EDITOR’S LETTER
Empowering the Insurance Industry
Dearreaders,
Insuranceissuchanimportantthinginthelivesofallofus.Andinthepast,insurancewasmainly relatedtoselfandthemajorthingslikevehiclesandhomes,butnowadays,youcanhaveinsurance evenforthesmallestthingyouown.Thoughtherewasabriefperiodoftimewhenpeople neglectedtheimportanceofinsurance,especiallytheyouth,Covid-19provedthepointofhaving everysortofinsurance.
Inaworldshapedbyconstantchangeandtransformativeshifts,theinsuranceindustrystandsasa stalwartguardian,protectingtheaspirationsandsecuringthefutureofindividualsandbusinesses. Aswenavigatethroughacomplexandever-evolvinglandscape,itbecomesincreasinglyvitalto recognizetheremarkableindividualswhohavenotonlyshapedtheindustrybuthavebecome beaconsofexcellence,drivingittowardnewhorizons.
Withgreatpleasureandexcitement,wepresentourlatestmagazineissue:“TheMostProminent LeadersinInsuranceIndustry.”Withinthecaptivatingpagesofthisedition,weinviteyoutojoinus onajourneythatcelebratesthevisionarieswhohaverevolutionizedtheinsurancelandscapeand leftanindeliblemarkonthesector'stapestry.
GracingthecoverofouresteemedmagazineisIrenaTigranyan,Co-FounderandCOOof HealthBird.Fromgainingsolidexperiencebyworkinginsometop-notchcompanies,shehas gainedvaluableskillsandknowledgetoexecuteherplansandvisiontohelpsocietygetthebest healthinsuranceasperthepatient'srequirementsattheirfingertips.
Withinthesepages,youwillalsouncoverthetalesof RichardLeftley,ReemIkram,KevinSteer, andRaulDominguez.Theirjourneyswillserveasawellspringofinspirationandmotivatereaders toembraceinnovationandembarkontheirowntransformativeendeavors.
Haveanengagingandenlighteningreadingexperience!
Tejas Tahmankar Project Editor
PUBLISHER
ARCHANA
EDITOR-IN-CHIEF
VIKRAM
MANAGING EDITOR
PANKAJ
PROJECT EDITOR
TEJAS TAHMANKAR
PROJECT MANAGERS
CHARLES
KSHITIJ DESHKAR
VISUALIZER
MARK
GRAPHIC DESIGNER
OMKAR URAVANE
AAKASH MAHAJAN HEAD OF DISTRIBUTION & PRODUCTION
ROBERT
RESEARCH
JAMES
ADVERTISING
MARIA
C O V E R S T O R Y
Irena Tigranyan 10
Irena Tigranyan
Pioneering Digital Solutions for Accessible Health Insurance
CoverStory
For HealthBird, our “North Star” is member satisfaction, and we are continuously working to enhance it.
IrenaTigranyan
isavisionaryleaderandthecofounderandCOOofHealthBird,a pioneeringhealthcaretechnology company Withanunwaveringbeliefin thetransformativepowerof technology,Irenaoverseestheday-todayoperationsofthecompany, ensuringseamlessefficiencyinevery
aspectofitsfunctioning.Herstrong commitment,consistency,anddrivefor continuousimprovement,coupledwith herthoughtfulness,inquisitiveness,and unwaveringsupport,havebeen instrumentalinherremarkablesuccess inherrole.
BeforeherjourneywithHealthBird, Irenaplayedapivotalroleinthe
developmentandsuccessfullaunchof productswithintheretailsector, contributingherexpertisetorenowned companiessuchasTeslaandLucid Motors.Thisexperienceignitedher passionforcreatinginnovative productsandfeaturesthatbring immensevaluetocustomers.At HealthBird,Irenaisdedicatedto makinghigh-qualityhealthinsurance
moreaccessibleanduser-friendlyforeveryone.Herwork exemplifiesherbeliefthatsimplicityholdsthekeyto solvingcomplexchallenges,andsheisresolutely committedtomakingapositiveimpactontheworld.
TransformingHealthcareAccess
Asaleader,IrenaTigranyanencounteredvariouschallenges duringherjourney,withoneofthemostsignificantbeing thecomplexandopaquenatureofthehealthinsurance industry Thischallengeservedastheinspirationbehindthe foundingofHealthBird.WhileIrena’sexpertisedidnotlie specificallyinhealthinsurance,shereliedonhercofounder,ArielDominguez,andtherestoftheHealthBird teamtoovercomeobstaclesandsuccessfullylaunchthe company
CombiningIrena’sleadershipskillswithAriel’sexpertisein healthcareandtechnologyprovedtobeawinning combination.Together,theycreatedafullydigitalplatform thatsimplifiedtheprocessofselectingandutilizinghealth insurance,improvingindividuals’accesstonecessarycare. TheHealthBirdteamcomprisestalentedindividualswith diversebackgroundsandexpertise,allunitedintheir missiontocreateamoreaccessibleandunderstandable healthcaresystem.
Inadditiontoexternalchallenges,Irenafacedinternal hurdlesasaleader,includingmanagingagrowingteamand preservingthecompany’scultureasitexpanded.Toaddress thesechallenges,Irenafocusedoncultivatingacultureof opencommunication,collaboration,andcontinuous improvement.Sheprioritizedprovidingherteamwiththe necessaryresourcesandsupportforsuccess,including opportunitiesforprofessionalgrowthanddevelopment.
