwide lose their lives each year due to accidents at work and more than 2 million due to work-related diseases. It is estimated that about 4 per cent of world gross domestic product is lost due to occupational accidents and work-related diseases.

The World Congress is being held by the ILO and the International Social Security Association (ISSA) together with the German Social Accident Insurance (DGUV) as the national host. DGUV is the umbrella association of the accident insurance institutions who insure a total of 76 million people in Germany against work- and school-related and commuting accidents and occupational diseases.

Top-level politicians expected 

The congress will focus on prevention strategies like Vision Zero, diversity in the working world, and challenges for health at work. The spectrum of topics ranges from the prevention of psychosocial risks, ageing workforces, job insecurity, new energy sources, materials and nanotechnology to the development of a sustainable prevention culture. The programme can be viewed as of now on the congress website. The dynamic congress planner enables participants to compile their personal programmes. Day passes can now be booked.

Along with experts from science, safety & health, and industry, top-level politicians are expected at the congress – among them Andrea Nahles, German Federal Minister of Labour and Social Affairs, Laura Räty, Finnish Minister of Social Affairs and Health, Richard Riot Anak Jaem, Malaysian Minister of Human Resources, and Hawazi Daipi, Parliamentary Secretary of State for Education and Labour in Singapore.

New interactive event formats 

In addition to classical event formats, the congress is also going new ways in presentation: at the “Forum for Prevention”, for example, the latest news from research, and proven and transferable examples of good practices and cooperation will be presented in a kind of market hall. Another highlight is the International Media Festival for Prevention (IMFP), an international competition for the best films and digital media on occupational safety & health. A total of 290 entries from 33 countries are competing for the International Media Award for Prevention. On the outdoor fairgrounds, the Agora, exhibits on traffic safety, among others, will be on show. Immediately after the 2014 World Congress, the trade fair “Arbeitsschutz Aktuell” is taking place at the exhibition centre.

The programme for the 2014 World Congress and information on how to register can be obtained here: http://www.safety2014germany.com

Information for journalists: The diversity of topics covered by the World Congress is not only of interest to safety & health journalists, but those investigating environmental, health, economic and development issues will also find opportunities for broader reporting and research here. For journalists from the fields of health communication and film, the International Media Festival for Prevention offers material and occasions for reporting. Free accreditation is possible via the DGUV press office. Further information can be found here: https://www.safety2014germany.com/en/news/news.html

German Social Accident Insurance (DGUV)
Media relations
Stefan Boltz
Tel: +49-30-288763-768
E-Mail: presse@dguv.de
Fax: +49-30-288763-771
Mittelstrasse 51, 10117 Berlin, Germany