Paymaster launches loyalty programme
Richard Browne, Business Reporter
Paymaster has launched a loyalty-rewards programme that includes $150,000 of free critical illness insurance.
The programme will help "supplement the government policy of free health", Ambassador Audrey Marks, founder and chief executive officer of Paymaster, said.
Noting that the state's free health-care policy was ambitious and overburdened, Marks said "the budget is not keeping up, and shortages are increasing".
Speaking at the media launch of the Paymaster Loyalty Rewards Programme at the Knutsford Court Hotel, New Kingston, on Tuesday, she said the product will help the majority of of the 65 per cent of Jamaicans who "have no access at all to insurance".
Interest in the concept is already running high, as during a pilot project in June, "over 8,000 Jamaicans came in and signed up because these are benefits they need", Marks said.
Under the rewards programme, customers who sign up and pay at least three bills per month at Paymaster will qualify for the Paymaster Shield, with $150,000 of free health coverage for 10 serious illnesses. To qualify for $1 million in insurance coverage, customers can make a monthly payment of $220 to Paymaster.
The new rewards programme would help to make Paymaster "a distinct and separate" brand, while "improving the quality of life" for many Jamaicans, Marks said.
"We expect to see our customers to see our brand as a different brand again," she added.
"This benefits small businesses, unemployed and underemployed," she said, adding that the product would also be of benefit to the 35 per cent of Jamaicans with coverage, as it would provide additional insurance.