Throughherleadership,Irenaeffectivelynavigatedarange ofchallengesandpositionedHealthBirdasaleaderinthe healthinsuranceindustry.Herunwaveringcommitmentto creatingamoreaccessibleandunderstandablehealthcare systemhasbeeninstrumentalinthecompany’ssuccess. Continuallypushingboundariesandinnovatingwithinthe industry,Irenademonstratesherdedicationtodriving positivechangeandmakinghealthcaremoreapproachable forall.
RevolutionizingHealthInsurancewithaUser-Friendly DigitalPlatform
HealthBirdisaforward-thinkinghealthinsurancecompany offeringauser-friendlydigitalplatformforindividualsand
families.Itsunbiasedrecommendations,comprehensive insuranceoptions,innovativefeatures,andcommitmentto personalizedsupportmakeitauniqueandvaluablechoice forclientsseekinghealthinsurancecoverage.Establishedin 2021,thecompanyisastandoutchoiceforindividuals seekinghealthinsuranceduetoitsuser-friendlyappand web-basedplatform.ThecompanylaunchedduringOpen Enrollmentlastyear,providingconsumerswithanefficient andpersonalizedexperienceinselectingandenrollingin healthinsuranceplans.
HealthBirdcaterstoawiderangeofclients,including individualsandfamiliesseekinghealthinsurancecoverage. Theirplatformoffersadiverseselectionofinsurance options,allowinguserstofindtheplanthatbestfitstheir specifichealthcareneedsandbudget.Whethersomeoneisa youngprofessionaloragrowingfamily,HealthBirdstrives tomeettheuniquerequirementsofeachclient.
Thecompany’scommitmenttoincorporatingthelatest technologicaladvancementsisadrivingforcebehindits success.HealthBirdcontinuouslyenhancesitsuser experiencebyleveragingcutting-edgetechnology.This includesfeatureslikebookingdoctorappointments, managingmedications,andprovidinganon-demand memberconciergeexperiencethroughitsiOSandAndroid apps.Theseinnovativeofferingsempoweruserstoaccess andutilizetheirhealthinsuranceefficientlyand conveniently.
HealthBird’sdedicationtomembersatisfactionisevidentin itsemployeetrainingprogram,whichemphasizesa member-centricperspective.Throughfeedback-focused coaching,employeesareequippedtoprioritizemember satisfactionanddeliverexceptionalcustomerexperiences. Thiscommitmenttoprovidingtailoredsupportfurther distinguishesHealthBirdasacustomer-centrichealth insuranceprovider.
DrivingOperationalExcellenceandGrowth
Irenacarriesoutcrucialrolesandresponsibilitiesthatare instrumentaltothecompany’ssuccess.Herprimaryfocus liesinoverseeingtheday-to-dayoperationsofthe company,ensuringefficientandeffectiveperformance acrossallaspectsoftheorganization.Additionally,she takeschargeofseekingfundingopportunitiestosupport HealthBird’songoinggrowthandexpansioninitiatives.
Irena’snoteworthyachievementsthroughouthercareerare markedbyhersignificantcontributionstorenowned
CoverStory
“
HealthBird is committed to incorporating the latest technological advancements to enhance the user experience and streamline the health insurance enrollment process.
companieslikeTeslaandLucid Motors.Inherrolesthere,sheplayeda criticalroleindevelopingretail strategiesandsuccessfullylaunching newproducts.Sheexcelledat overseeingtheentireproduct developmentprocess,from conceptualizationtofinaldelivery.Her abilitytoleadcross-functionalteams andcloselycollaboratewithcustomers enabledthesuccessfulintroductionof severalinnovativeproductsinthe electriccarindustry.
HeraccomplishmentsatTeslaand LucidMotorsgarneredIrenaawelldeservedreputationasaskilled productmanagerwithmeticulous attentiontodetailandadeep understandingofcustomerneeds.Her experiencesalsograntedherinvaluable insightsintothepivotalroleof technologyinshapingthefutureof variousindustries.
AtHealthBird,Irenaleveragesher expertiseinproductdevelopmentto spearheadthecreationofafullydigital platform.Thisplatformrevolutionizes theselectionandutilizationofhealth insurancebystreamliningtheprocess andmakingitmoreaccessible.Under herleadership,HealthBirdhasemerged
asatrustedproviderofunbiased opinionsforhealthplanselectionand offersawiderangeoffeaturestohelp membersoptimizetheirhealth insurancecoverage.
UnravelingtheHealthInsurance Maze
AccordingtoIrena,thehealth insuranceindustryhasundergonea significanttransformationinrecent years.Ithasbecomeincreasingly complexandlesstransparent, presentingchallengesfortheaverage consumerinnavigatingthemultitude ofoptionsavailable.Withnumerous companiesofferingavastarrayof healthinsuranceplans,individuals oftenstruggletoidentifythecoverage thatalignsbestwiththeirspecific needs.Thelackofclarityand complexityintheindustryhascreated asituationwhereconsumersmayend uppayingexcessivelyforcoverage theydon’trequireornothaving adequatecoveragefortheirneeds.This situationhashighlightedtheneedfor solutionsthatsimplifythehealth insuranceselectionprocess,enabling individualstofindandenrollinplans thattrulysuittheirunique requirements.
