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Health Insurance Innovations

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uuid002sdz8

Namestring
Health Insurance Innovations
Websiteurl
hiiq.com
Company typeenum
Private
Founded yearint
1991
Short descriptiontext

Health Insurance Innovations (Nasdaq: HIIQ) is a Tampa-based public company that provides a cloud-based software platform enabling independent insurance agents and brokers to distribute and administer health insurance products across the United States.

Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersTampa, United States
HQ citystring
Tampa
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Keyword5 values
health insurance technology, insurance distribution platform, cloud insurance software, agent broker platform, supplemental health insurance
NAICS code2 codes
  • Other Insurance Related Activities52429
  • Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services5182
SIC code3 codes
  • Insurance Agents, Brokers & Service6411
  • Services-Prepackaged Software7372
  • Services-Health Services8000
Product category
Insurance Technology (Insurtech)
Cost components4 values
Personnel, Technology or R&D, Marketing or Sales, Operations
GTM typeB2B
B2B
Offering typeSoftware
Software
Core offering1 text field

Health Insurance Innovations (Nasdaq: HIIQ) provides a cloud-based software platform that enables independent insurance agents and brokers to distribute health insurance and related supplemental coverage products to consumers. The company focuses on individual and supplemental health products such as short-term medical, accident, critical illness, and related plans, leveraging its proprietary technology to streamline agent workflows, quoting, binding, and policy servicing.

Differentiator
Functional benefit
Problem solved
Product and service1 record
1Cloud-based Insurance Distribution Platform
CategoryInsurance Distribution Software
Description

A cloud-based software platform that enables independent insurance agents and brokers to quote, bind, and service health insurance and supplemental coverage products including short-term medical, accident, critical illness, and other individual health plans. The platform is designed for licensed insurance distribution partners who sell to individual consumers.

No data
Peers10 records
TypeDirect peer
Description

EverQuote operates an online insurance marketplace connecting consumers with carriers and agents across personal lines including health, life, auto, and home. Comparable to HIIQ as a technology-driven insurance lead-generation and distribution platform that monetizes via carrier and agent fees.

TypeDirect peer
Description

eHealth operates a leading online health insurance marketplace serving individual, Medicare, and small-business consumers via its own platform and partner channel. It is the closest direct competitor to HIIQ because both serve as technology-driven distribution layers between carriers and end shoppers/agents, with overlapping carrier relationships and similar ACA/Medicare monetization.

TypeDirect peer
Description

MediaAlpha operates a programmatic customer acquisition platform for insurance and other vertical markets, enabling carriers and agents to bid on consumer leads in real time. Comparable to HIIQ as technology infrastructure powering insurance distribution, though focused on the lead-generation layer rather than agent workflow.

TypeEmerging player
Description

Policygenius is an online insurance marketplace historically focused on life, disability, and supplemental coverage with an embedded comparison tool. Comparable to HIIQ in using consumer- and agent-facing technology to distribute insurance products, though with greater emphasis on life and ancillary lines than individual major medical.

TypeBroad incumbent
Description

LendingTree operates an online marketplace for financial services including insurance, banking, and lending products. Comparable to HIIQ as a broader-scope online comparison/marketplace platform monetizing via partner fees, though with a more diversified financial-services product mix.

TypeBroad incumbent
Description

Benefytt Technologies is a technology-led health insurance distributor with a direct-to-consumer platform and enrollment-center agent network. Comparable to HIIQ as a peer in the health insurance distribution space, and historically a counterparty in transactions involving the HIIQ brand.

TypeDirect peer
Description

SmartFinancial operates an online insurance comparison platform that connects consumers with carriers and agents across health, auto, home, and life lines. Comparable to HIIQ as a technology-driven insurance distribution platform targeting agents and brokers with carrier-supplied quote data.

