In an Era of Uncertainty in the Healthcare Industry, BeneFix Proves Insurtech is a Bet Worth Making

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Insurtech offers solutions that require no legislation or public debate. It's the only certain changes coming to the industry

Insurtech

BeneFix platform

In 2010, a few companies began raising money for insurtech initiatives. By 2015 the industry had garnered $2.12 billion, $1.39 billion in 2014 alone.

In one year BeneFix has tripled their number of employees, finaled in the Rise of the Rest competition, expanded their footprint to four states, added over 300,000 people to their platform and closed a $2 million VC led seed round. When in comes to BeneFix, 2017 proved that there’s something to this “insurtech” thing.

What does insurtech do? Solve a myriad of problems; from human error to inefficiency- by automating steps which allows for better processes and data. Insurtech is transforming the U.S. healthcare ecosystem that yields so painfully to change.

BeneFix manages data from tens of thousands of plans offered by benefit carriers in Pennsylvania, New Jersey, Colorado and New York, offering quotes in minutes from a simple-to-use online interface reminiscent of Kayak.

In the wake of the tax legislation passed by Congress in December, and the repeal of the individual mandate that will take effect in 2019, Founder/CEO of BeneFix, Matt Ranauro, pointed out that, while people have been looking to the government to fix this fractured, expensive system, the solution is actually right in front of us: insurtech.

Added bonus: insurtech offers solutions that require no legislation or public debate.

For instance, insurtech can combat the rising costs that currently seem embedded in the healthcare industry. Much of the expense found in the industry comes from the inefficiencies inherent in the current system. Several years ago Temple's Fox School of Business released a report detailing research that showed, on average, a $1 increase in the budget of state chief information officers (CIO) led to a $4.05 decrease in "current expenses and capital depreciations."

Imagine, Ranauro said, if the health insurance industry, which rivals most state governments in terms of slow, low-tech systems, could see that level of savings by investing in the right technology?

While a latecomer (to say the least) to the age of digital solutions, the health insurance industry is finally beginning to embrace an ever-apparent reality: insurtech is the answer to many of the problems inherent to the system. The proof of that is in the numbers.

In 2010, a few companies began raising money for insurtech initiatives. By 2015 the industry had garnered $2.12 billion, $1.39 billion in 2014 alone.

Today, the global insurtech industry is worth $4.5 trillion.

The growth BeneFix saw in 2017 is additional proof: insurtech is a bet worth making. It’s a growth industry that will solve many of the problems we have in the U.S. healthcare industry and transform the way we get coverage, access benefits and receive care – finally.

About BeneFix
BeneFix is an insurtech company based out of Lancaster, Pennsylvania. It manages data from tens of thousands of plans offered by benefit carriers in the mid-Atlantic and Colorado, offering brokers quotes in minutes from a simple-to-use online interface reminiscent of Kayak. Benefit brokers use this digital platform for quotes that are 100 percent accurate, 100 times faster than hand generated quotes. With BeneFix, brokers no longer need to rely on antiquated, spreadsheet based systems. Brokers and businesses now have an all-in-one solution to manage their benefits.

Sarah Veronis
sarah(at)benefix(dot)us

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Sarah Veronis
BeneFix
+1 7172838935
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@BeneFix_
since: 11/2017
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