The Barbados Association of Retired Persons (BARP) will soon have a new lead insurer for its medical plan, a move which president Marilyn Rice-Bowen assured would not mean any disruption for policyholders.
“This transition is a result of a collaborative agreement between Sagicor, Beacon, and Trident Insurance, all of whom have been parties to the BARP medical plan over the past seven years. This change in lead insurer will not materially affect the plan’s benefits or coverage for our members. We have indeed a very strong relationship with all three insurers, and we are confident that Beacon will provide excellent service and support to all members,” she said.
Rice-Bowen was speaking recently at a media briefing at its Marine Gardens, Hastings, Christ Church headquarters.
Vice president of Group Insurance at Sagicor Life, Susan Boyea further explained BARP’s health plan was unique so it was decided three companies would handle the risk, following the Insurance Corporation of Barbados deciding not to renew the plan in 2016. She said they had taken the lead since but were happy to relinquish administrative duties to Beacon, adding Sagicor still remained committed.
“When we were conceptualising how we can carry this plan and ensure the sustainability of this plan, we felt it necessary to collaborate with our insurance partners in Trident and Beacon. That does not stop, that continues.
“When Sagicor was the lead insurer, there was a collective. We arranged a meeting; we sought everybody’s availability. We had something that was troubling us; we sought everybody’s availability. We came collectively to the board, and we discussed it as a team.
“Beacon felt and wanted an opportunity to lead. There are three of us, and maybe sometime down the road, Trident may step forward and want an opportunity to lead. So, in being and carrying on that collaborative spirit, we felt it necessary that Beacon have that opportunity to lead, but we will continue to be at the table. We will continue to collaborate on ideas. We will continue to analyse what is required,” she said.
Chief executive officer of the Beacon Insurance Company Ltd Christopher Woodhams said they were honoured to take administrative lead and looked forward to enhancing the benefits for the policyholders. He said any changes would be in management where they could come up with ideas unique to their infrastructure.
“I want to acknowledge the exceptional service Sagicor has provided to the BARP members over the years.
“They have set a high standard, and we at Beacon are committed to building on that legacy of excellence. We recognise the trust you place in them, and we are dedicated to earning that same trust with our commitment to service and value.
“Now, BARP members might be asking, what does this mean for me? To be clear, this transition is about enhancing what’s already a valuable benefit of your membership. We’re committed to working tirelessly to ensure that the BARP medical plan continues to evolve, providing you with high-quality of care and the most comprehensive coverage possible. Over the coming months, we will be sharing more details about this transition, outlining how we can build on the foundation laid by Sagicor and demonstrating how Beacon will work to earn your confidence,” he said.
General manager of Trident Insurance Alex Knaggs said they too remained committed to the plan and were working with its partners to ensure a seamless handover.
He said he was confident the medical plan would continue to thrive and assured BARP members there would be minimal disruption.
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