Technology helps make small business transition to individual insurance seamless
NORTH RICHLAND HILLS, Texas – HealthMarkets Insurance Agency announces that it has acquired Benefitter Insurance Solutions, Inc., a San Francisco-based technology company providing employee benefit decision support tools to small businesses and their employees.
Small and mid-sized business owners continuously struggle with providing and maintaining employee benefits due to rising costs and an inability to provide the range of options available to America’s bigger businesses. The demand for alternatives to major medical group plans and the broader access available through the Affordable Care Act (ACA) have accelerated the migration from small group coverage to individual market insurance tailored to each employee. Benefitter’s proprietary technology, software and services will equip HealthMarkets and its agents to better help employers make a positive, profitable and deliberate transition to the new era of health benefits.
“We have seen – and helped – an increasing number of small businesses migrate from group to individual health insurance,” said Ken Fasola, president and CEO of HealthMarkets. “It’s a win-win for small businesses trying to stay competitive in the marketplace, and Benefitter’s technology will provide another tool to help make the process seamless for business owners and their employees.”
Benefitter co-founders Brian Poger and Richard Fiedotin will join the HealthMarkets executive management team. Poger, CEO of Benefitter, will become executive vice president of HealthMarkets’ small group business division, an integrated multi-product marketplace for small businesses and their employees. Fiedotin, COO of Benefitter, will join as executive vice president of HealthMarkets, leading customer engagement and policyholder retention strategy.
“We’re incredibly excited to combine the strength of HealthMarkets’ products, scale and distribution with our distinctive technology to help small businesses deliver more relevant, cost effective and sustainable benefits solutions,” Poger said.
About HealthMarkets Insurance Agency
HealthMarkets Insurance Agency, a wholly-owned indirect subsidiary of HealthMarkets, Inc., is the d/b/a or assumed name of Insphere Insurance Solutions, Inc. Authorized in all 50 states and the District of Columbia and representing more than 180 branded insurance companies, HealthMarkets offers consumers a “one-stop” shopping experience for health insurance, combining around-the-clock phone and online assistance with the personal approach of more than 3,000 licensed, local agents nationwide. It is a leading private health insurance marketplace offering multi-channel flexibility for individuals, families and small businesses. For more information, please visit HealthMarkets.com.
Cautionary Statement Related to Forward-Looking Statements
This news release may contain forward-looking statements regarding Insphere Insurance Solutions, Inc., d/b/a HealthMarkets Insurance Agency, and its affiliates. These forward-looking statements are neither historical facts nor assurances of future performance, and are subject to certain risks, uncertainties and assumptions which are difficult to predict and many of which are outside of our control. Such forward-looking statements can be identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “objective,” “plan,” “possible,” “potential” and similar expressions. These statements are based on management’s current beliefs, expectations and assumptions, and actual results may vary materially from those included in the forward-looking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them, whether as a result of new information, future developments or otherwise. Readers are cautioned not to place undue reliance on any forward-looking statements made by us.