TypeDirect peer
Description

SelectQuote is a tech-enabled, direct-to-consumer insurance distributor that uses its own platform and agent call centers to sell life, health, and senior insurance products. Comparable to HIIQ in the agent-assisted, carrier-commission-funded model and in building proprietary technology to scale the agent channel.

TypeDirect peer
Description

QuinStreet is a performance-marketing and online media company that operates vertical marketplaces including insurance, with a comparable carrier-commission-funded distribution model. Comparable to HIIQ in monetizing insurance clicks and leads via partner/agent channels and in the same regulatory environment.

TypeDirect peer
Description

GoHealth is a health insurance marketplace that uses a combination of proprietary technology and a large enrollment center agent network to sell Medicare and individual health plans. Comparable to HIIQ in serving the agent-mediated distribution channel and relying on carrier commissions, with a similar regulatory and consumer-acquisition cost structure.

Market position
Customer concentration

Classification, Details

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles3 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

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

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

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

Health Insurance Innovations

Insurance Technology (Insurtech)hiiq.com

Health Insurance Innovations (Nasdaq: HIIQ) is a Tampa-based public company that provides a cloud-based software platform enabling independent insurance agents and brokers to distribute and administer health insurance products across the United States.

Health Insurance Innovations firmographics

Firmographics
Name
Health Insurance Innovations
Website
https://hiiq.com
Company type
Private
Founded year
1991
Headcount range
251–500 employees
Short description
Health Insurance Innovations (Nasdaq: HIIQ) is a Tampa-based public company that provides a cloud-based software platform enabling independent insurance agents and brokers to distribute and administer health insurance products across the United States.
Ownership category
akta.pro rank

Where Health Insurance Innovations is headquartered

Location

Headquarters

HQ city
Tampa
HQ country
United States
HQ region
North America

Markets served

Health Insurance Innovations business model

Business model
GTM type
B2B
Offering type
Software
Cost components
Personnel, Technology or R&D, Marketing or Sales, Operations

Health Insurance Innovations product offering

Product offering

Core offering

Health Insurance Innovations (Nasdaq: HIIQ) provides a cloud-based software platform that enables independent insurance agents and brokers to distribute health insurance and related supplemental coverage products to consumers. The company focuses on individual and supplemental health products such as short-term medical, accident, critical illness, and related plans, leveraging its proprietary technology to streamline agent workflows, quoting, binding, and policy servicing.

Differentiator

Problem solved

Functional benefit

Products and services

  • Cloud-based Insurance Distribution Platform A cloud-based software platform that enables independent insurance agents and brokers to quote, bind, and service health insurance and supplemental coverage products including short-term medical, accident, critical illness, and other individual health plans. The platform is designed for licensed insurance distribution partners who sell to individual consumers.

Companies that use Health Insurance Innovations

Customer profile

Ideal customer profiles1 record

Health Insurance Innovations technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Health Insurance Innovations competitors and assessment

Company assessment

Direct peers

  • EverQuote: EverQuote operates an online insurance marketplace connecting consumers with carriers and agents across personal lines including health, life, auto, and home. Comparable to HIIQ as a technology-driven insurance lead-generation and distribution platform that monetizes via carrier and agent fees.
  • eHealth: eHealth operates a leading online health insurance marketplace serving individual, Medicare, and small-business consumers via its own platform and partner channel. It is the closest direct competitor to HIIQ because both serve as technology-driven distribution layers between carriers and end shoppers/agents, with overlapping carrier relationships and similar ACA/Medicare monetization.
  • MediaAlpha: MediaAlpha operates a programmatic customer acquisition platform for insurance and other vertical markets, enabling carriers and agents to bid on consumer leads in real time. Comparable to HIIQ as technology infrastructure powering insurance distribution, though focused on the lead-generation layer rather than agent workflow.
  • SmartFinancial: SmartFinancial operates an online insurance comparison platform that connects consumers with carriers and agents across health, auto, home, and life lines. Comparable to HIIQ as a technology-driven insurance distribution platform targeting agents and brokers with carrier-supplied quote data.
  • SelectQuote: SelectQuote is a tech-enabled, direct-to-consumer insurance distributor that uses its own platform and agent call centers to sell life, health, and senior insurance products. Comparable to HIIQ in the agent-assisted, carrier-commission-funded model and in building proprietary technology to scale the agent channel.
  • QuinStreet: QuinStreet is a performance-marketing and online media company that operates vertical marketplaces including insurance, with a comparable carrier-commission-funded distribution model. Comparable to HIIQ in monetizing insurance clicks and leads via partner/agent channels and in the same regulatory environment.
  • GoHealth: GoHealth is a health insurance marketplace that uses a combination of proprietary technology and a large enrollment center agent network to sell Medicare and individual health plans. Comparable to HIIQ in serving the agent-mediated distribution channel and relying on carrier commissions, with a similar regulatory and consumer-acquisition cost structure.

