ISelect Custom Benefits Store Becomes Michigan's First Multi-carrier Benefits Exchange For Employers
ROYAL OAK, Mich., March 18, 2013 /PRNewswire/ -- iSelect today announced the launch of the iSelect Custom Benefits Store, Michigan's first multi-carrier and multi-distributor benefits exchange for mid-sized and small employers. iSelect Custom Benefits Store is a fully insured health benefits exchange – a storefront for group benefits - that enables employers to control benefit costs with a defined contribution funding strategy while enabling employees to become active and informed benefits consumers. Employees select the specific benefits they need - from health care, including medical, dental and vision, to disability and life insurance.
"iSelect levels the benefits playing field for mid-sized employers," said Denise Christy, iSelect founder and CEO. "iSelect gives employers access - through their independent insurance agents - to multiple carriers and a menu of benefit options not available previously in the small and mid-sized employer market."
iSelect's carrier partners are two premier Michigan health plans, Health Alliance Plan (HAP) and Priority Health.
"Priority Health and HAP will offer custom product suites on iSelect," said Christy. "Through their commitment and partnership, we will be able to deliver outstanding health plan options. HAP and Priority Health both offer broad provider networks and have high member satisfaction."iSelect meets an important need for Michigan employers preparing to comply with the Affordable Care Act (ACA), according to Christy. "Research shows that 85% of Michigan employers intend to continue offering health coverage when the ACA is fully enacted in 2014. The ACA mandates that employers provide health benefits or opt out and pay a penalty. iSelect is a great solution for employers that want to provide coverage while protecting their bottom lines," adds Christy. "Three aspects of iSelect set it apart. First, iSelect offers customers an array of carriers from which to select their carrier of choice; other private exchanges typically are proprietary and only include one carrier for all customers. Second, iSelect uses a consumer-friendly technology platform from the market-leading private exchange provider, Liazon. Liazon's Bright Choices ® Exchange helps employees choose and navigate their benefits. Third, iSelect's customized benefit options are brought to the employer through the independent insurance agent that they have come to know and trust," explains Christy. Independent agents interested in marketing and selling benefits using the iSelect Custom Benefits Store will be certified to do so through certification seminars iSelect is conducting in April.
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