Company: VUMI Group, Miami, FL
Company Description: VUMI® Group is an international health insurance company offering exclusive major international medical insurance products and VIP medical services to private and corporate clients worldwide. VUMI® has operational offices in the U.S., Canada, United Arab Emirates and Latin America. Part of a global healthcare group with nearly 500 employees, we are the leading company in new IPMI sales in LATAM.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Insurance - Large
 Nomination Title: VUMI®
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2021, OR written answers to the questions for this category? (Choose one):
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 197 words used.
Established in 2012, VUMI®, VIP Universal Medical Insurance Group, is an international health insurance company offering exclusive major medical insurance products and VIP medical services to private and corporate clients worldwide. The company is privately owned and part of an international healthcare group with 35 years of industry experience.
Even though services are offered globally, the company also has regional brands to fit specific markets:
- VUMILATINA (est. 2015), our prepaid healthcare company in Ecuador. Headquarters in Guayaquil and Quito.
- LRDS|VUMI (est. 2019), providing medical service worldwide for insureds residing in Panama. Headquarters in Panama City.
- VUMI Canada (est. 2019), for Canadians seeking to expand their healthcare options locally and worldwide. Headquarters in Ontario.
- VUMI Global (est. 2019), provides medical coverage for the Middle East, Africa, Asia and Oceania. Headquarters in Dubai.
In 2014, just 2 years from its inception, VUMI® reported a growth of 190% in revenue with a client increase of more than 250% compared to the previous year. The company’s growth continued at the same pace in the following years. In 2022, VUMI’s new business sales exceeded its projected target, reaching $50M (estimated), with a sustainable portfolio of $220M, and more than 110,000 insureds.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 250 words used.
Today, eleven companies and more than 700 employees comprise the VUMI Enterprise Group. Vertically integrated, these companies offer a broad range of services, including TPA and cost containment services, stop loss coverage, pharmacy benefits management, and medical services for people in Latin America (where VUMI® is the leading company in new IPMI sales), Caribbean, Canada, Europe, the Middle East, Africa, Asia and Oceania.
In 2021, VUMI® launched two new entities to meet people’s expanding medical needs:
- VerusRx: A pharmacy benefits management company that helps contain spiraling U.S. prescription drug costs.
- Epic Health Solutions: Provides network solutions, healthcare management and medical assistance for international clients in the Americas.
VUMI® has approximately 1,600 direct contract providers worldwide. Through VUMI’s affiliated companies and strategic alliances, VUMI offers access to over 800,000 providers and 7,000 hospitals in more than 100 countries. In the U.S., through our partnership with Aetna, we offer insureds additional access to more than 1.1 million healthcare professionals and 5,500 hospitals.
In 2021, VUMI® strategists recognized that Puerto Rico had the necessary infrastructure for growth and export of insurance and reinsurance services to international markets. The decision was made to change VUMI’s jurisdiction from Turks and Caicos to Puerto Rico. By the end of 2023, the company is projected to achieve new business sales of $56M.
In addition, in 2023, VUMI® opened the following regional offices to expand its business and meet the growing demand of the Latin American markets:
- Quito, Ecuador
- Medellin, Colombia
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 244 words used.
VUMI’s proprietary network, paired with that of its affiliated and sister companies, offers access to 800,000 providers and 7,000 hospitals in more than 100 countries. Through strategic partnerships with Aetna and UnitedHealthcare, VUMI® insureds have access to more than 1.1 million healthcare professionals and 5,500 hospitals in the United States.
VUMI® is a company with no bank debt that has adopted and incorporated strict capitalization policies and cost-control measures. In 2022, VUMI® and its affiliated companies reached a total of $21,5M in pre-tax earnings (vs. $10,1M in 2021). New business sales reached $50M (vs. $41 in 2021) and its portfolio reached $225M (vs. $200M in 2021). By the end of 2023, it projects to achieve new business sales of $56M.
In addition, VUMI® has the honor of being ranked as the leading company in new IPMI sales in Latin America. True to its mission, VUMI® continues to innovate. Recent technological advances include platforms that support its agents in their daily tasks, such as interactive maps showing plans available by country. Insureds also have access to the MyVUMI™ app, developed to help insureds easily access their policy documents, necessary contact information, and claims and notifications processes.
The core of VUMI’s success is now, and always has been VIP Service backed by dynamic leadership, industry expertise, and innovation drawn from an entrepreneurial spirit. These are the solid attributes corporations and individuals trust with their most precious commodity – their health.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 11 words used.
PDF document: VUMI Financial Strength
- Continuous growth
- Financial summary
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