Health Insurance Innovations

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Health Insurance Innovations
Public
Traded asNASDAQHIIQ (Class A)
Russell 2000 Component
Industryhealth insurance
GenreInsurtech
Founded2008
Headquarters,
Number of locations
4
Key people
Gavin Southwell (CEO and President)
Servicesshort term health insurance and related products
Websitehiiq.com

Health Insurance Innovations (HII) is a product agnostic insurance technology platform. The firm has headquarters in Tampa, Florida and is listed on NASDAQ.[1][2] The company uses a cloud-based platform for licensed independent agents to enroll customers in products provided by insurance companies which provide the actual coverage.[3] The firm also provides billing and information services for both the clients and the agents. [4]

Coverage[edit]

The firm provides access to a variety of coverage options, including Short-term health insurance, limited medical coverage, accident, cancer and critical illness coverage, prescription coverage and savings programs, dental and vision coverage, life insurance, AD&D coverage, health and wellness programs, and lifestyle discounts;they do not include health insurance that meets the requirements of the Affordable Care Act insurance (“ACA” or Obamacare). [5]

History[edit]

The company was initially run by Health Plan Intermediaries, LLC., which was owned by Naylor Group Partners, LLC. In 2011, Health Insurance Innovations agreed to purchase the units of Health Plan Intermediaries, LLC. As of September 30, 2012, the company had 51 employees.[6]

In March 2015, Michael Hershberger, Senior Vice President of Finance and Business Development, was named the interim Chief Financial Officer, principal financial officer, and principal accounting officer.[7] Gavin Southwell was named CEO and President in 2016.[8]

In 2018, Fortune listed Health Insurance Innovations as #1 of the Top 100 Fastest Growing Companies.[9] In 2019, projected growth of the short-term medical insurance market and "healthcare policy changes of the present and future", such as the repealed Individual Mandate Penalty and future changes to State subsidies for Medicaid, were factored into an analysis of the firm by SeekingAlpha.[10]

Acquisitions[edit]

In 2014, the company acquired HealthPocket Inc. for $32M,[11] a free website for consumers to compare health insurance plans online.[12] It includes a variety of health insurance resources such as statistics, polls, and research.[13] In 2016, RAND Corporation included HealthPocket in their consumer healthcare decision-making research report for policymakers, industry experts, and researchers interested in web design and consumer choice.[14] In 2018, both HealthPocket founders made a planned transition and are no longer with the company.[15]

In 2015, Health Insurance Innovations announced the acquisition of Agile Health Insurance (or AgileHealthInsurance), which sells short-term health insurance alternatives to Affordable Care Act insurance (“ACA” or Obamacare).[16] Agile's website details prices for various private health insurance plans and allows consumers to apply for coverage online. The company is headquartered in Mountain View, CA and the current SVP and Head of Business Operations is Shaun Greene.[17]

In 2019, Health Insurance Innovations announced the acquisition of TogetherHealth (or TogetherHealth, LLC), which is a direct-to-consumer platform that connects individuals with insurance carriers through consumer acquisition and engagement.[18]

Legal Actions[edit]

In December, 2018, the firm reached a settlement that resulted in no fines, penalties, or findings of wrongdoing with regulators in 43 states over its marketing practices.[19]

In June, 2019, two lawsuits were filed in the Federal Court alleging that the firm had misled them in the sale of insurance. The policies were issued through Simple Health, a company closed by Federal regulators in November 2018 and terminated by HII at the same time; the lawsuit alleges that Simple Health had in fact been funded by HII despite the scrutiny received by the company from insurance departments in 43 states and the FTC. HII said the accusations were without merit and emphasized that they are not under investigation by the FTC and that they had cut its ties with Simple Health.[20]

References[edit]

  1. ^ "Health Insurance Innovations Inc". Nasdaq.com. Retrieved 20 December 2016.
  2. ^ "Health Insurance Innovations". Bloomberg.com. Retrieved 20 December 2016.
  3. ^ "Tampa Bay's hottest stock market performers for the first half of 2017 - Tampa Bay Business Journal". www-bizjournals-com.cdn.ampproject.org. Retrieved 2017-07-18.
  4. ^ "Health Insurance Innovations Brings Compliance Reporting to Glowing Health and Pockets Time Savings". www.kofax.com. Retrieved 20 December 2016.
  5. ^ "Health Insurance Innovations Launches HIIQ's New 'Options Page' To Enable Easy Bundling Of Short-Term Medical Plans And Ancillary Benefits". Thestreet.com. Retrieved 20 December 2016.
  6. ^ "IPO Preview: Health Insurance Innovations". Seekingalpha.com. Retrieved 20 December 2016.
  7. ^ "Health Insurance Innovations Inc announces finance organization changes". Reuters.com. Retrieved 20 December 2016.
  8. ^ "BRIEF-Health insurance innovations Appoints Gavin Southwell as CEO, raises 2016 guidance". Reuters.com. Retrieved 20 December 2016.
  9. ^ "Health Insurance Innovations". Fortune. Fortune Media IP Limited. Retrieved 26 March 2019.
  10. ^ Roberts, Andrew (24 January 2019). "Health Insurance Innovations Pushes Back Against Sensationalism To Start The New Year Up 34%". Seeking Alpha. Retrieved 26 March 2019.
  11. ^ Inc, Health Insurance Innovations (2015-05-13). "Health Insurance Innovations, Inc. Reports First Quarter 2015 Results". GlobeNewswire News Room. Retrieved 2019-06-23.
  12. ^ "HealthPocket, Inc'.s audited financial statements". www.sec.gov. Retrieved 2019-06-23.
  13. ^ Faust, Michelle. "Health insurance companies request 13.5% premium increase for 2016". www.wrvo.org. Retrieved 2019-06-23.
  14. ^ Taylor, Erin Audrey; Carman, Katherine Grace; Lopez, Andrea; Muchow, Ashley N.; Roshan, Parisa; Eibner, Christine (2016). "Consumer Decisionmaking in the Health Care Marketplace". www.rand.org. Retrieved 2019-06-23.
  15. ^ "Healthpocket, Inc. Announces Cessation of Bruce Telkamp as CEO". Bloomberg Company Overview. August 21, 2018. Retrieved June 23, 2019.
  16. ^ "Get Affordable Health Insurance Quotes for Individuals and Families in Florida". www.agilehealthinsurance.com. Retrieved 2019-06-23.
  17. ^ "Meet the Experts of Agile Health Insurance". www.agilehealthinsurance.com. Retrieved 2019-06-23.
  18. ^ "Health Insurance Innovations acquires company in $50M deal". www.bizjournals.com. Retrieved 2019-06-23.
  19. ^ House, SA Editor Douglas W. (2018-12-13). "Health Insurance Innovations up 26% on regulatory settlement". Seeking Alpha. Retrieved 2019-06-23.
  20. ^ Speights, Keith (February 12, 2019). "Health Insurance Innovations Poised to Takeoff". Yahoo Finance. Retrieved February 12, 2019.