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June 29, 2018 at 01:52 PM
Many insurtech companies are following a similar strategy: Helping big, traditional insurers and reinsurers increase sales.
Three recent tadpole-frog alliance announcements involve partnerships between Collective Health and Sun Life’s stop-loss unit, between Envestnet Inc.’s new insurance exchange and Global Atlantic Financial Group, and between ONE and Munich Re.
(Related: VC Funding Drives Fintech Investment Surge in Q2: KPMG)
Here’s a look at the combinations.
Collective Health/Sun Life
Collective Health, a San Francisco-based company that already had funding from Sun Life, says it will add an integrated stop-loss coverage program, created with stop-loss coverage from Sun Life, to its Workforce Health Management System.
The Workforce Health Management System offers plan management tools for employers with self-funded health plans.
Many U.S. employers that self-insure use stop-loss insurance, or insurance for health plans, to protect themselves against catastrophic risk.
Collective Health and Sun Life say their new integrated stop-loss program will give employers information about employees who are at high risk of incurring high claims, and help employers control the cost of those claims.
Employers that sign up for the integrated stop-loss program will get new types of claim reports, access to a nurse consultant team, and automatic stop-loss reimbursement for eligible high-cost claims.
The nurse consultants may be able to find problems in patients’ bills and recommend ways to improve the quality, and cut the cost, of care, Collective Health says.
Collective Health was founded in 2013. It has about 30 large employer clients with 120,000 covered lives.
Collective Health is already selling the integrated stop-loss program.
The first programs sold will come to life starting Jan. 1, 2019, according to Collective Health and Sun Life.
Global Atlantic/Envestnet Insurance Exchange
Envestnet, a New York-based company with a large wealth management platform, will be adding traditional fixed-rate annuities and indexed annuities from units of Global Atlantic to its new Envestnet Insurance Exchange.
