The online virtual broker helps address critical gaps in consumers’ health insurance coverage
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Wes Thompson, a former president of Sun Life Financial US, has established an online platform to help consumers access emergency health insurance options.
The new platform, called Emerge, will provide cost-effective options that will help consumers fill critical gaps in their insurance plans, according to the Philadelphia Tribune.
Thompson, who is also a former president of the Lincoln Financial Group’s retirement solutions division, said that the insurance industry has not adequately provided consumers with direct access to emergency insurance products and services. He realized that such people are exposed to potentially staggering expenditures, under high-deductible plans, in case of a serious illness or accident.
“As more and more people were purchasing health insurance plans with high deductibles, they are not fully appreciating the risks they were taking and also not fully understanding that there were products and services available to help them close those gaps in those high deductible plans,” he said.
After hearing about a former employee’s struggles to pay his wife’s medical bills – their family had health insurance, but the policy was hard to comprehend and left critical gaps in coverage – Thompson was inspired to create Emerge. It took US$1.8 million, which Thompson raised himself, to launch the venture.
Emerge uses an online virtual advisor to help consumers find insurance to help cover out-of-pocket costs related to an accident or a covered illness. They are asked about their health, lifestyle, and budget before being given a free personal protection plan, plus a risk report containing insurance options such as critical illness protection, which covers conditions such as cancer, heart attacks, and stroke.
“Over the last 10 years there has been a significant increase in the number of people who will have to enroll in high-deductible health plans,” Thompson said. “Unfortunately most individuals who enroll in high-deductible plans do not have any savings or financial capability to pay for emergencies… like cancer, falls and accidents. [We have set out to] provide online advice and unbiased recommendations for those types of emergencies.”
Emerge has been licensed in all 50 of the United States, and currently has offices in West Hartford, Connecticut and Miami, Florida. The company has partnerships with insurance companies such as Assurity, as well as Rokk3r Labs, a co-building platform for entrepreneurs, corporations, and investors.
Related stories:
Ontario patients can get care on demand with ‘Uber for healthcare’ service
New program helps rural Canadians find the best care: RBC Insurance executive
The new platform, called Emerge, will provide cost-effective options that will help consumers fill critical gaps in their insurance plans, according to the Philadelphia Tribune.
Thompson, who is also a former president of the Lincoln Financial Group’s retirement solutions division, said that the insurance industry has not adequately provided consumers with direct access to emergency insurance products and services. He realized that such people are exposed to potentially staggering expenditures, under high-deductible plans, in case of a serious illness or accident.
“As more and more people were purchasing health insurance plans with high deductibles, they are not fully appreciating the risks they were taking and also not fully understanding that there were products and services available to help them close those gaps in those high deductible plans,” he said.
After hearing about a former employee’s struggles to pay his wife’s medical bills – their family had health insurance, but the policy was hard to comprehend and left critical gaps in coverage – Thompson was inspired to create Emerge. It took US$1.8 million, which Thompson raised himself, to launch the venture.
Emerge uses an online virtual advisor to help consumers find insurance to help cover out-of-pocket costs related to an accident or a covered illness. They are asked about their health, lifestyle, and budget before being given a free personal protection plan, plus a risk report containing insurance options such as critical illness protection, which covers conditions such as cancer, heart attacks, and stroke.
“Over the last 10 years there has been a significant increase in the number of people who will have to enroll in high-deductible health plans,” Thompson said. “Unfortunately most individuals who enroll in high-deductible plans do not have any savings or financial capability to pay for emergencies… like cancer, falls and accidents. [We have set out to] provide online advice and unbiased recommendations for those types of emergencies.”
Emerge has been licensed in all 50 of the United States, and currently has offices in West Hartford, Connecticut and Miami, Florida. The company has partnerships with insurance companies such as Assurity, as well as Rokk3r Labs, a co-building platform for entrepreneurs, corporations, and investors.
Related stories:
Ontario patients can get care on demand with ‘Uber for healthcare’ service
New program helps rural Canadians find the best care: RBC Insurance executive
