Why We are Creating a Marketplace
It is mind-boggling to look back over the last 20 years and recognize how much has changed in our world that has improved our lives. Sure, some things have made life a bit more challenging in the process (like being accessible 24/7!), but overall, we have been positively impacted by new developments. Take marketplaces like eBay, Craigslist, Expedia, and, of course, super giant, Amazon. Marketplaces have transformed industries along with our lives personally and professionally.
Eighteen years ago I was hired to handle logistics and operations for major sporting events… fortunately starting after event planners no longer needed to rely on payphones while on the road, and two years after the launch of Orbitz. My responsibilities included booking around 500 flights a year. Can you imagine what it must have been like pre-Orbitz or one of the other travel marketplace options we have available to us? I am so grateful for the efficiency that company provided to my professional life! Being able to perform a search and within moments having all options consolidated in one place and presented to me made a daunting task pretty simple. I became proficient very quickly; saving time and effort for other tasks that also needed attention.
No matter the type of marketplace, whether consumer driven like Etsy and Booking.com or B2B focused, the benefits to participants and users breakdown similarly. Marketplaces provide a self-service environment to facilitate transactions between providers and customers.
Users (aka buyers, customers) benefit from the convenience of saving time with greater efficiency by accessing a pool of choices while experiencing faster throughput times. Often options that are not a fit have been eliminated or can be simply through fine-tuning a search.
Participants (aka sellers, providers, companies) benefit from the ability to push one’s brand, gain access to new customers with no limits on location, and the opportunity to meaningfully increase business and generate growth.
Companies such as PolicyGenius and SelectQuote have had incredible success in setting up insurance exchanges for home and auto coverage, often times encouraging their customers to bundle these types of policies to create significant savings. But what about healthcare?
Thanks to the Affordable Care Act (ACA), the individual health insurance exchange went live on January 1st 2014. Since then, eligible U.S citizens can now find health coverage that fits their needs and budget. Every health plan in the ACA Marketplace offers the same set of essential health benefits, including doctor visits, preventive care, hospitalization, prescriptions, and more. Individuals can compare plans based on price, benefits, quality, and other features important to you before you make a choice. Most people who apply qualify for some sort of subsidy or financial savings by purchasing coverage through the exchange.
So why has it taken so long to replicate this approach for group health insurance brokers who are seeking competitive coverage for the companies they represent?
We’ve found the solution.
With the launch of Verikai’s Marketplace, we are able to give brokers and producers a direct connection to carriers that will automatically write a rate. Verikai’s Marketplace will transform the group health insurance industry. We plan to create a positive impact where our users can achieve greater efficiency in their day-to-day work flow, and our participants will get access to new customers – leading to increased business and growth for all. As the Marketplace matures, we’ll also be able to provide insights into stop loss market trends, group placement velocity, and more – making it a one-stop-shop for industry leaders.
The Marketplace launches on June 1st. In the meantime, follow us on LinkedIn and hit that subscribe button to stay up to date!