Inlightofthesechallenges, customers’currentexpectationsfrom insurancecompaniesrevolvearound simplicity,transparency,and personalizedoptions.Customers desireastreamlinedenrollmentand utilizationprocessthatiseasyto understandandnavigate.Theyseek clearandtransparentinformation aboutcoverageoptions,costs,and benefits,enablingthemtomake informeddecisionsabouttheirhealth insurance.Furthermore,customers expectinsurancecompaniestooffer personalizedsolutionsthatcaterto theirindividualneeds.Theywant accesstotoolsandresourcesthathelp themassesstheirhealthcare requirementsandchooseplans accordingly.Customersalsovalue customer-centricfeaturesthatenhance theiroverallexperiences,suchasuserfriendlydigitalplatforms,convenient accesstohealthcareproviders,and promptcustomersupport.
Hence,Irenabelievesthatultimately, customersexpectinsurancecompanies toprioritizetheirwell-beingand activelyaddressthecomplexitiesand challengesofthecurrenthealth insurancelandscape.Theyseek solutionsthatempowerthemtotake
controloftheirhealthcaredecisions,providepeaceof mind,andensureaccesstothenecessarycarethey require.
StrategiesforaBalancedLifeandSuccessful Leadership
Irenamanagestomaintainahealthywork-lifebalanceby implementingeffectivestrategies.Oneofthesestrategies isdelegatingtaskstotrustedteammembers,allowingher todistributeresponsibilitiesandfocusonhigh-level decision-making.Byentrustingcapableindividualswith specifictasks,sheavoidsbecomingoverwhelmedand ensuresthattheworkloadisappropriatelyshared. Additionally,Irenasetsclearboundariesaroundherwork schedule,enablinghertobefullypresentinbothher personalandprofessionallives.Byestablishing designatedtimesforworkandpersonalactivities,shecan devotefocusedattentiontoeachareawithoutunnecessary overlapordistractions.
Outsideofwork,Irenaandherco-founder(andhusband), ArielDominguez,enjoyspendingqualitytimewiththeir familyandembarkingontravels.Theyfindrelaxationand inspirationinexploringnewdestinationsandimmersing themselvesindifferentcultures.Asavidreaders,theyalso prioritizestayinginformedaboutthelatestdevelopments inthehealthcareandtechnologyindustries,keepingthem abreastofemergingtrendsandopportunities.
Irena’shobbiesandinterestsalignwithherprofessional pursuits,reflectingherpassionforcreatingamore accessibleandunderstandablehealthcaresystem. Balancingworkandpersonallifeisimportanttoher,but shealsorecognizesthesignificanceofprioritizing HealthBirdanditsmission.Throughtheirdedicationand hardwork,IrenaandArielhaveestablishedHealthBirdas aleaderinthehealthinsuranceindustry,constantly drivinginnovationandeffectingpositivechange.
FosteringFocus,Alignment,andCustomer-Centricity
Irenaadvisesaspiringleadersintheinsurancesectorto prioritizefocusandalignmentwithintheirteams.She emphasizestheimportanceoftheentireteamremaining highlyfocusedontheorganization’smissionandworking togethertowardsitsachievement.Thiscohesionand shareddedicationenabletheteamtonavigatethe challengesinvolvedinbuildingasuccessfulcompany.
AccordingtoIrena,identifyingthe“NorthStar”ofthe companyisacrucialstepforaspiringleaders.This guidingprincipleshouldshapedecision-makingand strategicplanning.InthecaseofHealthBird,the“North Star”ismembersatisfaction.Aspiringleadersshould determinewhatmattersmosttotheircustomersand makeittheirtoppriorityinallaspectsofthebusiness.
Elevatingmembersatisfactionisakeyfocushighlighted byIrena.Understandingcustomerneeds,challenges, andpainpointsisessentialforsuccess.Aspiringleaders shouldcontinuouslystrivetoenhancethecustomer experienceandexceedtheirexpectations.Actively seekingandincorporatingcustomerfeedback,iterating onproductsorservices,andimprovingtheoverall customerjourneyarevitalstepstowardachievingthis objective.
HeadingTowardsGrowthandExpansion
IrenaTigranyanhasaclearvisionforthefutureof HealthBird,foreseeingsignificantgrowthand expansionoverthenextfiveyears.Thecompany’s growthstrategyrevolvesaroundestablishing arobustpresenceintheUSmarket,layingthe foundationforexpansionintootherregions. Currentlyoperatingin25states,HealthBirdaimsto empowerindividualstoleadhealthierand morefulfillinglivesbyintroducingnewandinnovative products.
Toachieveitsvision,HealthBirdplanstobroadenits rangeofservicesbyconsideringadditional insuranceoptions,suchaslifeandpetinsurance,anda healthmembershipforindividualswho donotqualifyfortraditionalhealthinsuranceorhave beenpricedoutofthemarket.This expansionwillallowHealthBirdtoofferamore comprehensivehealthcaresuite,ensuringtheir customersreceiveholisticandcompletecare.
Inlinewithitsgrowthstrategy,HealthBirdactively seekspartnershipswithhealthcareproviders, insurers,andtechnologycompaniesthatsharetheir vision.Byforgingstrategicalliances, HealthBirdcantapintothestrengthsandexpertiseof thesepartners,enablingthemtoenhance theirofferingsanddeliverevengreatervaluetotheir customers.
Kevin Steer
Financialprotectionisthemost essentialelementwhendealing withunprecedentedevents. Whetheryoutalkaboutyourproperty, vehicle,orhealth,there’salwaysariskof facingafinancialcrunch.Therefore, havinginsuranceisthemostbrilliant movetoreducethechanceoflosses.The insuranceindustryintheUShasrecorded steadygrowthforthelastdecade.In 2021,insurancepremiumsworth$1.36 trillionwerewritten.Thenumberfellin 2020duetothecovid19pandemic.The industryisdominatedbythreemain sectors:lifeinsurance,propertyand casualtyinsurance,andhealthinsurance. Let'sdigdeepandunderstandthemarket sizeofthesedominatinginsurance industrysectors.
