Overview
SimplyInsured is a company founded in 2012 and based in San Francisco, USA, dedicated to simplifying the process of purchasing health insurance. It serves small businesses by providing a streamlined online platform to compare and purchase health insurance with transparency in pricing and significant cost savings.
Mission and Values
SimplyInsured aims to eliminate fear in health insurance acquisition by prioritizing transparency, cost-effectiveness, and user-friendliness. Core values include:
- Growth: A goal to benefit one million small businesses.
- Radical Transparency: Open disclosures, such as salaries and business transactions.
- Data-Driven Decisions: Basing actions on analytic insights.
- Feedback Culture: Encouraging frequent and honest feedback.
- Obligation to Dissent: Valuing diverse viewpoints.
- Bias to Action: Quick decision-making and execution.
Key Offerings
SimplyInsured offers a fully digital platform for small businesses to assess medical, dental, and vision insurance plans. Features include:
- No service fees and unbiased plan recommendations.
- Free instant quotes and fully automated payroll integration with tools like Intuit QuickBooks and Square Payroll.
- Online employee onboarding with dedicated customer support.
Financial Metrics and Impact
- Total Savings for Small Businesses: Over $50 million.
- Customers: Around 25,000 businesses.
- Number of Employees: Approximately 90.
- Capital Raised: Over $10 million, backed by investors like Bessemer Venture Partners, Polaris Ventures, and Y-Combinator.
- Annual Revenue: $6.6 million.
Leadership
- Vivek Shah: CEO and Co-Founder, formerly a healthcare analyst at McKinsey & Company.
- David Bai: Co-Founder and Head of Engineering.
- Ben Gumbiner: VP and Head of Product.
- Sean Torrevilla: Head of Offices.
Customer Testimonials
SimplyInsured receives praise for its seamless processes and excellent customer service:
- Andrew from Express Dry Cleaning acknowledges the company's supportive approach to simplifying insurance processes.
- Long-term customer Sam appreciates the advocacy and support that enhanced his healthcare experience.
Competitors and Alternatives
Key Competitors
1. eHealthApp
- Offering: Quoting and enrollment software for small businesses and brokers.
- Headquarters: Boise, ID
- Employees: 11-50
2. Mylo
- Offering: Embedded insurance platform for small businesses.
- Headquarters: Kansas City, MO
- Funding: $43 million.
3. BeneFix
- Offering: Health benefits platform for brokers and insurers.
- Headquarters: Lancaster, PA
- Revenue: $5.3 million
4. Zenefits (TriNet Zenefits)
- Offering: Comprehensive HR platform for small to medium businesses.
- Headquarters: San Francisco, CA
5. Oscar Health
- Offering: Technology-driven health insurance for individuals and small groups.
- Headquarters: New York, NY
- Market Cap: $3.66 billion
Market Position
SimplyInsured competes with a range of firms offering various health insurance solutions. The company emphasizes competitive pricing and partnerships, such as those with QuickBooks and Square Inc., to enhance their technology-driven service offering.
Strategic Partnerships
SimplyInsured's collaborations with QuickBooks and Square Inc. enhance its service delivery by enabling seamless integration into existing payroll and benefits systems for small businesses.
Technology and Innovation
Competitors like eHealthApp and BeneFix leverage advanced technologies, posing a challenge to SimplyInsured’s traditional platform. There is scope for SimplyInsured to further innovate to maintain or improve its competitive stance.
Actions for Sales Strategy
Focus on SimplyInsured’s partnerships and affordability as selling elements. Highlight technical efficiencies and competitive pricing in line with their brand ethos. Consider targeting clients desiring advanced quoting tools and comprehensive health benefits management systems. These aspects should form the foundation of client acquisition strategies within this competitive landscape.
