Benefix Blog

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.

“During fourth quarter, it is crazy, super insane; we barely have time to think.” said Elyse Frye, the Group Health Manager at URL. With brokers in need of quick, simple, and accurate quotes in an industry where time is money, URL and many agencies like them were looking for a solution.

That’s where we come in.

BeneFix is a digital platform that manages small group benefits, allowing carriers to streamline distribution and agents can run quotes or enroll groups in minutes. This was a process that used to involve several reams of paper and a few days to get accurate, let alone settled. Our founder, Matt Ranauro gave life to this simple solution software after experiencing the complicated process of enrollment himself.

Today, URL brokers run their clients through all their desired carriers at one time using the BeneFix platform. They can select plans and have a rate summary in their hands in minutes. It has ultimately saved them time and even given many their well-deserved weekends back.

And if they have a problem? BeneFix is there for them every step of the way. “The customer service is second to none,” Deb Wilkinson, Vice President of Health Plan Options at URL said. “Time definitely is money and when it is a partnership between an agency such as URL and BeneFix, we need that support and we have it.”

BeneFix Gearing Up for RISE OF THE REST™ pitch Contest

“First there was the idea - revolutionize the health insurance industry. Then there was the funding, the developing of the platform, and the opening of the office in Lancaster.”

Now there’s this: We’re finalists in Revolution’s RISE OF THE REST™ competition!

That means, if we hit it out of the park during our pitch to Steve Case, co-founder of AOL and the creator of RISE OF THE REST™, next Tuesday, October 10, in Harrisburg, we’ll not only win $100,000, but we’ll demonstrate that technology start-ups can, and do, flourish in central Pennsylvania. Our very own Matt Ranauro, CEO and Founder, expanded on that, saying, “It’s an amazing opportunity to not only shed light on BeneFix, but also on Central PA.” He then pointed out that, “It’s a big deal having this competition right in our backyard. This will bring attention to the tech scene in the area and show that we can create jobs and bring more innovative companies right here.”

So, what is RISE OF THE REST™? Revolution’s website describes it as a “nationwide effort nationwide effort to work closely with entrepreneurs in emerging startup ecosystems.”

Case says his initiative is part of the larger picture of technology start ups in the U.S.

Case’s opinion, and the view of Revolution LLC, is that the U.S. is at the beginning of a new era of entrepreneurship. High growth companies can start, and scale, anywhere (even in the middle of Amish country!) not just in a few cities in New York and California.

So Revolution created the RISE OF THE REST™ competition, literally taking their team of experts on the road to hear pitches from startups in small cities around the country.

When the competition was announced back in June, we knew we had to go for it. To be eligible, startups for the competition had to have a product or service that is live or at least in beta form. We certainly have that! Startups also had to have measurable performance indicators, such as revenue, customers, successful beta results etc.

With more than 1,000 happy insurance brokers using our platform, we’re pretty sure that we’ve got the “measurable performance indicators” covered.

We are currently raising, and have proven we can raise, capital, so that qualifier was met, along with the need to be in central Pennsylvania. So, we applied and in September got the news that we were one of the nine finalists!

Now, less than a week out, Matt’s hard at work on the pitch (there will be a video!) and the whole team is eager to get the Harrisburg and prove that we, and our product, are ready to revolutionize the health insurance industry. No more antiquated spreadsheets and stacks of brochures. It’s time for brokers to leave their paper covered past behind and embrace technology.

The event begins with a Fireside Chat (3:00 PM), then the Pitch Competition (4:00 PM) and Happy Hour (6:00 PM). It’s being hosted at the Harrisburg Midtown Arts Center and is free and open to the public. But, space will be limited so an RSVP is required.

