BENEFIX

In a part of the country where it’s more common to see an Amish buggy than an electric car, BeneFix, an insurTech start-up, is working to change how health insurance brokers manage small group benefits with their simple, speedy, and secure technology. BeneFix offers health insurance brokers a digital platform that delivers 100% accurate quotes 100 times faster. Based in Lancaster, Pa., BeneFix manages data from thousands of plans offered by major carriers in Pennsylvania and New Jersey, off... ering quotes in minutes from a simple-to-use online interface reminiscent of Zillow. Less than two years after founder Matt Ranauro first had the idea for the platform, the business had a brick-and-mortar office in Lancaster City, over 1,000 customers, and, most recently, became one of nine central Pennsylvania finalists competing for a $100,000 investment from AOL co-founder Steve Case’s “Rise of the Rest” initiative. The success is due, Ranauro believes, to three factors. First, his own passion for the product. Ranauro has co-founded several tech companies, most notably ILL Co., a company that has built apps for HBO and Nickelodeon, analytics platforms for KPMG and products for the Mayo Clinic. With each company, Ranauro needed to find health insurance for himself and his co-founders and employees. “It took about two months just to find out what was available, then get enrolled in those products.” He said. “Which seems crazy, right? In 2017?” The question became: how do we streamline this and make it a better experience for everyone? Ranauro’s previous experience is the second factor that contributes to the success and growth of BeneFix. The final is the Insurtech industry itself. With insurance, and health insurance particularly, still lagging behind other industries in terms of using and creating technologies that work, the Insurtech industry, a $4.5 trillion industry, has attracted the attention of venture capitalists and tech entrepreneurs alike. Lancaster (Ranauro’s hometown) may be Amish country, full of farms, buggies and country roads, but BeneFix is out to prove that it’s also fertile soil for creating a company that will revolutionize the health insurance industries’ outdated model. More