Small Business Healthcare Benefits Company Benefix Announces Key Performance Indicators – InsuranceNewsNet – Insurance News Net
LANCASTER, Pa. (PRWEB) April 07, 2022
Something as fundamental as healthcare should not be complicated. When it comes to small business benefits, things get even trickier. 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.
Benefix, based out of the small town of Lancaster, Pennsylvania, 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.
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 will 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.
Empowering 3.7 Million People to Better Understand Healthcare
As an employee benefits platform, Benefix is not just for insurance brokers. 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 individual 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.
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.
99% Customer Satisfaction with the Benefix Platform
Benefix has maintained 99% customer satisfaction through a simple philosophy; if it touches the customer experience – Benefix owns it.
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.
To learn more more about Benefix, visit http://www.benefix.us.
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