Something as fundamental as healthcare should not be complicated. When it comes to small business benefits, things get even trickier. Targeting and managing small business plans is a significant challenge for health insurance carriers and brokerage firms. Benefix is changing the small group market by providing end-to-end digital distribution to reduce expenses, streamline administration, and pass through these savings to the employer, employee and member.
According to the Small Business Association (SBA), 50% of businesses with 3 to 9 employees offer health insurance benefits. The number increases to 71%, with businesses having 10 to 24 employees. It is clear that more and more small businesses want to cover health insurance for their employees.
Small business health insurance needs are quite different from that of an enterprise. Although they may want to provide their employees with the best benefits, they may not have the resources to provide such insurance or even know where to start. Plus, the overhead of managing health benefits may simply be too time-consuming.
Regardless, the majority of small businesses want to offer benefits to their employees, even if they are unable to today. In one survey, 46% of respondents said that health insurance was either a deciding factor or a positive point when considering a job.
Benefix is changing how small business health benefits work by serving as a medium between the different stakeholders: small businesses, their employees, insurance carriers, and brokerage firms.
Revolutionizing Employee Health Benefits for Small Businesses
Benefix, at its core, is a collaborative platform for employee health insurance benefits.
Essentially, it is the best benefits experience for small businesses. But more importantly, it is software that includes both insurance brokers and insurance carriers. Unlike regular platforms that simply compare plans, Benefix works as an all-in-one insurance quoting, submission, and enrollment tool that automates much of the process – which could take days or weeks previously – into a matter of minutes or hours.
For ages, health insurance providers and brokers have focused largely on families and corporations. However, with small businesses responsible for an overwhelming 44% of the economy, brokers need to rethink connecting with such businesses.
Combining employee benefits advice with enrollment management software, Benefix can give the health insurance industry the much-needed push to move into the future.
Benefix By the Numbers
Benefix has seen impressive growth since its beginning. Set in the small town of Lancaster, Pennsylvania, it has already proven that innovation can happen anywhere.
With the goal of formulating the future of small business benefits, Benefix has lofty ambitions. Here are five key performance indicators (KPIs) Benefix uses to measure market impact and future growth:
Powering 16% of Small Business Health Insurance Premiums
Benefix aims to power at least 16% of the premium paid by small businesses for health insurance in the US in 2022. This percentage amounts to roughly $21 billion.
For the year 2023, the goal is to power 40% of such premium, or roughly $53 billion. As an all-in-one platform, Benefix helps brokers provide accurate plans for small businesses, which, in turn, allows small businesses to get coverage faster and easier than ever before. Rather than waiting for weeks or months, businesses can enroll and receive insurance cards 7x faster.
Empowering 3.7 Million People to Better Understand Healthcare
As an employee benefits platform, Benefix is not just for the brokers.
It is also catering to small businesses that want to simplify and get a better grip on employee benefits. For the employees as well, it essentially allows a better understanding of how the benefits work.
Benefix has powered, or rather empowered, 3.7 million employees and their families to be better able to understand health insurance benefits.
Digitization of Health Insurance Brokers
Thanks to Benefix, over 12,000 insurance brokers have digitized their workflows. That has resulted in a direct impact on sales, an increase in service quality, and a reduction in carrier administration expenses.
That is one of the main highlights of using advanced benefits enrollment software. It dramatically streamlines workflow and increases productivity. Empowered with a digital platform for instant and accurate quoting and subsequent enrollment, brokerage firms can increase revenue while also satisfying the needs of small employers.
Over 500K Health Insurance Plans Managed
Benefix has already reached one of its many goals by managing over 500,000 plans, and over 350 carriers, on the platform today. It has successfully served and continues to serve its mission of making health insurance and benefits simple for small businesses and their employees.
By streamlining the entire process of finding and enrolling in health and benefit plans, Benefix has given each party a seat at the table. Now, the goal is a national presence, onboarding more carriers from all 50 states, increasing the digital distribution of small businesses benefits, and providing support to more small group employees.
99% Customer Satisfaction with Benefix Software
Benefix has maintained 99% customer satisfaction through a simple philosophy, if it touches the customer experience – they own it.
Again, the core mission of Benefix is to provide simple and insightful experiences to all parties involved when it comes to small group health insurance coverage. It is a win-win scenario when carriers, brokers, and small businesses all achieve success in their goals. For Benefix, that is the ultimate goal.
The Future of Small Business Benefits could be Benefix.
By leveraging the best in Product Design, AI, and behavioral science, Benefix is, and will continue to, help change how small businesses offer benefits to their employees, how carriers distribute their small group insurance plans, and how brokers sell and service these employers. By addressing these points, Benefix serves as a collaborative tool that ultimately benefits all parties.
Benefix has grown significantly in a short period, as evidenced by the metrics shared for this article. Their projected growth over the next 24 month period would give them – what would appear to be – an insurmountable lead in small business benefits. One can only imagine the opportunities they will have if these goals are achieved, and the game-changing potential for millions.
