SOURCE: TailorWell


November 18, 2015 08:02 ET

TailorWell Launches First Online Health Insurance Comparison Tool Targeted Specifically for Unique Needs of Small Businesses in Washington and Oregon

Plan-Compare Offering Allows Users to View and Compare Small Group Plan Info and Pricing Online, Offering Unprecedented Simplicity, Transparency and Choice for Small Business Owners and Employee Benefits Brokers

SEATTLE, WA--(Marketwired - Nov 18, 2015) - TailorWell, a leading provider of employee benefits solutions for small businesses, today announced the launch of Plan-Compare, the first online comparison tool that allows small businesses -- those with fewer than 50 employees -- and employee benefit brokers to easily view and compare small group health plans and pricing information online. Plan-Compare is launching initially in Oregon and Washington State.

For small businesses, buying and managing health care plans has traditionally been an agent-driven experience, with employers unable to obtain a true comparative view of the different small group health plans or costs without relying on a third party broker or insurance agent. Plan-Compare allows the process to become agent assisted, empowering employers by providing greater transparency and flexibility to determine the plans best suited for their organization.

"TailorWell is transforming employee benefits for small businesses much in the same way that companies like E*Trade and Zillow changed investing and real estate -- by making small group health plan and pricing information as transparent and easy to navigate as possible," said Peter Morris, founder and CEO of TailorWell. "Plan-Compare enables small business owners to be well-informed without being overwhelmed by healthcare benefits, and allows employee benefits brokers to be more efficient when presenting options to their customers."

Small businesses account for 98 percent of Oregon firms and employ over half the state's workforce, according to the Oregon Office of Small Business Assistance. Similarly, the Small Business Association and Statistics of US Businesses (SUSB) found that Washington State employed 1.2 million, or over half, of the state's private workforce in 2012, accounting for 98 percent of employers in the state.

Plan-Compare helps employee benefits brokers deliver more value to small businesses

Brokers are playing an increasingly important role helping small businesses navigate small group health plans and the complexity of the Affordable Care Act. As part of its 2014 Small Business Healthcare Survey, the National Small Business Administration (NSBA) found that 76 percent of small businesses planned to purchase insurance in the coming year through their existing broker.

However, employee benefit brokers face a number of challenges today, including declining revenue, consolidation and inefficient operations that have traditionally relied on spreadsheets and hard copy documentation to compare offerings and plans.

Benefits brokers can use Plan-Compare to present market prices to employers, dramatically speeding the process of generating and sharing quotes on benefit plans. Brokers can view a wide range of health care plan attributes with Plan-Compare and plans can be filtered by geography, cost, health plan, plan type and more. Additionally, through TailorWell's Open Exchange, brokers can automate and streamline their small group operations. All of the plans on Plan-Compare are preloaded in Open Exchange and online tools make it fast and easy to set up employers, enroll employees, and maintain benefit products.

Plan-Compare helps small businesses better understand their costs and options for health care benefits

Also as part of the NSBA's 2014 survey, small business owners noted that the most important factors for determining how, or if, they offer or purchase health insurance were plan costs (#1), benefits offered (#2), and administrative time required (#6).

Employers can use Plan-Compare to better estimate their company's healthcare costs by entering, for example, employee ages. They can also sort and filter plan results, identify favorites and register to save their searches and request help from an insurance broker.

"Attracting and retaining high caliber employees is mandatory for all companies, but particularly those who are growing rapidly. We understand that a big part of candidates' and employees' evaluations of Flowroute is influenced by the breadth and quality of the benefits we provide, particularly in the highly competitive job market of Seattle," said Dan Nordale, chief marketing officer of Flowroute. "Being able to view and compare group health plans and costs online provides us the necessary assurance we are providing the best coverage, at the right price, for our employees."

TailorWell's proprietary cloud-based platform is secure and highly available, allowing users to access information 24 hours a day, 7 days a week, 365 days a year. In addition to Plan-Compare, TailorWell also offers TailorWell Open Exchange, a complete self-service benefit management solution for brokers, employers and employees, and TailorWell Private Exchange, a branded offering for brokers, health plans and others that offers the self-service capabilities of Open Exchange.

About TailorWell Holdings
TailorWell was founded on the simple premise that selecting, enrolling in and managing employee benefits should be easy for everyone. With its TailorWell Marketplace -- which includes the Plan-Compare offering -- the company has made shopping for benefits easy for anyone who has online shopping experience.

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