Selman & Company

What Selman & Company does

Selman & Company (SelmanCo) is a privately-held U.S. insurance administration firm specializing in supplemental health insurance products and outsourced administration services. The company's core products are TRICARE Supplement and CHAMPVA Supplement insurance plans, which wrap around U.S. Department of Defense health programs to cover cost shares, co-pays, prescription costs, and deductibles for active-duty military, retirees, National Guard members, veterans' families, and surviving dependents. These products are underwritten by Hartford Life and Accident Insurance Company (a subsidiary of The Hartford, NYSE: HIG) and distributed both directly to individuals and as employer voluntary benefits. The company also administers group insurance products for insurance carriers, affinity groups, credit unions, and banks, offering services spanning enrollment, billing, claims processing, compliance, marketing, client management, and customer support, with port-and-conversion administration as a specialty module.

Underlying the insurance business is an insurance administration technology platform supporting eligibility verification, premium billing, claims processing, and customer communications. SelmanCo maintains an eService customer portal (revamped in August 2023 with live chat and mobile optimization), a high-volume compliant email marketing platform, and a port-and-conversion administration system with multi-state regulatory compliance and deadline tracking. There is no disclosed AI/ML capability in the platform.

The business model combines managed-services fees (insurance administration outsourcing, voluntary benefits administration) with recurring subscription/commission revenue from brokering and administering TRICARE/CHAMPVA supplement plans. The company serves B2B clients (employers, insurance carriers, affinity/association groups, credit unions and banks, brokers) as well as B2C individual policyholders, with a hybrid segmentation approach. Founded in 1905 as a P&C agency and re-established in modern form in 1983, SelmanCo is headquartered in Cleveland, Ohio, with additional offices in Keene, NH and Baltimore, MD, a workforce of over 200, and operates as a subsidiary of One80 Intermediaries Inc. The company manages over $300 million in premium under administration and serves more than 1.5 million individual customers.

Name

Selman & Company

Legal name

Selman & Company

Website

https://selmanco.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

101–250 employees

Short description

Selman & Company (SelmanCo) is a privately-held U.S. insurance administrator specializing in TRICARE and CHAMPVA supplemental health insurance and outsourced group insurance administration, serving military personnel, veterans, employers, affinity groups, brokers, and financial institutions across three U.S. offices.

Ownership category

akta.pro rank

Product category

Insurance Administration

NAICS

All Other Insurance Related Activities (524298), Other Insurance Related Activities (52429), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Eligibility, Enrollment & Benefits Administration (HLAEALAH)

akta.pro secondary industries

COBRA & Retiree Continuation Administration (HLAEAAAJ), Provider Network, Credentialing & Contracting Support (BPAAAFAI)

Keywords

• Supplemental health insurance
• Insurance administration services
• TRICARE supplement plans
• Voluntary benefits administration
• Military insurance programs

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Administration Services: Administrative services for insurance companies, associations, credit unions, banks, and employers including billing, claims processing, compliance, marketing, client management, and customer support. Revenue generated through administrative fees from clients.
2. TRICARE/CHAMPVA Supplement Insurance Brokerage: Brokering and administering TRICARE and CHAMPVA supplement insurance products for individuals and employer groups. Revenue generated through commissions and administration fees on supplement insurance plans.
3. Voluntary Benefits Administration: Outsourcing services for employers handling enrollment, administration, billing, and customer service for voluntary benefit products. Cost is borne by employees (voluntary benefit), with employers paying for administrative services.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Selman & Company is a privately-held insurance administrator that designs, markets, and administers supplemental health insurance products—principally TRICARE and CHAMPVA supplements—directly to military-eligible individuals and as employer voluntary benefits. It also delivers full-service insurance administration outsourcing (enrollment, billing, claims, compliance, marketing, client management) to insurance carriers, employers, affinity groups, brokers, and financial institutions, supported by an in-house administration platform and a self-service customer portal.

Product overview

Selman & Company is a specialized insurance administrator offering a unified portfolio of supplemental health insurance products and administrative services. The core product suite centers on TRICARE Supplement and CHAMPVA Supplement insurance plans that wrap around government military health programs. These products are offered both directly to individuals and as employer voluntary benefits through the TRICARE Supplement for Employers program. Supporting the insurance products is a comprehensive service platform including: Insurance Administration, Port & Conversion Services, Employer Supplemental Benefits Administration, General Agency Services, Affinity Solutions, Broker Solutions, Financial Institution Solutions, and Outsourcing Solutions. The company also provides an eService Portal for customer self-service. The portfolio serves multiple distribution channels including direct sales, employer groups, affinity organizations, financial institutions, and insurance brokers/carriers.

