Independence Holding Company Announces Increase in Distribution Through Acquisition of Quoting and Enrollment Platform
January 18 2019 - 9:30AM
Independence Holding Company (NYSE: IHC) today announced an
increase in its distribution capabilities through the acquisition
of a quoting and enrollment platform.
As part of a strategy to grow distribution, IHC
has acquired a state-of-the-art quoting and cloud-based enrollment
platform, which is currently being utilized by approximately 4,000
active users to manage the health insurance needs of their
clients. As a Web Based Entity (WBE), this includes quoting
and enrolling individuals in Affordable Care Act (ACA) plans as
well as ancillary coverages. In addition, this entity is in
the final stage of launching a cloud-based quoting and enrollment
tool that is specifically designed for producers in the small group
employer market (under 100 lives), which is larger than the
individual commercial market and is estimated to cover
approximately 40 million lives nationally according to the U.S.
Small Business Administration 2018 Small Business Profile. This new
quoting and enrollment system will support group products for all
IHC carriers as well as select group ACA and level funded health
coverages from leading national health plans.
In addition to the aforementioned acquisition,
IHC’s new initiatives include expansion of our call center and
career advisor distribution models, and emphasis on the over-65
market through new IHC products (including a new individual vision
offering) as well as sale of other carriers’ Medicare products.
As always, we will continue to expand and improve upon our
current product portfolio, which today includes individual
short-term medical, hospital indemnity, dental, accident and
critical illness, as well as group long and short term disability,
New York statutory short-term disability, paid family leave, life,
gap, limited benefit, hospital indemnity and dental.
David Kettig, President and Chief Operating
Officer of Independence Holding Company, commented, “IHC is a
market leader in supplying alternative and ancillary health
insurance to the under-65 commercial market through our portfolio
of short-term medical, hospital indemnity and ancillary
products. Not only will this acquisition enhance our value
proposition in this market, but importantly positions us to make
significant inroads into the small group employer market by
offering producers access to a private health exchange that allows
small group employers to choose from multiple benefit options for
their employees. Their employees will enroll on-line in the
plan that is the best fit for them, including individual or group
ACA plans or an alternative form of protection underwritten by one
of our carriers. In addition, we believe that new opportunities
will come as more small employers move from group plans to
individual ACA plans using Health Reimbursement Arrangements to
fund those plans. This will lead to more chances for us to offer
list billed ancillary plans and potentially even short term medical
underwritten by our carriers.”
Mr. Kettig further stated, “In 2019, we will
also focus on products designed for the over-age 65 market, which
we will sell through our expanding call center and career advisors
distribution models. These are both highly scalable models,
and we anticipate significant growth based on improved lead
generation, an enhanced sales platform, and unique product
offerings both from IHC’s carriers and other highly-rated
companies. We are currently working with an established
vision network to file individual vision and hearing insurance
plans to accompany our dental policies for both those under and
over age 65, and are constantly adjusting our core products to
address the changing needs of our customers.”
About The IHC Group
Independence Holding Company (NYSE: IHC), formed
in 1980, is a holding company that is principally engaged in
underwriting, administering and/or distributing group and
individual specialty benefit products, including disability,
supplemental health, pet, and group life insurance through its
subsidiaries (Independence Holding Company and its subsidiaries
collectively referred to as “The IHC Group”). The IHC Group
consists of three insurance companies (Standard Security Life
Insurance Company of New York, Madison National Life Insurance
Company, Inc. and Independence American Insurance Company), and IHC
Specialty Benefits, Inc., a technology-driven full-service
marketing and distribution company that focuses on small employer
and individual consumer products through general agents,
telebrokerage, call centers, private label arrangements, and
through the following brands: www.HealtheDeals.com; HealtheDeals
Advisors; www.PetPartners.com; and www.PetPlace.com.
Forward-looking Statements
Certain statements and information contained in
this release may be considered “forward-looking statements,” such
as statements relating to management's views with respect to future
events and financial performance. Such forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from
historical experience or from future results expressed or implied
by such forward-looking statements. Potential risks and
uncertainties include, but are not limited to, economic conditions
in the markets in which IHC operates, new federal or state
governmental regulation, IHC’s ability to effectively operate,
integrate and leverage any past or future strategic acquisition,
and other factors which can be found in IHC’s other news releases
and filings with the Securities and Exchange Commission. IHC
expressly disclaims any duty to update its forward-looking
statements unless required by applicable law.
CONTACT: Loan Nisser(646)
509-2107www.IHCGroup.com
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