Insurance Innovation of the Month: Wellthie's solution for SMEs

Innovation of the month

13 March 2019

Efma Accenture’s Insurance Innovation of the Month award for March goes to Wellthie for its National Small Business Health Insurance Marketplace, which enables small businesses to instantly and effortlessly search and compare health insurance costs and options.

Small business owners face many daily challenges, including time-pressures and money worries. Wellthie, a US-based technology company that modernizes insurance distribution, has created a new health insurance website which aims to help these business owners find the best health insurance plan for their specific requirements at any hour of the day.

“Our competitors typically require a great deal of upfront information,” said Angela Sluss, chief operating officer at Wellthie. “With Wellthie, you can view this information immediately without filling out a form and waiting for a call. We see a massive opportunity to simplify a very complex industry; our team believes insurance decisions should be easy and that great technology and design are the key to making that possible.”

There are currently 5.6 million small businesses employing over 34 million people that must endure a lengthy, manual process when applying for health insurance, which is often stressful. “Small businesses are the drivers of employment growth in our economy and 60% of owners will be Millennials or Gen X’s by 2020,” said Sluss. “Their expectations of purchasing insurance are rapidly changing and providers should be changing with them.”

After extensive research on how small businesses shop, find and buy insurance, Wellthie found that business owners want to shop for insurance the same way they make other purchases online. The new website was created to give these people the ability to search and compare insurance policies within minutes by simply entering their zip code and their employee ages.

“At any stage in the searching and shopping process, users can instantly connect with a licensed broker who can expertly guide them in purchasing the plan(s) of their choice,” said Sluss.

The marketplace allows small business owners to view thousands of medical, dental and vision products with various budget ranges across hundreds of carriers throughout the country.

The new service has garnered great success since its implementation in January 2019, including a 300% growth rate in the number of quotes on the platform, with users from 19 different US states. The firm was also included on the InsurTech 100 list of technology pioneers transforming the global insurance industry.

“We have created a unique shopping experience for small business owners while reducing costs and increasing profit margins for brokers by creating a self-service model,” said Sluss. “This has increased overall satisfaction by offering a transparent process while increasing trust in the carriers and brokers.”

We are partnering with other companies that care about small businesses to provide a complete marketplace and resource for this underserved population.”

Submit your innovations on the Efma-Accenture Innovation in Insurance portal until 24 of april for the 2019 Efma-Accenture Innovation in Insurance Awards. Participation is free of charge and open to all insurance players.

Keywords : SME/Corporate , Health insurance

Geography : USA