Ancillary insurers look to private exchanges to drive new business and differentiate themselves in the market
SEATTLE, Wash. – December 5, 2013 – Array Health, a leading provider of private insurance exchange technology, today announced that HM Insurance Group (HM) has chosen the company to power its online supplemental insurance marketplace. The HM Benefit Choice marketplace will help the insurer to attract and retain group customers by giving them an intuitive and convenient online enrollment experience.
HM selected the Array Spectrum™ solution over competing technology providers because of its flexible rating capability and its ability to support the numerous rating structures of the insurer’s many product lines.
“We sought a technically capable solution that provides a consumer-friendly and streamlined enrollment system and shopping platform. The Array Spectrum solution delivers both, and its ability to manage complex supplemental insurance rating structures was critical to our selection,” said Pamela Brown, vice president, supplemental insurance products and services at HM Insurance Group.
More than 34,000 employees will be eligible to enroll on the HM Benefit Choice Platform during the current enrollment cycle.
This latest win by Array Health exemplifies an emerging market trend where supplemental insurers are taking their business online. In an October 2013 report, consulting firm Oliver Wyman states, “Private exchanges in many ways level the playing field for life, ancillary and voluntary carriers just as they do for health insurers, creating opportunities for small and midsize players to capture new business by using exchanges to offer best-in-class products to groups they haven’t previously been able to penetrate.”
“Supplemental insurers are launching their own private marketplaces to give them greater control over the sales process in an increasingly competitive world,” said Jonathan Rickert, CEO of Array Health. “By leveraging state-of-the-art web technology like Array Spectrum, insurers not only differentiate their brand, but also reduce costs and administrative overhead for themselves and their clients. It’s a win-win situation.”
About HM Insurance Group
HM Insurance Group (HM), headquartered in Pittsburgh, Pa., works to protect businesses and their employees from the potential financial risks associated with health costs. The company’s product portfolio provides producers with health risk solutions that address a range of risk situations confronting employers, employees, health care providers and individuals. A recognized leader in employer stop loss, HM also offers managed care and provider reinsurance, workers’ compensation (Pennsylvania only) and group supplemental insurance – critical illness, accident, disability income, hospital indemnity and term life – nationally through strategic distribution partners and individual critical Illness and accident insurance plans in Pennsylvania and West Virginia. Learn more at www.hmig.com