HealthandMedicalInsurance
ThepopulationoftheUSisconcerned aboutitshealth.Hence,theyhave preferredtohavehealthinsuranceasa prioritytokeeptheirmedicalbillslow. Healthandmedicalinsurancereachedthe $1.3trillion markin2022.Itrecorded 0.7%growthwhilebeingatthetopspot inthefinanceandinsuranceindustriesby marketsize.Thedemandforhealth insuranceisinfluenceddirectlyby employer-sponsoredgroupcoverageand indirectlybyindividualplanpurchasesas theworkforcegrows.Astheforce increases,sodoesthedemandfor personalhealthinsurance,sincealarger populationoftencorrespondstohigher disposableincomelevels.In2023,more peopleareanticipatedtowork,which mightgivethesectorachance.
LifeInsuranceandAnnuities
Everyindividualisconcernedaboutthe uncertaineventsthatdestabilizethe family.Hence,alargergroupofthe populationchosetohavelifeinsurance.It isalsoviewedasasecuresourceof savings,whichintroducesannuities. Together,lifeinsuranceandannuitiesheld
amarketvalueof$1.1trillionin2022. Itaccountedfor8.8%ofgrowth,taking thesecondspotinthefinanceand insuranceindustriesbymarketsize. Consideringthatlifeinsuranceand annuitiesarelargelyusedfor retirement,estateplanning,andtaxfavoredpurposes,theindustrytendsto catertoamoreaffluentandolder consumer.Asmorepeoplemoveinto higherincomebrackets,demand grows.
Property,CasualtyandDirect Insurance
Unexpectedeventsareoccurringona largerscale.Hence,itisimportantto havepropertyandcasualtyinsurance, whetheryouarelivinginyourown houseorrentingone.Thisindustry evencoversautomobileownership. Themarketsizeoftheproperty, casualtyanddirectinsuranceindustry was$896.9billionin2022.The growthwasrecordedat4.1%, concedingthefifthspotinthefinance andinsuranceindustriesbymarket size.Sincenewautomobilesaremore expensivetoinsure,peoplearekeeping theircarsforalongerperioddueto improvedqualitystandardsandmore long-termfinancingchoices.The requirementforinsuranceisincreased byariseinthenumberofregistered automobiles;hence,thesepatternsare significantpredictorsofpolicypricing.
Theunprecedentedeventsaregetting morefrequent.Thus,theinsecurityof financiallossiscreatingawareness amongthelargerpartoftheuninsured population.Thepredictedgrowthrates arebasedonpreviousnumbers. However,thechangingeconomic scenariosaremakingittoughtolead withthesamenumbers.Tounderstand theexactsituationoftheindustry,there needstobeathoroughstudyofthe economicsituation,asitcontributesto theGDPonalargescale.
RAUL DOMINGUEZ CEO | VERONICA’S INSURANCE
RAUL DOMINGUEZ
A Versatile Leader creating a legacy in the Insurance Industry
“Do your job with passion, it may seem trite but the reality is that everything you do with genuine love will pay off.”
Thebusinessworldtodayiswitnessingariseinthe numberofthoughtleadersandentrepreneurs.These next-genleadersarerevolutionizingnumerous industriesbyintroducingthelatesttechnological innovations.RaulDominguezisonesuchleader who—withhisversatileskillsandmorethan15yearsof experienceintheTelevisionandmediaindustry—hasmade amarkforhimselfasoneoftheeminentleadersinthe region.
Raulstartedhiscareerasafreelancer,whereheusedto organize,promote,advertise,andretailticketsformusic concerts.Gradually,hedevelopedaprofessionasa TelevisionProducerandtechnologist.Hisworkgavehim exposuretotheEuropeanmarketplace,theUSHispanic, andtheLatinAmericanmediainthecentralUSregion. Raulhasextensiveexperienceineverythingrelatedtothe worldoftelevision,digitalmedia,andtechnology.Hewas theCEOofahandfulofcompaniesinthetelevisionand mediadomain.Presently,heisworkingastheChief OperatingOfficerof Veronica’s Insurance
Veronica’sInsurancewasestablishedin2008inNorco,CA, byfounderVeronicaGallardowithanaimtocombatthe challengesfacedbythecommunityintermsofgetting informedandgettingtheinsuranceandtosimplifybuying insurancebyprovidingservicesintherespectivelanguages. ThecompanyoffersCar,home,boat,health,motorcycle, tenant,commercial,andlifeinsurance.Ithascreateda reputationbyprovidingexceptionalcustomersupportand hasgainedthetrustofthe Spanish-speaking populationin theUS.Thecompanyprocessesinsuranceapplications faster,withoutcomplications,andatattractiveprices.
BeingtheCOOofVeronica’sInsurance,Raulhasbeen instrumentalinthecompany’sgrowthoverthelastcouple ofyears.Heisaddictedtofindingwaystoimprove.Heis constantlygrowing,lookingforsolutions,andinnovating.It isabigresponsibilitytoco-pilotahugecompanylike VeronicathathasawidepresenceacrosstheUnitedStates, however,Raulhasbeenuptothetaskandismorethan happytotakeonthechallengescominghisway
MirrorReview’steamrecentlyhadacaptivating conversationwithRaul,inwhichhesharedinsightsabout hisjourneywithVeronicaandthefactorsdrivingVeronica’s unrivaledgrowth.Herearesomeofthesnippetsfromthe conversation.