Emerging players

  • Policygenius: Policygenius is an online insurance marketplace historically focused on life, disability, and supplemental coverage with an embedded comparison tool. Comparable to HIIQ in using consumer- and agent-facing technology to distribute insurance products, though with greater emphasis on life and ancillary lines than individual major medical.

Broad incumbents

  • LendingTree: LendingTree operates an online marketplace for financial services including insurance, banking, and lending products. Comparable to HIIQ as a broader-scope online comparison/marketplace platform monetizing via partner fees, though with a more diversified financial-services product mix.
  • Benefytt Technologies: Benefytt Technologies is a technology-led health insurance distributor with a direct-to-consumer platform and enrollment-center agent network. Comparable to HIIQ as a peer in the health insurance distribution space, and historically a counterparty in transactions involving the HIIQ brand.

Market position

Customer concentration

Health Insurance Innovations social profiles

Digital presence

Health Insurance Innovations financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Health Insurance Innovations leadership team

Management profile

Number of profiles

Profiles3 records

Health Insurance Innovations funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

Health Insurance Innovations M&A and investment

M&A and investment

M&A1 record

Investments

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

Frequently asked questions about Health Insurance Innovations

What does Health Insurance Innovations do?

Health Insurance Innovations (Nasdaq: HIIQ) provides a cloud-based software platform that enables independent insurance agents and brokers to distribute health insurance and related supplemental coverage products to consumers. The company focuses on individual and supplemental health products such as short-term medical, accident, critical illness, and related plans, leveraging its proprietary technology to streamline agent workflows, quoting, binding, and policy servicing.

When was Health Insurance Innovations founded?

Health Insurance Innovations was founded in 1991. It employs 251 to 500 people.

Where is Health Insurance Innovations based?

Health Insurance Innovations is headquartered in Tampa, United States, in the North America region.

Who are Health Insurance Innovations's main competitors?

Direct peers on record are EverQuote, eHealth, MediaAlpha, SmartFinancial, SelectQuote, QuinStreet and GoHealth. Policygenius is listed as an emerging player. Broad incumbents are LendingTree and Benefytt Technologies.

Does Health Insurance Innovations have an API?

No public API is recorded for Health Insurance Innovations.

