Banking & financial services: the trends, the issues, the solutions

Latin Trade,  Sept, 2005  

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Cesar Murillo, Overture Financial Services' Head of Sales, Americas, explains that these platforms provide a service that would otherwise require a major investment on the part of financial institutions to build themselves. "Latin America is a key strategic market for Overture Financial, and we are committed to providing Latin American financial institutions with customized state-of-the-art solutions that will enable them to better serve their clients." For more information, visit www.overturefinancial.com.

Cesar Murillo

7 Times Square

24th Floor

New York, New York 10036

Main Line: 1 212 999 7100

Direct Line: 646-239-9000

CONTAINING THE COST OF U.S. HEALTH CARE BENEFITS

In the coming year, Latin American organizations will need to offer attractive benefits programs to recruit and retain talented executives. At the same time, they must strive to contain the cost of their health care insurance, especially when covering their employees traveling abroad.

"One of the clear regional trends is a rise in international business-related travel, particularly to the United States," says Mark Jardin, Aetna Global Benefits vice president and head of the global insurer's PASSPORT TO HEALTHCARE[R] program, which provides access to quality health care in the United States. "As a result, companies, as well as their employees need to be prepared for an unexpected medical emergency."

Many executives in Latin America, especially expatriates, look to the United States as a source for health care. Statistics from the U.S. Bureau of Economic Analysis show that non-U.S. residents spent approximately $2 billion on U.S. healthcare services in 2002. "That includes the costs of checkups and elective procedures, as well as emergency medical services while traveling," says Jardin. "From a company's perspective, the cost of that U.S. care relative to health care costs in the home country can be staggering."

The challenge Latin American companies face is how to offer the most comprehensive benefits packages to their managers, at a competitive price. "These executives and managers are expecting a high level of health care services, which includes access to care in the United States," Jardin adds.

For 30 years, Aetna Global Benefits (AGB) has provided international health benefit products and services to support multinational employers. As part of that offering, Aetna's PASSPORT TO HEALTHCARE[R] provides Latin American companies, governments, insurers and other organizations with convenient access to a U.S. network of quality providers, while managing the costs of that care. For more information, visit www.aetna.com/agb or call 888-800-888-1748.

GREATER PORTABILITY OF BENEFITS ACROSS BORDERS

Portability of benefits is becoming an increasingly important consideration for Latin American companies, according to Todd A. Hancock, managing director, Goodhealth Worldwide-Americas, in Miami.

"When a multinational manager is transferred from one country to another, that person's health insurance and other benefits should follow along," says Hancock, "For Latin American companies--including family-owned enterprises-- being able to offer portable benefits is an important aspect of attracting and keeping skilled managers. Companies should not have to offer their executives a new package every time they move."