Toronto, ON (Apr. 3, 2023) – Let’s face it: selling personal health insurance is not easy. Here’s why many advisors avoid selling personal health insurance plans:
- Gathering and calculating quotes is a time-consuming task.
- Plans offer various plan designs, including optional benefits.
- Some health plans have unique eligibility requirements.
- It’s not a high-commission product, so the time involved in quoting and comparing plans may not be worthwhile for an advisor’s business.
CompareHealth, a platform that launched on April 1, aims to change how advisors quote and compare personal health insurance. CompareHealth is free for advisors through their MGA (a paid MGA subscription is required).
Using CompareHealth is simple: Input client details, select the desired benefits clients want in their health plan, then instantly see matching health plan designs with the correct optional benefits priced in (when applicable). Simply add or remove benefits to see alternative plan design scenarios.
CompareHealth provides detailed comparisons of the benefits clients want most – like prescription drugs, paramedical practitioners, travel and dental.
CompareHealth also helps equip advisors with relevant plan information. Here are some interesting facts about health plans this platform helps communicate to advisors:
- Some plans calculate premiums using only the client’s date of birth. Simply changing the order of information entered could affect the final price.
- Some health plans could waive waiting periods for select benefits if a client had prior coverage. However, some providers only highlight this fact in the online application.
- Plan designs can vary between provinces for the same plan.
- One provider defines a ‘year’ differently in one province versus another (calendar versus policy year)
- One provider charges a $1 per month administrative fee on its health insurance products, but this is not communicated until the payment portion of the application.
For more information, please visit www.comparehealth.ca or email [email protected].
Interested in trying CompareHealth? Talk to your MGA about account access!
- Learn more about CompareHealth in the InsurTech Spotlight.
About CompareHealth
CompareHealth is an online platform that makes quoting and comparing personal health insurance plans (‘health plans’) easy for advisors and managing general agencies (MGAs) in Canada. CompareHealth currently supports 80+ health plans and 180+ plan design combinations from 10 health insurance providers across 5 provinces (British Columbia to Ontario). For more information, please visit www.comparehealth.ca.
Source: CompareHealth Inc.
Tags: CompareHealth, InsurTech, InsurTech Spotlight, launch, life advisor, platform
