Founded by MIT electrical engineering and computer science graduates, and comprised of a team with over 10 years of combined industry experience, the company hopes to remove the fear associated with healthcare in the United States.
The start-up analyses thousands of insurance policies to find the best coverage, price, and value for your personalized situation.
After a year of business in California, SimplyInsured is taking its online policy shopping and advisory service to a national scale.
Co-founder and CEO Vivek Shah has just announced plans to expand into five more states – and the company has secured licenses to roll the service out to all 50. The SME's mission is to change the way U.S citizens approach healthcare and build “the Zappos of health insurance”.
A recent study showed that 76 per cent of U.S employees think health coverage is the most important employee benefit. With the current "national fervor" surrounding the Affordable Care Act in the political spectrum, healthcare is at the forefront of public thought in the States.
SimplyInsured believes there is a lack transparency in the healthcare sector, and says the average wait times for customer service in the industry is between 60 and 90 minutes.
But the co-founders hope to change the way American citizens and businesses approach health insurance.
How big is the company?
SimplyInsured has nine employees.
Which sector do you operate in?
Online, small-business and health insurance.
What does the business do and what are your core products?
SimplyInsured is a simple, no-hassle health insurance provider for small businesses. Our health insurance platform saves small businesses $500-$1000 per employee on health insurance. We offer 100 per cent online administration and management – no more fax, paper, or waiting on hold with the insurance company.
Who is the founder/CEO?
Vivek Shah.
How was the company founded?
SimplyInsured CEO Vivek Shah, who previously worked as a healthcare analyst at McKinsey & Company, started the business after a confusing experience while trying to buy health insurance for himself on the open market.
“It fundamentally made me angry that I was trying to buy health insurance to reduce my fear of going to the doctor, but the process of buying health insurance made me more afraid,” he says.
Which regions are covered?
California, New York, Florida, Massachusetts, and five other U.S states.
Number of current MBAs at the company?
Zero.
Types of MBA jobs available?
One.
Who should someone contact if they’re interested in working for this company?
Send all job inquires to job@simplyinsured.com.
Tell us something interesting about the company!
Co-Founder Vivek Shah says: “SimplyInsured is not only about bringing health insurance online. It is about removing the fear people have when approaching health care.
“For example, we had a client go to the emergency room because her husband had a stroke. She arrived, but the staff could not find her insurance. Now – not only was she scared for her husband – but also because she might be hit by a $100,000 bill.
“Health insurance companies are only available from 8-5PM, so no one was there to help her. No one, except for SimplyInsured. We got on the phone and helped the emergency room [staff] find her insurance, and let her get back to taking care of her husband.”
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