Lloyd’s of London enters medical insurance market in Jamaica

After about 20 years of quiet operation, serving individuals and families in Jamaica, Lloyd’s of London is entering the employee benefits insurance market.

The company is more perceived as a reinsurer but is now offering medical insurance administered by Morgan White International, a Lloyd’s of London coverholder. A coverholder is a company authorised by a managing agent to enter into contracts of insurance that are underwritten by the members of a syndicate.

Lawe Insurance Brokers will distribute the new product.

President of the Insurers Association of Jamaica Sharon Donaldson says Lloyd’s of London is not an insurance company or even a re-insurance company in the real sense, but rather an umbrella organisation that covers a number of syndicates that operate by rules and conventions.

“Lloyd’s of London is, in reality, a regulated marketplace with a number of players operating, each called ‘a syndicate,” Donaldson noted.

The new medical insurance product being offered is priced in hard currency.

Vice-President of Morgan White International, Katie Hughes Martin, says the policy was designed in response to business owners and CEOs who have been asking for US-dollar life insurance coverage for their employees, in addition to medical plans.

Lloyd’s is going after a larger market in Jamaica in which it will be going up against Sagicor Life, Guardian Life, and Canopy.

“Our target is any employer looking for competitive and attractive benefits for owners, executives, and staff. There are so many values to what we offer,” Hughes Martin said.

“Competition is needed in the market, plain and simple. It works out best for all as it not only elevates the game, but affords options,” she said.

The new product will allow for easy onboarding, that is, no medical exams and no individual applications, just a two-page enrolment form for an entire group and provide quick claims settlement in US dollars, she said.

Morgan White, which is Lloyd’s of London representative, will handle claims settlements in Jamaica.

“You can talk to a highly skilled and capable person when you have a matter to sort out. You don’t get the run around with this company,” Hughes Martin commented.

The company offers up to US$2 million of coverage for life insurance, with the actual amount estimated as a multiple of an individual’s salary.

Lawe Insurance’s selection as a distributor of the Lloyds of London USD employee benefits policies continues a long-standing partnership.

Hughes Martin says the Jamaican brokerage has been an exclusive partner of MW International for over 20 years.

“They are the distributors of the products,” she said regarding the relationship with Lawe. “Lloyds’s is the payor and Morgan White is the ‘back room’ or administrative arm, so to speak,” she added.

The new Lloyd’s product is to be unveiled formally on April 18.

neville.graham@gleanerjm.com