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Live signals
Down Beach NewsTech Leader Gavin Southwell Turned Personal Tragedy Into the Fuel for Everything That Came NextGavin Southwell, former CEO of Health Insurance Innovations, led the company to become the fastest-growing publicly traded company in America from 2017 to 2019. He guided HIIQ through a take-private sale above trailing share price and later advised on technology-focused growth businesses. He credits his son's death with redirecting his purpose toward helping others.WikipediaHealth Insurance InnovationsHealth Insurance Innovations (HII) faces ongoing legal and regulatory scrutiny regarding allegations that it misled consumers in the sale of short-term health insurance plans, particularly those linked to its acquired entity Simple Health. The company has previously settled marketing practice issues with regulators in 43 states without paying fines, while continuing to deny responsibility for the fraudulent practices of its subsidiaries.PR NewswireSaxena White P.A. Announces Proposed Class Action Settlement Involving Purchasers of Health Insurance Innovations Common StockA $11 million cash settlement has been proposed in a securities class action lawsuit pending in the U.S. District Court for the Middle District of Florida, involving Health Insurance Innovations, Inc. (now Benefytt Technologies, Inc.) and individual defendants Gavin Southwell and Michael D. Hershberger. The class covers persons who purchased HIIQ common stock during the period from September 25, 2017 through April 11, 2019, and alleges the defendants made misrepresentations regarding compliance and customer complaints. A settlement hearing is scheduled for March 23, 2021, with claim forms due by May 11, 2021.PR NewswireKahn Swick & Foti, LLC Announces Pendency and Proposed Settlement of Class Action Involving Purchasers of Health Insurance Innovations, Inc. Common StockA settlement of $2,800,000 has been proposed in a securities class action lawsuit filed against Health Insurance Innovations, Inc. (HIIQ) in the U.S. District Court for the Middle District of Florida. The lawsuit alleged that HIIQ and Michael D. Hershberger violated federal securities laws by failing to disclose facts regarding the company's unsuccessful application for a third-party administrator license with the Florida Office of Insurance Regulation. A settlement hearing is scheduled for February 23, 2021, and class members who purchased HIIQ stock or options between August 4, 2017 and September 11, 2017 may be affected.GlobeNewswireHealth Insurance Innovations, Inc. Has Been Officially Renamed Benefytt Technologies, Inc.Health Insurance Innovations, Inc. was renamed Benefytt Technologies, Inc., and its NASDAQ ticker changed to BFYT. The company now offers Medicare-related insurance plans and other health and life products through its direct-to-consumer site, HealthInsurance.com.GlobeNewswireHealth Insurance Innovations, Inc. Reports Fourth Quarter and Fiscal 2019 Results; Also Announces Name Change to Benefytt Technologies to Reflect Go-Forward Business StrategyHealth Insurance Innovations reported Q4 2019 revenue of $160.9 million and full-year revenue of $381.8 million, up 9% year-over-year. The company will change its name to Benefytt Technologies and its ticker to BFYT on March 6, 2020. It also provided 2020 full-year revenue guidance of $290–350 million.GlobeNewswireHealth Insurance Innovations, Inc. To Announce Fourth Quarter and Fiscal 2019 Results on Tuesday, March 3, 2020Health Insurance Innovations, Inc. will announce its fourth quarter and fiscal 2019 results on March 3, 2020, after market close. CEO Gavin Southwell and CFO Erik Helding will host a live earnings conference call on March 4 at 9:00 a.m. Eastern Time.PR NewswireSurvey: 62% of Millennials Would Put Pet's Health Before Their OwnHealthPocket, a free health insurance information source and subsidiary of Health Insurance Innovations Inc., released results of a December 2019 survey of over 1,000 millennials (ages 20-35) on health insurance behaviors and attitudes.GlobeNewswireHealth Insurance Innovations, Inc. Provides Update on Business Strategy and Ongoing Strategic Review ProcessHealth Insurance Innovations, Inc. announced a strategic pivot to prioritize its Medicare business, citing success in that segment and market shifts. The company expects to generate approximately $170 million in net cash flows from its existing IFP contract assets and commissions payable, with significant amounts available in 2020. The strategic review process is ongoing.PR NewswireHealth Insurance Innovations, Inc. amplía el alcance a los consumidores hispanohablantesHealth Insurance Innovations, Inc. (HIIQ) launched a Spanish language option for its MyBenefitsKeeper online portal, targeting the underserved Hispanic consumer market in the United States. The company cited research indicating that 40 to 50 percent of Spanish speakers in the U.S. with limited English proficiency lack insurance coverage. The updated MBK platform, now available on Google and Apple stores, consolidates billing, policy documents, and member benefits into a single dashboard for easier access.