Coming from a Television and Media background, how did you manage to adapt to the insurance industry?
OneofthebiggestchallengeswhenIfirstcameto Veronica’swascomingfromdirectingtelevisionandradio networkstoaninsurancecompany.Itwassomething different,butIhavealwayslikedthechallenges.Iknew thatIcouldcontributesomethingtotallydifferentand innovative,andIdidso.Inthesetwoyears,wehave quadrupledourofficesinCalifornia.Moreover,Veronicais nowafranchiseavailableineverystateofthecountry.Ican honestlysaythatithasbeenanamazingjourney Thisisan incrediblecompanyandIamveryproudtobeapartofit.
How
do you aid your franchise partners?
WithVeronica’sinsurance,youwillbeopeningabusiness underanestablishedname,sohalftheworkisalreadydone. Moreover,weownabigportfolioofclientsthatexpands everydaythroughouttheUnitedStates.Oneoftheunique advantagesthatweofferourfranchiseesistoinvest millionsofdollarsayearinadvertising,marketing, exclusiveevents,andworkingwithrenownedartists.We alsosponsortheLAFCTeam—thestrongestinCalifornia. Ourfranchiseesbenefitfromabsolutelyeverything.
What are the measures taken by Veronica’s Insurance to improve its customer experience?
WehaveoneofthebestscoresinreviewsonGoogleand Yelp,soIdobelievethatwearedoingthingswell. However,wearecontinuouslyworkingtoimproveour customerexperience. Wediversifythewaywe communicatewiththemtomaketheprocesseseasyand quick.Moreover,inclusionisparamounttous.Werecently addednewagentstotheteam—whoarenotonlybilingual butalsospeaksignlanguage.Wetakeprideinhavingone ofthebestcustomerservices,bots,virtualagents,andabig callcenteralwaysreadyforourcustomers.
What were the impacts of the COVID-19 pandemic on the company?
Thepandemicgaveusanopportunitytoprovethat Veronic’sInsuranceisarecession-proofbusiness.We openedourfirstthreeofficesinFlorida,webeatsalesgoals and2021alreadylookslikeagreatyearaswell.The success,however,wasnoteasy Wehadtotransforminto thenewnormal,protectouremployeesandcustomers, ensuringtheirwell-beingwasthefirstthingwedid.Thus, wewentdigitaltoserveandworkbetter Wefollowan
vextremecleaningregimeinour90+ officesandadheretothesafety standardssetbythestate.
What are your priorities for the upcoming years?
Incorporatingmoretechnologyto speedupourprocessesissomething thatisalwayswithinourpriorities.We alsoemphasizeimproving communicationwithourclients.As mentionedbefore,wehaverecently incorporatedagentswhoarebilingual andthisisonlythebeginning.Weaim tohaveanagentwhospeakssign languageineachoffice.
TheHispanicmarkethaswitnessed enormousgrowthinrecentyearsand theprojectionsfortheupcomingyears makeusconfidentthatweareinthe rightbusiness.Duetoongoingsupport andcontinuedgrowth,ourbusiness modelisnumberoneinthecountry rightnow.2021isbeingayearof enormousgrowth.Wehaveabout10 moreofficesscheduledtoopenin Floridaandweareeagertoexpandasa franchiseinotherstates.
WhybecomeaVeronica’sInsurance Franchise?
· Fast-growingmarket
· Recession-proofindustry
· +120MinWrittenPremium
· AccesstoTopCarrierswith 100%Commissions
· Stepbystepsupportwith expertsinallareas:legal, training,accounting, marketing,etc.
· OwncallcenterinEnglish, Spanish,andevensign language
· +1.5MonNationwideTV networksadsanddigital channelsadvertising
· Technologicalintegrated systemforcalls,leads,and onlinequotes
Theimportanceofhealthinsuranceis thatitprovidesyouandyourfamily withfinancialprotectionintheevent ofamedicalemergency.Itactsasaprotective barrierbetweenyouandtherisingexpenseof healthcare.Mostindividualsdon’trealizehow importantitistoinvestinituntiltheyare suddenlyillorinjured.Bythattime,theyare leftstrugglingtocomeupwithfundstopay formedicalexpenses.Hospitalbills,serious diseases,andotherexpendituresareall coveredbyhealthinsurance.Knowingthatyou canreceivemedicaltreatmentwithout worryingaboutthecostgivesyoupeaceof mind.Thesedays,generalhealthissuescan resultinsignificantfinancialoutlaysfor hospitalization,consultations,andaplethoraof tests,makinghealthinsuranceanecessary purchase.
TheRoleofHealthInsuranceforRising Disease
Healthinsuranceservesasasafetynet,giving youaccesstohigh-qualitymedicaltreatment whileprotectingyoufromthedebilitating effectsofexcessivemedicalexpenses.You gainfinancialsecurityandpeaceofmindwhen youhavehealthinsurancebecauseyouknow thatyourinsurancewillhelppaythecostof anynecessarymedicalcare.Healthinsurance alsopromotespreventativecarebyfacilitating earlyidentificationandintervention,whichcan ultimatelysavelivesandmoney
Thereasonforhavinghealthinsuranceisthe risingnumberofdiseases.Heartdisease, cancer,stroke,respiratorydisease,injuries, diabetes,Alzheimer’sdisease,influenzaand pneumonia,kidneydisease,andsepticemiaare thetoptendiseases inAmericaimpactingthe pocketsoftheAmericanpublicandeconomy
UnderstandingtheHealthcareLandscape
Thecostofhealthcareisskyrocketing,leaving manyindividualsburdenedwithoverwhelming medicalexpenses.Theimportanceofhealth insurancebecomesevenmoreevidentinlight oftheseescalatingcosts.Unexpectedillnesses oraccidentscanresultinexorbitantbillsthat
cancrippleyourfinances.Medicalcostsareunpredictable, andwithoutthevitalprotectionofhealthinsurance,youare leftvulnerabletothesefinancialshocks.
