Insurance and financial services firm Wolf Point Advisors has helped create an insurance exchange for company members of digital startup group 1871.
The healthcare and employee benefits exchange will be available to all 1871 companies and individual members, as well as alumni members who maintain membership in the group. The exchange is the first tailored to a private group’s member companies, and offers dental insurance, vision insurance, identity theft protection, telehealth services and pet insurance.
Startups will have the option to create defined contribution plans for their employees, and all members of 1871 will be able to access the exchange for themselves and their families.
Wolf Point Advisors is 1871’s partner in the creation and support of the new exchange. Members can now sign up for benefits in order to be insured beginning in 2016, and can utilize Wolf Point Advisors’ extended office hours to receive help with the sign-up process. Additionally, Wolf Point Advisors staff members will be available to meet with companies and guide individuals through the process as necessary. As such, the exchange is expected to be much easier to navigate and also competitive in pricing with any public exchange.
“This is a game changer, period,” said Dominic Volini, co-founder and CEO of Wolf Point Advisors. “We understand how crucial it is for companies, and leaders of those companies, to have a sense of security as they grow and advance their businesses. This has been part of our conversation with 1871 since partnering with them - making it even more exciting to see the results.”
Members will have the option of selecting from four different insurance providers offering an array of plans suitable for every situation. The plans are competitively priced and the additional resources offered will allow further customization. Members will be able to access any part of the offering, and some members are expected to use the additional insurance options as an add-on to existing coverage and offerings. Further, companies as small as two employees will be able to set up “groups” that will allow them to contribute to their employees’ health care needs.
“Health insurance is key to attracting and retaining top talent, which is crucial to building great new businesses,” said Matt Maloney, CEO of GrubHub. “Organizations like 1871 are proving themselves pivotal to the growth of Chicago startups because 1871 can provide access and group purchasing for key benefits and services. This would have been very helpful when I was building GrubHub.”
