With the introduction of the Affordable Care Act (ACA), the demand for information about health insurance products has increased dramatically. Consumers often turn to websites to help them navigate the insurance space and learn about available options.
A recent acquisition by Tampa-based Health Insurance Innovations
(HII) aims to capitalize on this need and provide more reliable, easily understood information for consumers.
HII is a cloud-based technology platform that links health insurance agents with consumers to provide quotes and sell customized, flexible insurance plans. Silicon Valley-based HealthPocket is a data aggregation technology that provides a repository of health insurance information for consumers to view and purchase, including both private and government-funded options. The website allows consumers to rank available plans by price, doctor or other factors such as prescription drug needs.
The merging of the two companies will provide even more customized services for consumers to help navigate often confusing information about health insurance options.
HII plans to use the acquisition to fuel the company’s growth and competitive advantage, including sales and continuing the track record of success. The company is taking over additional office space in their Tampa location and will eventually expand their local employee base.
"Consumers will be engaged with the tools and data to help them make better and more informed decisions which lead to lower annual healthcare costs," says Kevin Coleman, head of research and data for HealthPocket. "We really hope to empower the consumer to make the best decisions."
Writer: Megan Hendricks
Sources: Kevin Coleman, HealthPocket; Mike Kosloske, HII