ConsiderthestoryofSarah,whofacedastaggering $50,000billforemergencysurgery—aburdenshecould nothavemanagedalone.Thisisnotanisolatedincident; theaveragecostofcancertreatmentintheUSisaround $150,000,whichisfourtimesmorethanothermedical treatments.Furthermore,chronicconditionslikediabetes canhaveasignificantfinancialimpact.Accordingto calculationsbytheAmericanDiabetesAssociation, individualscanexpecttospend$16,752 peryearontheir medicalexpenses,with$9,601dedicatedtodiabetes treatmentannually.Thesenumbershighlightthevital importanceofhealthinsuranceasashieldagainstthese exorbitanthealthcarecosts.
TheDangersofBeingUninsured
Itisimportanttorecognizetheserioushazardsassociated withgoingwithoutinsurance.Peoplewithouthealth insurancefrequentlyhavefewalternativeswhentryingto getmedicalcare.Lackofcoveragemayresultin insufficientordelayedcare,endangeringtheirhealthand well-being.Additionally,thosewholackinsuranceare subjecttotheentireburdenofmedicalcosts,puttingthem atriskofoverwhelmingdebtandunstablefinances.
HealthInsuranceOptionsandConsiderations:
It’scrucialtoconsiderallavailablealternativeswhen choosinghealthinsurancecoverage.Governmentprograms, privateinsurance,andemployer-sponsoredpoliciesareall options.Costs(premiums,deductibles,andco-pays), networkcoverage,andtheadvantagesanddisadvantagesof eachplanareafewthingstotakeintoaccount.Youmay makeaneducatedchoicebyinvestigatingthesepossibilities andtakingintoaccountyourownrequirements.
Healthinsuranceisnotaluxury;rather,itservesasacrucial barrierbetweenyouandtheskyrocketingpricesofmedical expenses.Theimportanceofhealthinsurancecannotbe overstated,asitprovidesnotonlyaccesstohigh-quality healthcareservicesbutalsoessentialfinancialsecurity.By prioritizinghealthinsurancecoveragenow,youproactively shieldyourselffromthedevastatingimpactofunexpected medicalemergencieswhilesafeguardingyourfinancial future.Keepinmindthatprotectingyourhealthalsoentails protectingyourfinancialwell-beingfromthecrippling effectsofmedicalbills.
Micro Insurance Company
TransformingCommunicationintheEmergingMarketswithInsurance
Thelatesttechnologiessuchas ArtificialIntelligencehave takentheworldbyastorm withitsnumerousapplications. Presently,usingthesetechnologieshas becomeessentialforalmostevery industryvertical.MicroInsurance Company(MIC)suchcompanythatis leveragingthelatesttechnologiesto deliverbest-in-classproducts.“With the emergence of Artificial Intelligence, we can now take advantage of this technology to dramatically improve the value for customers through communication and interaction to acquire, retain, and serve customers with our insurance products,”saidRichardLeftley,the EVPInternationalatMicro InsuranceCompany.MICwas formedrecentlyfollowingthemerger ofseveralcompaniesincluding MicroEnsure,whichRichardfounded.
ServingtheMassMarkets
MICprimarilyoperatesinemerging marketssuchassub-SaharanAfrica andSoutheastAsia.Inthesemarkets, theconsumersfacethehighestlevels
ofriskandhavetheleastaccessto insurance.Thecompanycreates innovativesolutionstomeetthis untappeddemandandexpand insuranceprotectiononan unprecedentedscale.Moreover,Being aFin-Techbusinessintheinsurance marketoverthepast15years,MIChas overseenthetransitionfromfeature phonestosmartphonesandtheuseof mobilemoneyfromairtimeasa currencytomobilewalletsandIn-App payments.Thecompanyhasutilized alltheseadvancementstodistribute insuranceproductstomassmarkets throughcommunicationprovidersand partners.
EsteemedPartnersandInvestors
MICworkscloselywithselectedthird partiessuchastelecomcompanies, banks,andmicrofinanceinstitutions (MFIs)tomakesurethatasmany customersaspossiblehaveaccesstoits insuranceproducts.Itworkswith telecompartnersnamely—Airtel, Telenor,Grameenphone,TNM, Easypaisa,etc.toensurethebest communicationandawiderreach.
Richard Leftley EVP International
“
At MIC,
we focus on delivering a complete integrated service covering product and process design, as well as operational delivery, allowing our partners to focus on their core business
Moreover,itpartnerswithinsurance companiessuchasAXA,ShriramLife Insurance,EnterpriseGroup,Sanlam, Cornerstone,JubileeInsurance,UT LifeInsurance,OldMutual,etc.
Alongsidethis,thecompanyhastieupswithseveralbankingpartnerssuch asBarclays,OpportunityInternational, Finca,Advans,andKhushhali MicrofinanceBank.Withthese renownedpartners,MICstrivesto provideunrivaledservicestothe customers.“The capacity and skill that our strategic investors bring to MIC are critical in helping us to reach millions of low and middle-income families across the globe,”asserts Richard.
