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Nexben: Rethinking the Health Insurance Marketplace

John Kelly, Founder and CEO, NexbenJohn Kelly, Founder and CEO
Healthcare has become an expensive affair with medical and hospitalization costs continuing to climb. In today’s uncertain world, it is even more important for individuals to secure health insurance that provides adequate coverage to best suit their needs and for companies to control costs. Navigating the health insurance landscape is no easy task for any individual, especially for insurance brokers. The fragmentation of information and the complexities involved in buying and selling insurance products create an endless maze. Brokers gather policy information from different insurance carriers and consolidate the information into spreadsheets for their clients to review, a labor-intensive process. “Even today, we see brokers struggling to get relevant information from insurance companies regarding the various options available for corporate clients and their employees,” notes John Kelly, a visionary in the insurance space.

Moreover, oftentimes due to the sheer volume, many insurance brokers are unaware of the multitude of policies available in the market. At this juncture, what brokers need is a single technology platform from where they can access and manage the different insurance plan options for individuals and corporate clients. With this understanding, Kelly laid the foundation for a transformational digital insurance marketplace—Nexben.

Nexben is like a guide for brokers. The broker-centric platform is designed to help brokers seamlessly navigate the labyrinth of a million different types and combinations of insurance products, providing better visibility into the health insurance space. The market platform collects and consolidates the vast number of plan options in a fraction of time, saving the brokers as well as their clients countless hours. Through these functionalities, Nexben is able to offer an end-to-end insurance purchasing experience for health insurance and related products, all in one marketplace. Brokers can leverage the Nexben platform to dynamically generate multi-carrier quotes and proposals, providing the transparency needed to engage with clients.

The selected benefit packages can then be reviewed by employers and narrowed down further into a few optimal options. From these final selections, the employees can choose the products of their choice.


We are making browsing through health insurance plans as simple as shopping on online retail websites like Amazon and eBay

“We are making browsing through health insurance plans as simple as shopping on online retail websites like Amazon and eBay,” highlights Kelly, the founder and CEO of Nexben. By unraveling the complexities of finding, comparing, and enrolling in insurance coverage, Nexben is making the health insurance shopping experience easier for everyone. Not to mention, the scalability of the platform adds another feather to its hat.

Elaborating on the benefits offered by his company, Kelly highlights a recent instance where Nexben assisted a client in overcoming the obstacles of elevated premiums which were negatively impacting the bottom line. The client wanted an insurance solution that was cost-effective for the business yet also provided a valuable benefit to all 350 of their employees. To meet their requirements, the broker recognized the capabilities of Nexben and leveraged its Trovia insurance marketplace (which supports Individual Coverage Health Reimbursement Arrangements— ICHRAs) to meet the clients’ requirements. ICHRAs are the insurance version of a 401(k) retirement savings plan.

Using the Trovia marketplace, the broker created a consolidated insurance benefit package. The broker partnered with the employer to set the defined contribution amount that fit their budget and the employees were given the opportunity to shop, compare and enroll in individual insurance coverage that best suited their needs. With the help of Nexben, the company witnessed more than a 30 percent savings in their healthcare insurance cost.

This is but one of the many success stories that have propelled Nexben to significant heights in the industry. With big names in the insurance space like Marsh & McLennan and Associated Benefits and Risk Consulting acclaiming the benefits of Nexben’s broker-centric platform, the company is focused on augmenting its capabilities further. Nexben is already investing in building out the technology platform and delivering innovative products to connect the entire insurance ecosystem. Backed by industry-leading investors, the next step for Nexben is to augment its workforce with skilled and experienced talent. With these in mind, Nexben is indeed on the path of redefining the future of healthcare insurance. “Looking down the road, we are dedicated to connecting the dots and delivering the best experience possible together with all stakeholders,” concludes Kelly.

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Nexben

Company
Nexben

Headquarters
Minneapolis, MN

Management
John Kelly, Founder and CEO

Description
Nexben is like a guide for brokers. The broker-centric platform is designed to help brokers seamlessly navigate the labyrinth of a million different types and combinations of insurance products, providing better visibility into the health insurance space. The market platform collects and consolidates the vast number of plan options in a fraction of time, saving the brokers as well as their clients countless hours. Through these functionalities, the Nexben platform is able to offer an end-to-end insurance purchasing experience for products ranging from health insurance to ancillary to financial solutions like HSAs and HRAs, all in one marketplace