Digital Insurance is launching one of the country's first private insurance exchanges specifically designed to address the needs of small- to medium-sized businesses, the company announced.
"The post-health care reform world is spawning fresh approaches to employee benefits, which typically neglect small businesses because no other company has figured out how to effectively advise and support this highly fragmented, time-intensive market," says Adam Bruckman, president and chief executive officer, Digital Insurance.
"We're committed to market innovation and understand the needs of employers in this growing segment of our economy. Someone needs to effect change and level the playing field for small- to medium-sized business firms. Creating an exchange is the first major step in this direction for smaller employers," he says.
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Digital's private exchange, in partnership with the Vermont Chamber of Commerce, offers a defined contribution solution to employers. Participating employers can designate the amount they want to contribute annually to each employee's benefits package, arrange payroll deduction and their work is done. Options include health, life, disability, accident, critical illness, long-term care, dental, vision and more, as well as health savings accounts and telemedicine services.
Digital is currently enrolling the first groups in Vermont for coverage beginning January 2013, with plans to expand its private exchange to markets across the country throughout 2013.
Through partnerships with large brokers and its own network of local offices, Digital already represents close to 1 million insured lives nationwide, manages employee benefits programs for almost 25,000 employers and partners with more than 275 agencies, brokers, financial services firms and banks, according to Mike Sullivan, executive vice president and chief marketing officer.
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