ADiligentandVisionaryLeader
Beinghereatthestartof microinsurancemovement,Richard hasbeeninstrumentalingrowingMIC
fromservingafewthousandpeople withinemergingmarkets,toover55 millionpeopleacross16countriesin AfricaandAsia.Hestartedhisjourney inmicroinsurancein2002with OpportunityInternational,aleading microfinanceprovider,wherehe workedasareinsurancebroker.
Whileworkingthere,hepioneeredthe introductionofinsuranceproducts withintheOpportunityNetworkwhich ledtotheestablishmentofMIC. Besidesthis,Richardhasalsoserved onthesteeringcommitteeoftheILO 'MicroInsuranceInnovationFund’–a $35millionfundprovidedbytheGates Foundation. Heisalsoaformer memberoftheMicroInsurance NetworkBoardandaservingnon-exec boardmemberoftheMicro-Bit Foundation.Heisleveragingallthis experienceintakingthecompany forwardparticularlyintrickysituations suchastheCOVID-19pandemic.
UnparalleledServicethroughthe Crisis
Thedisruptionsduetothepandemic havebroughtseveralchallengesas wellasopportunitiesfortheinsurance industry.Ononehand,duetothe restrictionssuchtooperatefreelyanda reductioninbusinessdemand,the livelihoodsofmanyofMIC’s customerswereimpacted.Meanwhile, theneedforinsuranceproductsto coverhealth,hospitalcosts,andin somecasesfataloutcomeshave increasedthedemandforaffordable insurancetolow-incomecustomers thatMICserves.
MIC’sproducts,however,werealready inclusiveforthepandemiccoverwhich wasadvantageoustoitsclients. Additionally,inthewakeofthe pandemic,thecompanydeveloped specificCOVID-19insuranceproducts tocovercostsincurredforhospital admittanceandalsoincasesof casualty,payoutstofamiliestosoften theeconomichardshipsthatcan emerge.ParticularlyinunderdevelopedcountriessuchasGhana, MICisprovidingfreeinsurancefor smallbusinessestohaveprotection overthecommercialassetsastheyget backtooperatingagain.“We are also offering free insurance through a mobile company to all of their customers for health and life insurance, which will be a great comfort while COVID-19 remains in our communities,”addedRichard.
ElevatingCommunicationandCultureof Ownership
Inthesedifficulttimes,thecultureofa companyplaysanimportantroleinits growth.MICoperateswithacultureof empowermentandownership,makingeach employeeresponsiblefortheirroleatall levelsinbusiness,knowingtheymakea valuedcontributiontothecustomersthatare inneedoffinancialprotection.Theteam workstogetherthroughchallengestoensure everyemployeeisapartofthesuccessofthe business.
Furthermore,asMICisaglobalorganization thatspanscontinentsandtimezones, ensuringappropriatecommunicationwithin theorganizationbecomesessential.Forthat, thecompanyusescollaborationtoolssuchas Slacktoincreasethesenseofcommunity, communication,andcollaboration.These toolsareparticularlyeffectivewithinthe currenthome-workingenvironmentsfor chatsandcalls.Thecompanyalsoutilizesits ownNoQuibblzapptospeedupclaimsbut alsousesmessagingappslikeWhatsApp withcustomergroupstoprovidedigitaltools forcommunicationanddocumentprovision forinsuranceclaims.
MICstrivestoleverageitscultureand effectivecommunicationforprovidingtopnotchservicesinthenearfuture.Talking abouttheplansforthefuture,Richardsaid, “We were the first to transition from being a broker to a digital insurance provider and this is critical for the future, to be able to create, sell, and service our own products globally.”
Co-Founder & CEO
REEM IKRAM REEM IKRAM
Intoday’sdynamicbusiness environment,smallandmediumsizedenterprises(SMEs)are facingadauntingchallengeintheform ofsocialsecurity.Fromtheperspective ofemployees,thisresultsinahard-toswallowdeductionfromtheirsalaries. However,itisnotjustaboutthe financialaspect;employees,regardless oftheirbackground,wantstabilityand security,aswellasaccesstoadiverse rangeofinvestmentoptionstobuild theirwealth.
Meanwhile,companiesarestruggling withtheinternalretentionof employees,losingthemduetosmall increasesinsalaries.Itisclearthatthis isnotjustacommercialchallenge,but alsoasocialonethatbusinessesneed toaddress.AccordingtoanewBoston ConsultingGroup(BCG)study, approximately70%ofUAEemployees areconsideringchangingjobs,with compensation,retirement,and insurancebenefitsbeingthe“topdeal breakers.”
Similarproblemsinothermarketshave beenaddressedwithDefined contributionPlanssuchasthe401kin theUS.Thesechallenges,however,are globalinscope,anditistheroleof exemplaryleaderstochangenotonly themarketbutalsothoughtprocesses.
AnexampleofthisisReemIkram (Co-Founder, CEOand of ThriftPlan).Withhervisionand foresight,sheisredefiningsocial securitybyofferinganinteractive investmentplatformforboth employersandemployeesinthe MENAregion.
ATrailblazer’sJourney
Reemhasanimpressivejourneythat beganinherchildhoodinGermany, whereshediscoveredthethrillof creatingherownenterprisebyselling stones.Asachild,shewasfascinated bythefinancialaspectofrunninga business,andthisearlyexperienceleft alastingimpressiononher.
