Above: Blue Cross President and CEO, Dr. Henry Lowe. Dr. Lowe made it clear that Blue Cross of Jamaica intends to improve its
performance in the future through the implementation of important changes which include a positive response to growing consumerism by offering a more flexible and diverse product line, and ultimately moving beyond traditional health insurance into other health related products. Dr. Lowe also added that the company continues to place emphasis on customer satisfaction.
BLUE Cross of Jamaica has completed a record breaking fiscal year. According to president and chief executive officer, Dr. Henry Lowe, fiscal 2001 ending December 31, 2001, was one of the most successful years in the company's history. Blue Cross of Jamaica's 2001 Annual Report revealed that revenues surpassed the billion dollar mark for the first time, reaching $1.168 billion, an increase of 22 per cent over the $959.1 million posted in 2000.
The company reported significant improvement in virtually all measures of profitability, including operating surplus and pretax surplus. Another record-breaking performance was seen in the cash flow from operations, which was $553 million, up 27 per cent over the previous year. Additionally, Blue Cross of Jamaica saw a membership increase of 8.3 per cent, well above the industry and historical average of approximately 5 per cent and improved the underwriting position by a remarkable 58 per cent over the prior year.
Dr. Lowe says that more prudent pricing of products, careful cost controls, and the company-wide initiatives to improve operational performance are among the many factors that contributed to these excellent financial and operation results. According to Dr. Lowe, one of the things that impressed him most in fiscal 2001, was the way in which the employees acted on the company's initiatives. "Above all, we are fortunate in the quality and professionalism of our employees. Their dedication to providing quality service remains one of this company's strongest assets," he said.
