Benefix Blog

Three Insurtech Trends to Watch in 2018

The insurtech industry is a strange animal. On one hand, the industry is exploding, with billions of investment dollars being put to work. There is no shortage of exciting new changes and start-ups improving an incredibly flawed and complex system. On the other hand, there’s a lot more that needs to happen. The health insurance ecosystem still involves way too many players, moving parts, manual processes, not to mention piles of paperwork. It remains antiquated, costly and error-prone. So, what can we expect to happen in this space over the next year? Which trends are hyped-up dreams for a future decade and which are actually happening now?

It’s safe to assume that U.S. healthcare won’t transform overnight. But things are moving. Small fires are spreading, and these three trends in particular are ones that we can expect to gain a lot more traction in 2018:

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A Conversation about Insurtech with Matt Ranauro

“It’s no secret getting healthcare coverage can be challenging and complicated. In fact, it is a process that can be downright painful… and take an incredible amount of our time.

Two years ago Matt Ranauro, Founder/CEO of BeneFix, felt this pain first hand, and decided to do something about it.

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Health care, we've got a problem

“It’s impossible to keep up with all the health care news these days. We’re being bombarded by information about how broken our health care system is: the premiums, the legislation, the cost, the politics, the personal stories.

Like any reasonably aware American, I knew the health care industry was broken. But it wasn’t until I began to research the viability of starting a company that would unify the health insurance ecosystem on a digital platform that I realized how big of a problem it truly was.

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BeneFix is the Fix for Q4 Pain Points

“The two most powerful warriors are patience and time” - Leo Tolstoy.

Tolstoy, clearly, never had to work as an insurance broker during the fourth quarter. If he did he’d know this: the ideal is that a new client will begin working with a broker 90 to 120 days before they need the health insurance plan hammered out. That happens pretty much never.

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How BeneFix can ease the Q4 workload for brokers

The dreaded Q4 open enrollment period: it’s the time of the year in which many insurance brokers work beyond the 40 hour work week to ensure their clients get what they need.

This was the case at URL Insurance Group, an agency serving 750 small group clients each year, in Central Pennsylvania.

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