Afterstudyingentrepreneurship,Reem workedininnovationandtookher family’sbusinessfromthefirsttothe thirdgeneration.Shefacedthe dauntingchallengeofbringingthe companyintothedigitalageand transforminganimport/exportbusiness intoe-commerce.Herexperiencein managingfinancesprovedtobe invaluableduringthistransformational journey
UponmovingtoSaudiArabia,Reem encounteredasignificantchallenge duringhertimeworkinginPrivate EquityinSaudiArabia–the complicatedpensionsystemforexpats andthestrugglesofayounggeneration thatisnotpreparedforfinancial hurdlesinthefuture.Assomeonewho
wasusedtohavingadeductionfrom hersalary,Reemfoundithardtoadapt tothenewsystem,andthisrealization promptedhertoaddressamore widespreadproblem.Thisrealization sparkedtheideaforThriftPlan,a revolutionaryplatformthatoffersan interactiveinvestmentplanforboth employersandemployees.
RevolutionizingFinancialSecurity inMENA
Foundedin2019,atAlYasmeen, Riyadh,ThriftPlan’sgoalistohelp individualsachievefinancialsecurity inaregionwheresocialsecurityisa challengingissue.WithVision2030 addressingtheneedforsaving solutions,Thriftplanisactively highlightingoneofthelargestsources ofsaving,theWorkplaceSaving Plan,whichhascrossedamarket valueofmorethanUSD$7trillionin theUnitedStates.
Moreover,itisthethoughtprocessof companiesandindividualsthatis changing.Oneofthecorestrugglesin encouragingindividualstosavehas beenthecountry’sleveloffinancial
literacy,whichhasproventobea difficultobstacleinamarketwitha largeyoungpopulation.However,by automatingandencouragingdigital learningwhileinvesting,Reemandher teamarechangingthefutureofa generation. “The secret to evoking change is to have believers; my team was the first to believe. They are the ambassadors of saving,” saysReem.
InvestinginEmployeeRetention
AtThriftPlan,theteamhelps companiescreatedefinedcontribution plansthatincreaseinternalemployee retention.Unlikecompetitors,the company’sapproachinvolvesallowing adirectcontributionfromthe employee’ssalarytothesavingsplan, matchedbytheemployerbasedon theirretentiongoals.Thisencourages employeestoinvestintheirfuture whilebuildingloyaltytotheir employer.
ThriftPlanalsoempowersemployees bygivingthemtheautonomytodecide ontheirinvestmentportfolio,ensuring thatonlytheirdiscretionaryfundsare managedbythem.Additionally, ThriftPlanofferscomprehensive workshops,educationalcontent,and advisoryservicestohelpcreatethe mostsuitabledefinedcontributionplan foreachcompany’suniquehierarchy, objectives,andculture.
MakingThingsPossible
Reemisadynamicleaderwho shoulderstheultimateresponsibility foreverythingatherorganization. Withherleadershipstyleofleadingby example,sheensuresthatnotaskis beneathher,regardlessoftheskillset required.Asaleader,sheisrenowned forherabilitytomakethingspossible. Sheapproacheseveryproblemwitha contingencyplan. “Every problem
should have a plan B, a plan C, and if needed all the way to Z,” statesReem.
Asanentrepreneur,Reemunderstands thechallengesofkeepingherselfand herteammotivated.However,she considerstheimpactshehasonthe communityandstakeholderstobethe mostrewardingandrefreshingaspect ofherprofession.Sheisafirmbeliever thatbusinessesmustlookbeyond profitabilityandaddresssocialissues aswell.
Reemremembersatimewhenpeople toldherthatwhatshewasdoingwas impossible.However,sherefusedtolet thenaysayersdiscourageherand insteadpersevered,makingthe impossiblepossible.
Underherleadership,thecompanyhas achievednumerousnotableawardsand achievements.Inrecentyears, ThriftPlanwasawardedtheprestigious titleofthemostinnovativecorporate savingsolutioninKSA.Thecompany hasalsoreceivedmultipleawardsfor itsexceptionaleducationincentive.It participatedinFintechSaudiandwon thefirstprizeduringDemoDay.
TheMindsetofaLeader
Reemsharesinvaluableadvicefor aspiringbusinessleaderswhowantto excelintheirfield.Heradviceis simpleyetprofound–“Believe in yourself.”Evenwhenothersdoubt yourabilitiesortellyouthatyourideas areunrealisticorimpractical,she advisesthatyoushouldnotgiveup. Instead,usetheirskepticismasa motivatortoworkevenharderand provethemwrong.
StayingProactiveinaChanging Landscape
“Opportunities come, but they are a gift; as leaders, we need to be able to recognize them and capture them to succeed,” assertsReem.Sheopines thatbeingproactiveisnotonly importantbutalsoanobligationfor leaderstoseekoutnovelwaysto evolve.Itisnotonlyforthebenefitof stockholders,butalsoforthe organization’semployees,the ecosystemthatdependsonit,andthe individualswhohavenoalternative.
FromBoardroomtoBarn
Beyondhercabin,Reemindulgesina fewhobbiesthatbringhertruepeace. Shefindssolaceintrainingandriding horses,whichbringsanunparalleled senseoftrustandrejuvenationbetween theanimalandtherider.Forher,itisa refreshingfeelingthathelpsher unwindfromthedemandsofherbusy schedule.Inadditiontohorseriding, Reemalsoenjoysjoggingandreading whichhelpsherreleasestressandcalm hermind.
Opportunities come, but they are a gift; as leaders, we need to be able to recognize them and capture them to succeed. “
THE USA LEADERS IS AN ILLUMINATING DIGITAL PLATFORM THAT DRIVES THE CONVERSATION ABOUT THE DISTINGUISHED AMERICAN LEADERS DISRUPTING TECHNOLOGY WITH AN UNPARALLELED APPROACH.