AHM, Triple-S consolidate Medicare Advantage offerings
“We brought together AHM’s agility and Triple-S Salud’s brand value to offer more to our beneficiaries said Madeline Hernández-Urquiza, president of Triple-S Advantage.
Both brands were owned by Grupo Triple-S and competed for different segments of the MA market. After the consolidation, there will be a selection of products to attend to all segments of the market, company executives said.
Hernández explained that the brand merger would maximize investment in a single line of products under Triple-S Advantage, instead of developing and supporting products under two distinct brands.
“We will not only offer more to our beneficiaries, we will also obtain efficiencies in our operations and provide them with a first-class service,” she said, adding that all Triple-S Advantage products will have a three-star rating.
The MA segment is one of the fastest growing in the health insurance industry. In 2014, it is expected to comprise approximately 572.066 individuals — reflecting a 4.2 percent increase over 2013. In Puerto Rico, one in every six health insurance plan members belong to an MA plan and the segment’s premium volume is approximately $5 billion, which represents 65 percent of the total Puerto Rican health insurance market.
To support the brand merger, Triple-S Advantage is launching an advertising campaign this month to convey the benefits of having an array of products under the Triple-S Advantage brand. The campaign will have presence on TV, print, radio, social media, and outdoor mediums and represents a $2 million investment.
The campaign was developed by 29.2, and Praxxis Films was in charge of its production.