Differentiator

Problem solved

Functional benefit

Products and services

• TRICARE Supplement
• TRICARE Supplement for Employers
• CHAMPVA Supplement
• Insurance Administration for Group Products
• eService Portal
• Port & Conversion Services
• Employer Supplemental Benefits Administration
• General Agency Services
• Affinity Solutions
• Broker Solutions
• Financial Institution Solutions
• Outsourcing Solutions

Quantifiable outcome

• Managing over $300 million in premium under administration
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Hartford Life and Accident Insurance CompanycoreStrategic or Co-development PartnerHartford Life and Accident Insurance Company underwrites the TRICARE/CHAMPVA Supplement Insurance Plans administered by SelmanCo. The company is part of The Hartford (NYSE: HIG), headquartered in Hartford, Connecticut. Policy numbers include AGP-5925, AGP-5926, AGP-5928.
• Defense Health AgencycoreOthersTRICARE is managed by the Defense Health Agency under leadership of the Assistant Secretary of Defense (Health Affairs). SelmanCo administers TRICARE Supplement insurance products for eligible beneficiaries.
• NEOVETS Inc.minorStrategic or Co-development PartnerNEOVETS certified SelmanCo as a Certified Military Talent Employer (CMTE) in 2017, recognizing the company's commitment to hiring veterans. NEOVETS assists returning service members with employment, education, and healthcare needs.
• TRICAREcoreOthersTRICARE is a health care program benefitting uniformed military services members and their families, covering over 9 million individuals. SelmanCo administers supplemental insurance products that work with TRICARE plans.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Hartford Life and Accident Insurance Company: The Hartford is the underwriting partner for SelmanCo's TRICARE/CHAMPVA supplements and a major group benefits carrier. While not a direct competitor for administration services, it is the critical enabling incumbent whose policies SelmanCo administers and whose strategic decisions shape the market.
• USAA Life Insurance Company: USAA offers life, health, and supplemental insurance products specifically for military members and their families, including TRICARE complementing products. Comparable as a major incumbent in the military insurance market with overlapping customer base.
• Brown & Brown, Inc. Brown & Brown is a large insurance brokerage and program management firm offering administration, wholesale brokerage, and specialty programs. Comparable as a larger diversified insurance intermediary with similar administrative and program management capabilities.
• Mercer (Marsh McLennan): Mercer is a global consulting and administration firm offering health and benefits administration, including voluntary and supplemental benefit programs for large employer clients. Adjacent incumbent in employer benefits administration space with overlapping capabilities.
• One80 Intermediaries Inc. Parent company of SelmanCo and a diversified insurance intermediary conglomerate providing specialty underwriting, brokerage, and program management across multiple insurance lines. Provides the broader portfolio context within which SelmanCo operates.

Direct peers

• Government Employees Health Association (GEHA): GEHA provides health and supplemental benefits to federal employees, retirees, and military families, including plans that complement government health programs like TRICARE. Direct overlap in the federal/military supplemental health insurance market.
• The Loomis Company: The Loomis Company is a third-party administrator offering benefits administration, claims processing, and managed care services for self-funded employer plans and supplemental products. Competes directly with SelmanCo's voluntary benefits and employer administration services.
• USBA (Uniformed Services Benefit Association): USBA offers TRICARE supplement insurance and other military-focused insurance products, directly competing with SelmanCo in the TRICARE supplement market for military personnel, retirees, and families. Both target the same Defense Health Agency-eligible population with similar supplemental health coverage.
• Benefit Administrative Systems (BAS): BAS provides third-party administration of self-funded and supplemental benefit programs including enrollment, billing, and claims for employers and associations. Comparable TPA business model targeting similar employer and association segments.
• Sterling Insurance (Sterling Administrators): Sterling Administrators provides third-party insurance administration including benefits administration, billing, and claims processing for group and voluntary products. Direct peer in the niche insurance administration space serving employer groups and associations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/selmancompany
• YouTubeyoutube.com/@selmancompany3354/featured
• Facebookfacebook.com/selman-company-210288059002400
• LinkedInlinkedin.com/company/selman-%26-company
• Instagraminstagram.com/selmancompany

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Selman & Company