Health Insurance Innovations, Inc. Provides Update on Medicare Sales Data
TAMPA, Fla., Dec. 12, 2019 (GLOBE NEWSWIRE) — Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading cloud-based technology platform and distributor of affordable health insurance, life insurance and supplemental products, today announced preliminary results for the 2020 Medicare Annual Election Period (AEP). During the fourth quarter through the December 7th end date of AEP, the company had submitted application volume of approximately 47,000 policies, and over 57,000 policies since re-entering the Medicare space in June 2019.
Commenting on the Company’s Medicare results, Gavin Southwell, President and Chief Executive Officer of Health Insurance Innovations, Inc. said, “We are pleased by the results we achieved during AEP, particularly given that we entered the Medicare market from a standing start in June of this year. We believe that our partial year Medicare results already position us as a market leader in Medicare customer engagement and enrollment. The investments we have made in media and digital demand generation and our development of BPO and captive distribution capabilities, further leveraged by our user-friendly technology platforms, provide us with an opportunity to accelerate our strategy of diversifying our product offering and leaning into high growth insurance markets.”Mr. Southwell continued, “I am especially encouraged by our ability to capture consumer demand at a greater level than anticipated, as measured by the inbound consumer call volumes we experienced during AEP. This demand generation capability, combined with the Company’s emerging capabilities in digital channels, will support the opportunity for expansive growth in our Medicare business as we work to gain scale and proficiency in our in-house customer care and enrollment operations and expand and improve our BPO and carrier arrangements.”About Health Insurance Innovations, Inc. (HIIQ)HIIQ is a market leading cloud-based technology platform and distributor of innovative health and life insurance products that are affordable and meet the needs of consumers. HIIQ helps develop insurance products through our relationships with best-in-class insurance companies and markets them via its broad distribution network of third-party licensed insurance agents across the nation, its call center network and its unique online capabilities. Additional information about HIIQ can be found at HIIQ.com. Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on HIIQ’s current assumptions, expectations and beliefs are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for products offered through our platform, factors affecting growth in the Medicare market, regulatory oversight and examinations of us and our carriers and distributors, legal and regulatory compliance by our carriers and distributors, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, and HIIQ’s ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements will be discussed in HIIQ’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by HIIQ from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.Contact:Health Insurance Innovations, Inc.:
Michael DeVries
SVP Finance
(813) 906-5314
mdevries@hiiq.com
