PHOENIX, AZ--(Marketwired - Jan 30, 2014) - Genius Avenue, a developer of online benefit marketplace technology and provider of engagement marketing and administration, today announced that 2013 was the best year in the company's six-year history on several fronts.
In 2013, revenues for the privately-held company grew more than 20 percent over 2012. More significantly, the total dollar value of premiums managed increased 53 percent while the total number of members processed on Genius Avenue's exclusive 3eG platform climbed 136 percent, evidence of the company's ability to help organizations grow membership. To keep up this momentum, the company expanded its team by 50% and expects to continue hiring in 2014.
"Insurance companies, third‐party administrators, associations, and other benefit providers want to be a trusted resource for their members when it comes to health care and benefits," said Ben Rozum, president and founding partner of Genius Avenue. "They know that offering an array of benefits and services can be a powerful differentiator, but they don't have the time or technical resources to build, manage and promote their online marketplaces. Those that have been offering benefits for a long time are tired of having to deal with multiple systems, vendors and carriers. Genius Avenue has risen to the challenge by creating a unique and comprehensive delivery model that manages the entire business process using cutting-edge technology coupled with a readily available portfolio of benefits and discount offerings."
Additional Genius Avenue 2013 highlights include:
- Crossed a major company milestone: implemented more than 2,500 private-labeled online benefit marketplaces representing one million enrollment and benefit transactions since inception, totaling at least $40 million in annualized insurance premiums and non-insurance fees.
- Launched customer websites in record time using the company's exclusive 3eG technology platform which has the flexibility and power to build an online marketplace in weeks not months.
- Successfully launched several large-scale, customized solutions:
- Built a customized compliance notification portal for the National Restaurant Association to help their 500,000 member employers fulfill their requirement to notify their employees about how to obtain health insurance coverage.
- Created an online benefits marketplace for eREHI, a real estate industry insurance provider, to broaden their product offerings. The website allows realtors to purchase a wide variety of benefits at group rates from one source.
- Launched the Health Depot Association online benefits marketplace for Premier Health Solutions, which allows them to offer their members easy access to health plans, wellness products, discount programs, and other consumer benefit programs from one source.
- Created a branded health and wellness website with customized content for Transamerica as a value-added service for more than 60 Transamerica association customers with members who utilize Medicare.
- Implemented a marketing and enrollment website for a telemedicine service provided by Dr. Connection Benefits to grow its membership base. The site can be duplicated for Dr. Connection Benefits' clients who want to offer telemedicine to their members. To date, more than 20 client sites have been built with access to millions of consumers.
- Launched NextPerks, a simplified benefit offering for the employer market, in conjunction with Wild at Work, a leading provider of discounts on travel, entertainment, shopping and dining. Today, NextPerks is available to Wild at Work's client base of more than 26,000 employers representing 11 million employees.
"Our success in 2013 can be directly attributed to the tremendous team we have assembled," said Rozum. "While we are proud of the flexibility and power of our 3eG technology, it's what our team does with that technology that is the truly amazing part. I am honored to be associated with such excellence and know the powerful combination of our people and technology will propel us to new heights in 2014."
About Genius Avenue
Genius Avenue develops cloud‐based benefit marketplace technology coupled with a uniquely integrated managed services model for engagement marketing and back‐office administration through a single platform. Headquartered in Phoenix, Ariz., Genius Avenue is a business process outsourcing partner that has built more than 2,500 custom private‐labeled client portals and enabled over a million enrollment transactions for insurance companies, third‐party administrators, associations, and other benefit providers. Genius Avenue minimizes the complexities of benefits administration while maximizing client profits by: promoting the client's brand and content, attracting and retaining new members and lowering costs by eliminating the need to purchase and manage expensive technology. To learn more, visit www.geniusavenue.com.