Health Insurance Innovations, Inc. Announces Second Quarter Approved Applications Increase 107% Year Over Year
07 Julho 2014 - 5:44PM
Health Insurance Innovations, Inc. (Nasdaq:HIIQ) ("HII" or
"Company"), a leading developer and virtual administrator of
affordable, cloud-based individual health insurance plans and
ancillary products, today announced that total approved
applications received in the second quarter of 2014 increased
107.3%, compared to the second quarter of 2013.
Approved applications convert to insurance policies in force at
a reliably high rate and drive revenue over the entire period of
the policy. The resulting growth in policies in force increases
revenues during both the quarter the policies are issued and in
subsequent quarters.
The Company processed 58,092 total applications in the second
quarter of 2014, including 33,854 applications for short-term
medical and hospital indemnity (core medical) policies and 24,238
ancillary product applications including critical illness and
dental plans. Core medical application count increased 64.7%, and
ancillary application count increased 225.3%, respectively, for the
second quarter of 2014, compared to the same quarter in 2013.
"Most of this quarter's new policy application volume was
achieved after the open enrollment period for individual major
medical plans under the Affordable Care Act ended on April 15,
2014." Mike Kosloske, HII's Chairman and CEO, commented,
"These results indicate continued strong product acceptance during
periods not bolstered by open enrollment. HII's short-term, limited
and bundled insurance products are among the few individual health
insurance plan options available to consumers until the next
Affordable Care Act open enrollment period beginning November 15,
2014."
About Health Insurance Innovations, Inc.
Headquartered in Tampa, Florida, Health Insurance Innovations,
Inc. creates customizable and affordable, high-quality health
insurance products and supplemental services through partnerships
with best-in-class carriers. We are an industry leader in the sale
of 12-month short-term medical insurance plans, which provide an
economical alternative to Individual Major Medical plans. HII
pioneered and engineered its next-generation, cloud-based
technology platform to provide licensed agents, brokers, and call
centers with real-time health insurance solutions, allowing them to
tailor plans to fit consumers' budgets and needs.
Additional information about HII can be found at
www.hiiquote.com. The reference to our website is
not intended to incorporate our website into this press
release.
Forward-Looking Statements
This 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
the Company's current assumptions, expectations and beliefs
and 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 our products, 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 HII'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 are discussed in HII's Annual Report on
Form 10-K for the year ended December 31, 2013 and subsequent
Quarterly Report on Form 10-Q, all as filed with the Securities and
Exchange Commission as well as other documents that may be filed by
HII from time to time with the Securities and Exchange
Commission.
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.:
James Dietz
Chief Financial Officer
(877) 376 5831 ext. 282
jdietz@hiiquote.com
Investor Contact:
Susan Noonan
S.A. Noonan Communications, LLC
(212) 966 3650
susan@sanoonan.com
Media Contact:
Kevin Pchola
VP, Consumer Marketing
Zeno Group
(212) 299 8950 (office)
(646) 269 9308 (mobile)
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