New Orleans-based Pan-American Life Insurance Group (PALIG) has acquired Hola Doctor, a digital provider of health and wellness solutions for Hispanic audiences.
The acquisition is a significant strategic initiative by PALIG that both expands its presence in the US Hispanic market and strengthens its position in Latin America. The terms of the deal were not disclosed.
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HolaDoctor will operate as a wholly owned subsidiary of PALIG with a significant level of independence, although teams from both organisations will share expertise, product assets and resources to grow the business.
Over time, PALIG will be able to develop individual life, accident and health insurance products tailored to the US Hispanic market that can provide complementary benefits to those products already offered through HolaDoctor’s insurance brokerage unit.
The resources developed by HolaDoctor will also help PALIG to create more meaningful interactions with its members and improve the wellness of policyholders by educating them about the importance of adopting a healthy lifestyle and promoting both the early detection and proactive management of chronic illnesses.
Strong social media presence
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By GlobalDataIn addition, HolaDoctor’s consumer-directed websites have a combined audience of nearly 2.5 million unique monthly visitors and a strong social media presence, including its Facebook page with more than 600,000 followers.
PALIG CEO and president, José S. Suquet, said: “Pan-American Life’s proven financial strength, strong record of profitable growth and focus on Latin America and the Caribbean, combined with HolaDoctor’s comprehensive Spanish-language health-and-wellness content library and programs will enhance PALIG’s offering of wellness and health-risk-assessment tools for our clients and make our offering more attractive to employers in Latin America and U.S. companies that employ a large number of Hispanics.”
He added: “HolaDoctor’s digital marketing operation and insurance brokerage unit, which specializes in health insurance exchange products, provides PALIG with a new distribution channel to reach underserved Hispanic individuals and Hispanic-owned small businesses; and complements our existing producer network in the United States.
“In addition, nearly 75 percent of the traffic to HolaDoctor’s web properties originates in Latin America, a key market for PALIG.
Suquet continued: “This acquisition is in line with PALIG’s new five-year strategic plan, which was approved by our Board in May 2017. The launch of the new strategic plan was accelerated because we achieved the financial objectives of the 2014-2018 plan two years ahead of schedule.
“We will continue to explore strategic market opportunities that align with the five areas of concentration of our plan, including: serving the U.S. Hispanic Market; Digital Insurance; Reaching Underserved Markets; Wellness; and Accident & Health. Also with the addition of HolaDoctor, we continue to position PALIG as a healthcare leader in the Latin American countries in which we operate.”
The acquisition is not expected to affect employment at Pan-American Life or HolaDoctor.
The acquisition has been approved by the boards of directors of both HolaDoctor and Pan-American Life, as well as HolaDoctor’s shareholders.