Intern Insight

It’s hard to believe August is practically here and Q4 is quickly approaching. With summer coming to an end, our BeneFix internship program is winding down as well. Our intern crew is an amazing group of smart, motivated, and efficient students, and Team BeneFix feels pretty fortunate to have had such talent join us for the summer. We asked each intern to share some insight on their experience at BeneFix. Here’s what they had to say…

“Working at BeneFix as a summer intern has been an extremely rewarding and fulfilling experience for me, that includes valued work and perks typical of a startup culture. As an intern, whether in marketing or software development, you gain exposure to the many different aspects of running a startup company – a great experience for anyone interested in entrepreneurship” – Joonick (University of Penn)

“One of the best parts about working at BeneFix is the company culture. The positive attitude of every team member, coupled with the comfortable office space, creates an environment that really gets you excited to work. Everyone is very approachable, and every member feels like his/her work is valued.” – Xuerui (University of Penn)

“BeneFix separates itself from other company through its motivating and collaborative work environment. Working as an intern at Benefix has given me the opportunity to explore many different areas and equipped me with invaluable experience that I hope to apply to exciting projects in the future.” – Drew (University of Penn)

“Working at Benefix hasn’t exactly felt like an internship. It feels more like I’ve been dropped into a group of friends that I’ve known for ages that just so happen to be working toward the same goal of making a great product; everyone expects a lot of each other, but they are also supportive no matter what question you have or what goals you want to achieve.” – Grant (Georgetown University)

“Working at Benefix has given us the opportunities that we would have not gotten at a traditional corporate setting. If it’s from working on operations tasks to sales work to marketing assignments, the exposure we have gotten to the functions of a business is priceless. The startup setting calls for a collaborative environment where as a team, we succeed or we fail together. Thus, everyone is open and willing to help whenever one is stuck or needs guidance. This company is more like a family if anything. I could not have asked for a better internship experience.” – Matt (Temple University)

BeneFix New Jersey Beta Release

Great News!

BeneFix – the #1 quoting and custom proposal platform in Pennsylvania – is now available in New Jersey!

During the initial New Jersey launch BeneFix will be in BetaBeta means we are still working to guarantee rates are 100% accurate.

Our BeneFix promise is 100% accurate rates, 100% of the time. In order to deliver on this promise, we work directly with carriers are partners so you can trust every rate and product in the BeneFix platform is right. At this time New Jersey rate information available in BeneFix is state filed data – this is temporary and we will keep you updated with rate status.

As we continue to form relationships in the state of New Jersey our platform will remain in Beta. You can use the entire system, run quotes, customize proposals, and manage your small groups.

Our team promises to work tirelessly to help you along the way:

  • We offer 24/7 customer support
  • LIVE weekly webinars with our sales team every Thursday at 2pm ET
  • We are happy to set up one-on-one demos at your convenience

Happy quoting!

Team BeneFix

Trust the Tech

Smartphones. The internet. Memes. Technology has exploded in the past decade, leaving the insurance industry behind. However; the rise of InsurTech has allowed even the most traditional of insurance agencies and brokers to bridge this gap. And although a clear transition is happening, it hasn’t come without its challenges. Two of the biggest barriers: a difference in work culture and a lack of knowledge.

Yes, some insurance agencies continue paying by checks, faxing instead of sending emails, and keeping paper records as opposed to digital ones. Imagine paying for Netflix by sending in cash! The good news is, these agencies are in the minority. A recent study showed that 94% of insurers believe that “adopting platform-based models and forming digital ecosystems are critical to their success as a business” (“The Rise of Insurtech” – Roy Jubraj, Steven Watson, Simon Tottman).

The truth is, Insurers and InsurTech companies want to be on the same page. And they can get there through trust. But to earn trust from an already established and comfortable industry, means being transparent. Take this 2016 study by PwC. It revealed that almost half of insurers fear that they will lose 20% of their business to InsurTech companies. If InsurTech companies become transparent, those fears will diminish. In fact, a large proportion of InsurTech companies actually aim to empower industry professionals by equipping them with the tools to automate outdated processes.

Collaboration is key. Just like Batman and Robin, like Han Solo and Chewbacca, and Thelma and Louise, this critical partnership between insurance agencies and InsurTech startups is on its way to dramatically improving data analytics, infrastructure, and customer experience. Clearly the most adaptive agencies will be the ones to win over the most clients. With the arrival of the Age of Information, where technology is improving every aspect and every detail of society, it’s time for the insurance industry to catch up, too.

Previous  |  Next