In what represents its first venture outside the Caribbean region, Grupo Triple-S announced today the expansion of its health and life insurance operations to Costa Rica under the brand BlueCross BlueShield Costa Rica.
“We are very proud of raising our flag in Latin America for the first time. One of our main objectives as a corporation was to expand outside the Caribbean. We achieved this goal with our arrival in Costa Rica,” said Ramón M. Ruiz-Comas, president of Grupo Triple-S, who visited said country for the inauguration of the new offices located in the country’s capital city of San José.
He explained that the expansion strategy is based on the potential for development of the Costa Rican insurance industry, which has shown strong growth since its launch in 2007.
“Our company has experience in multiple branches of insurance, offering services to individuals, businesses and the government, and this experience is very valuable in a market like Costa Rica,” he said.
He emphasized that another benefit for Costa Ricans is the company’s ties to the BlueCross and BlueShield Association, which offers them access to its broad provider network in the US and to pre-negotiated fees that may result in considerable discounts.
The executive noted that Triple-S’ goals are in alignment with the strategies developed by the government of Puerto Rico to promote business opportunities outside the island and he expressed his gratitude to Secretary of State David Bernier for the support offered to make this project a reality.
“We must continue to help our companies identify opportunities in new markets, facilitate their process and accompany them along the way. Their revenues return to our country and will provide stability to their operations on the island,” said Bernier, adding there are other companies that, like Triple-S, are doing business in Latin America.
Likewise, Ana Helena Chacón, vice president of Costa Rica, said about the arrival of Triple-S in her country that, “foreign, responsible and effective investment is an important stimulus for our economy.”
The official participated in the inaugural activities of the new company.
For his part, Arturo Carrión, who is president of the BCBS Costa Rica subsidiary, said that Triple-S arrives in this market to offer health and life insurance products with competitive premiums that will make them accessible to all socioeconomic levels. He explained that their health insurance plans will complement the offering of the Costa Rican Social Insurance Fund, the universal health coverage for Costa Ricans.
Carrión also explained that this expansion is tied to their acquisition of Atlantic Southern Insurance Company (ASICO) last year.
“When we acquired Atlantic Southern Insurance last year, its business ties to Costa Rica were, without a doubt, one of its greatest appeals,” he said, noting Costa Rica represents a growing market.
“But in addition to this appeal, it is one of the leading economies in Central America, which represents an entryway to this region, as well as a chance to explore new markets and develop products that meet the particular needs of its consumers,” Carrión said.
A general manager, Manuel Salazar, will be in charge of the Costa Rican operations. Initially, they will focus on marketing health plans and in the next phase, they will be developing life and disability insurance products.