Rye, NY, August 18, 2015 –(PR.com)– Health Alliance Network’s Benefit Advantage affiliate announced today the launch of a digital InsurStoreTM, offering a comprehensive supplemental benefits website for BenefitMall clients. BenefitMall is one of the largest general insurance agencies and payroll providers in the US. The technology was developed through HAN Benefits’ Preferred Distributor relationship with GBO/Insur IQ (“GBO”). GBO is focused on the digital distribution and automated, real-time delivery of insurance products directly to consumers.
“GBO’s InsurStoreTM technology offers Amazon-style functionality, providing fully electronic web-based enrollment for these benefits,” said CEO Anthony V. Milone. “As Preferred Distributor of the GBO products suite, HAN Benefits worked closely with GBO for more than a year to help them develop the look, feel and personal account management capability the industry wanted for this growing sector of the benefits arena. In the past six months, we have had dedicated teams to the BenefitMall launch, helping them brand the site in a way that seamlessly connects to their main website, and to their EmployerFocus digital offering. We are pleased that BenefitMall, one of the largest and most respected names in the benefits industry, selected us to help them roll out a full suite of supplemental benefits alongside their well-regarded healthcare and payroll offerings.”
Supplemental benefits are among the fastest-growing areas of insurance, with $27 billion of products sold in 2014, and fully 48% of employers planning to introduce or augment offerings by 2018, according to a recent Towers Watson study. Most benefits currently are purchased during annual enrollment fairs, where benefits brokers and HR executives present product offerings, and then these plans are purchased via a paper-based enrollment process. The HAN Benefit Advantage/GBO solution is entirely web-based, providing familiar “shopping cart” tools for the purchase of multiple products from a variety of providers, with single data entry and billing without the need to leave the digital InsurStoreTM environment.
“Managing payroll, benefits and HR services is essential to every business, regardless of a company’s size. There are many providers to choose from, but we strive to be the best for our clients. After an exhaustive review process, we selected HAN Benefit Advantage and GBO to be our partners in offering a comprehensive suite of supplemental benefits. Their leading-edge, consumer intuitive technology, combined with their suite of supplemental products already in place, allowed us to launch into the supplemental benefit market segment overnight,” said Dennis G. Fallon, BenefitMall senior vice president, Field Sales and Service.
Initially, the supplemental products offered by BenefitMall include Nationwide dental, FreshBenies’ Teladoc and healthcare discount card, Hyatt prepaid legal, UBA gap and critical illness coverage, and the PetAssure veterinary discount plan. Additions to the product portfolio are under consideration and will be added to the slate of offerings via a quarterly review process.
Robert Siegel, president and chief revenue officer of HAN Benefits, says, “We are honored that such a blue-chip group of benefits providers has chosen to partner with HAN Benefit Advantage and GBO for the BenefitMall supplemental benefits offering, which present greater ease-of-access for covered employees.”
The GBO technology allows millions of employees covered via the BenefitMall network of more than 200,000 benefit plans, to easily review, select, enroll in and pay for all their benefits. “As of today, no other technology company serving the benefits and insurance industry has ever had such massive coverage of employees, at the flick of a switch. That is testament to the power of the GBO digital InsurStoreTM solution,” said Siegel.
The supplemental benefits industry is fast-growing, in part due to the rise in high-deductible health plans under the Affordable Care Act, many of which are being purchased via online exchanges. More and more employees need to consider buying additional insurance to cover gaps in their plans, once inexpensive and all-encompassing for employees. Today, the rising cost of healthcare has shifted some of the burden for comprehensive coverage back onto individuals, and the supplemental benefits suite offered by HAN Benefit Advantage/GBO helps to offset some of these gaps. These products are offered at no additional cost to employers.
Headquartered in Dallas, BenefitMall partners with a network of 20,000 brokers and CPAs to deliver employee benefits and payroll services to more than 200,000 small and medium-sized businesses. By combining payroll and benefits, BenefitMall empowers trusted advisors to develop the best employee programs while maintaining compliance with government regulations and Health Care Reform. BenefitMall, the largest national General Agency, merged with the second largest privately held payroll company, CompuPay in 2012. BenefitMall also operates HealthCareExchange.com, the leading online community for information regarding the Patient Protection and Affordable Care Act. More information is available at www.benefitmall.com.
About HAN Benefit Advantage and Group Benefit Options
HAN Benefit Advantage Inc. provides access to market-leading solutions to the insurance and benefits industries, via its Preferred Distributor relationship with GBO. HAN Benefits works closely with clients to help customize technology applications specific to the client’s needs. The GBO digital InsurStoreTM solution is a game-changing technology platform where consumers can shop, research and buy insurance; where distributors can access and market a variety of products; and where carriers can expand their portfolio and more efficiently administer their product portfolio. With a few clicks, employees can research, price and buy valuable products from highly respected companies. Founded in 2004, HAN Benefits is based in Rye, New York. For more information about HAN Benefits and the GBO technology solutions it represents, visit hanbenefits.com.
The Power Group on behalf of BenefitMall
Andrew L. Goodenough
Director of Business Development
HAN Benefit Advantage, Inc.
HAN Benefit Advantage, Inc.