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Wellthie Selected as Top Insurtech Innovator in 2017 Plug and Play Program

Wellthie is pleased to announce that we have been selected by Plug and Play Tech Center to join their Insurtech Innovation Program. Wellthie is one of 35 companies chosen out of thousands to participate in Plug and Play’s program for start-ups innovating in the insurance industry.

Wellthie was selected by some of the industry’s leading carriers who seek to partner with startups and entrepreneurs that provide breakthrough technology and innovations for the insurance industry. Additional benefits of the program are licensing, investment, and mentorship opportunities.

“We are honored to have been chosen among the top insurtech companies to participate in the Plug and Play Insurance program,” said Sally Poblete, CEO of Wellthie. “Plug and Play provides a unique opportunity for selected start-ups to companies to partner with the largest carriers and industry players to accelerate the transformation of their industries.”

Earlier this year, Poblete was recognized in Forbes Magazine for her deep industry expertise the passion she brings to transforming the gigantic and complex insurance industry. Wellthie has also been featured in such publications as The Huffington Post, Inc. Magazine, and BuzzFeed.

The State of Small Group Benefits

As enrollment season nears the corner, brokers often wonder – what is this year’s market outlook for small group insurance? In September, the Kaiser Family Foundation (KFF) published a report focusing on the employer-sponsored insurance segment. Below are the facts you need to know about the small business market, as well as tips on how you can leverage this information to increase your competitiveness and sales as a small group broker.

 

The small business outlook is bright

Small business owners are optimistic about their financial positions and the economy as a whole. 81% of small business owners are comfortable with their current cash flow, while 41% of small businesses are more optimistic about the national economy now compared to last quarter.

The optimism within the small business segment is a significant opportunity. Small businesses that previously have not offered insurance to employees may be more willing to do so now and will require a broker to guide their decision. Of the nearly 6 million small businesses purchasing insurance for their employees, 80%  choose to rely on the expertise of a broker.  Why?  Because insurance is inherently complex and costly, requiring the empathy, education, and expertise of a broker.

Premium growth remains stable

In 2017, the average annual premiums for employer-sponsored health insurance are $6,690 for single coverage and $18,764 for family coverage. Compared to last year, the average single premium increased 4%, and the average family premium increased 3% – a relatively stable amount given that workers’ wages increased 2.3% and inflation increased 2.2% over the last year.

Stable premium growth is a great sign for brokers whose customers fear an increase in the cost of employee coverage. The stability in the employer market is an opportunity for brokers to start conversations with business owners on offering health benefits to their employees. It is up to brokers to educate small business owners on the value of coverage and to assist employers in finding the best value option, a massive opportunity to grow your book of business.

Ancillary sales are a big sales opportunity

Among large firms, 97% offer dental benefits and 82% offer vision benefits. For small business, this number is dramatically lower, with 67% offering dental benefits and 47% offering vision benefits. While overall coverage rates for small businesses is at 62%, ancillary benefits are still a large need – and opportunity – for brokers and small businesses alike.

Ancillary (or supplemental) insurance offers an opportunity for brokers to fill coverage gaps left by health plans. Moreover, ancillary benefits like dental, vision, disability, accident, and life usually have lower premiums and are a great way for small businesses to make their employees happy. Selling ancillary benefits also provides brokers an opportunity to upsell to those that do offer medical coverage.

 

Announcing Wellthie Small Group: Broker Platform for Medical + Ancillary Sales

We are thrilled to announce that we have launched Wellthie Small Group, the first-of-its-kind platform to bring a comprehensive Small Group benefits marketplace together with dynamic sales optimization tools to empower top-performing brokers and agents nationwide. Responding to national demand, we have expanded our shopping, quoting, and enrollment platform to new markets and additional lines of coverage, including medical and top ancillary products like dental, vision, and value-added products.

At Wellthie, we are addressing the needs of the nearly 6 million small businesses purchasing insurance for their employees, 80% of which rely on the expertise of a broker. Today, benefits brokers are burdened by disconnected systems, outdated tools, manual and paper-based processes, and complex regulations that reduce the amount of time brokers can spend generating new sales and focusing on client strategy.

With Wellthie’s platform, brokers can multiply their market opportunity and drive long-term relationships, while increasing employees’ access to insurance. Wellthie Small Group enables forward-thinking brokers and agents to transform the sales and service process for small business employers and their employees. With expanded features – including a dynamic live quoting system – the platform delivers the power and flexibility to offer more coverage, while simplifying the broker’s workflow so brokers generate more sales, streamline insurance decisions for clients, and tout their benefits expertise.

In addition to live quoting from top medical and ancillary carriers, Wellthie Small Group – expanding to new markets nationally for medical and introducing new ancillary lines – includes real-time contribution modeling, custom proposal generation, integrated broker CRM, enrollment support, and analytics.

Our focus on innovative distribution has attracted the nation’s top medical and ancillary carriers. With the ability to support medical and ancillary plans in a single marketplace, while also being broker-friendly, carriers are partnering with Wellthie to grow small group membership across multiple product lines and channels.

“The needs and expectations of small businesses when shopping for insurance and selecting benefits increasingly focus not just on value, but also ease and convenience,” said Sally Poblete, CEO, Wellthie. “As the only platform with comprehensive medical and ancillary shopping combined with the simplicity and versatility of powerful sales tools, we maximize sales for forward-thinking brokers and leading carriers in the small business market.

 

You can also view Wellthie’s press release here: http://www.prweb.com/releases/2017/09/prweb14707220.htm

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