TAMPA, Fla., April 9, 2014 (GLOBE NEWSWIRE) -- Health Insurance Innovations (Nasdaq: HIIQ ), a leading developer and virtual administrator of affordable, cloud-based individual health insurance plans and ancillary products, today announced record sales results for the first quarter ended March 31, 2014.
The total of 57,644 submitted applications received in the first quarter of 2014, represents an increase of 107 percent over first quarter 2013, with 56 percent sequential growth from fourth quarter 2013 to first quarter 2014. Submitted applications represent the number of customer applications for all types of policies sold by HII and are a non-financial measure used by management to monitor and manage the success of Company new policy sales.
"We created our products to meet a gap in the marketplace – to help licensed insurance brokers provide consumers with options that are affordable while giving them flexibility to choose their own doctors," said Mike Kosloske, CEO of HII. "Our sequential growth of 56 percent in Q1 over Q4 2013 confirms that consumer demand for these more agile health plans continues in this post-Obamacare market."
With the ACA enrollment period closed until Nov. 15, the marketplace for Short-Term Medical plans is expanding as both insurance broker and consumer interest increases.
"We've proved our scalability by doubling the demand on our virtually administrated private exchange without adding any additional processing staff," notes Kosloske. "HII's products and technology were specifically designed to efficiently adapt to current and future demand."
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 short-term and limited 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 broker distributors and consumers with real-time health insurance solutions, allowing them to tailor plans to fit consumers' budgets and needs in one click.
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 belief 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, 2012 and subsequent Quarterly Reports 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.
Health Insurance Innovations, Inc.: James Dietz Chief Financial Officer (877) 376 5831 ext. 282 Investor Contact: Susan Noonan S.A. Noonan Communications, LLC (212) 966 3650 Media Contact: Emily Hendricks Zeno Group (646) 263 4921
