Brightway Insurance | January 25, 2022
Brightway Insurance, a national insurance agency franchisor, is the only insurance franchisor and one of only 40 brands Franchise Times recognized on its eighth annual Fast and Serious list of the smartest-growing franchises in the U.S. Brightway ranks No. 23 on the list. The list is derived using a proprietary 10-point formula that includes financial results over the past three years. Click here to review Brightway's profile on Franchise Times' website.
"The financial results that put us on this list are the result of the investments we make in empowering our franchisees to reach their potential. They chose Brightway because of the set of tools they can leverage to help people in their communities while building their own business for themselves and their families,"
- Mark Cantin, Brightway's President and CEO.
Brightway's customer service, back-office support and wide variety of carrier partners enable Brightway Agents to ensure their customers are properly covered and cared for while they build their businesses. In traditional agencies, countless hours are spent servicing existing customers' needs. Brightway handles that work on behalf of its agents, empowering them to focus on new policy sales while building a residual income stream that pays every time policies renew. This results in unlimited earning potential in a recession- and pandemic-proof industry.
Regardless of background, Brightway's team of experts can help anyone be successful in insurance. In fact, half of Brightway's largest Agencies are owned by people with no insurance background; their average agency book size is $18.3 million.
About Brightway Insurance
Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest Personal Lines agencies in the U.S. Brightway's focus is on building unparalleled tools that empower its franchisees to help people in their communities understand and value insurance while reaching their potential in business. Brightway got its start in 2008 and has since grown to 1,200 people in 316 offices across 29 states serving customers in all 50 states.
HealthComp | January 18, 2022
HealthComp Holding Company LLC (“HealthComp” or “the Company”), a New Mountain Capital company and a leading Third-Party Administrator (TPA) of healthcare benefits for self-funded employers, today announced that it has acquired Gilsbar’s TPA and Care Management (MedCom) divisions (Gilsbar, LLC). Together, the combined business will continue to deliver on two critical priorities for its clients: managing healthcare costs and delivering a best-in-class member experience.
“HealthComp has chosen to invest in Gilsbar’s TPA because of its exceptional reputation, its outstanding market performance, and its high caliber of talent, By combining the strengths of both our organizations, we’ll be able to deliver unmatched expertise and innovation in the field of health benefit administration, particularly in regard to healthcare cost containment, member engagement, and care management. In addition, Gilsbar’s geographic location will give HealthComp the local presence to better serve clients and brokers in the South and Southeast.”
-Jose Rivero, CEO of HealthComp.
Gilsbar’s TPA offers a fully-integrated approach to benefit plan administration, which includes sophisticated technology and personalized service. Through MedCom, Gilsbar’s in-house care management division, the company delivers care management programs that positively impact employee health and wellbeing. It has successfully provided clients with savings, process efficiencies, and member satisfaction. Gilsbar’s strong national presence and care management capabilities will move HealthComp one step closer to building a leading, national TPA of self-insured health plans.
“It’s a phenomenal fit – both HealthComp and Gilsbar are forward-thinking companies, delivering value through a now shared vision of operational excellence, clinical expertise, and technological advancements, HealthComp’s financial and operational support will enable additional investment in technology and enhanced service offerings. Additionally, HealthComp will bring its leading-edge technology and capabilities to Gilsbar clients, including a proprietary analytics platform and digital tools. More importantly, we remain committed to delivering the same level of service our clients have come to expect and rely on.”
-Ryan Haun, CEO and President of Gilsbar Holdings, LLC.
Moving forward, HealthComp and Gilsbar will work together to enhance products, services, and support for their customers. Whereas traditional health plans have been unable to deliver tailored offerings, these companies fill the need for highly customizable solutions, as employers want health benefits configured to the needs of their unique member populations.
Gilsbar Holdings and its remaining subsidiaries will continue their core businesses. Gilsbar Specialty Insurance is a nationally recognized retailer of professional liability and commercial insurance products to attorneys, CPA’s and other professionals. Gilsbar Group Benefits will maintain its presence in the Southeastern US as a full-service benefits brokerage house to employer and association groups.
Established in 1959, Gilsbar Holdings, LLC® is one of the largest privately held insurance services organizations in the country. Recognized as a catalyst for creating healthy businesses while delivering health plan savings, Gilsbar, LLC offers self-funded and fully-insured benefit plan management services, along with Wellness, Advocacy, and overall Population Health Management. Gilsbar Specialty Insurance, LLC and Gilsbar Group Benefits, LLC are industry leaders in their fields of professional liability insurance retail and benefits advisory and brokerage, respectively. Gilsbar has been honored by Inc. magazine for its sustained growth, Modern Healthcare and Business Insurance magazines as a Best Place to Work, and WELCOA and the American Heart Association for its proven wellness methodology.
HealthComp, a New Mountain Capital company, is a leading independent health plan administrator for self-funded employer groups. For more than 25 years, HealthComp has been dedicated to transforming benefits administration. Our solution brings together concierge-level service, best-in-class operations, powerful analytics and expert medical cost management and integrates seamlessly with any benefits ecosystem. The result is an industry-leading experience that delivers better clinical outcomes for our members and higher savings for our book of business. HealthComp has offices in California, Illinois, Kentucky, West Virginia and Pennsylvania.
King | December 24, 2021
King Insurance ("King" or the "Company"), a fast-growing full-service insurance brokerage firm that provides a variety of property & casualty as well as employee benefits solutions, announced the acquisition of Piedmont Insurance Associates ("Piedmont").
Piedmont has offices in Covington, GA and Newnan, GA and marks King's first expansion outside of Florida. Piedmont's roots go back to 1948 when it was the Spillers Agency and today is led by David Wilson and Phil Boswell, each of whom merged their respective agencies together in the mid 90's to form Piedmont. Piedmont is a full-service agency offering insurance products to commercial and personal lines customers from its lineup of top-tier insurance carrier partners. Phil, David and their team will continue operating out of their current locations.
"We are excited to expand into Georgia with such a high-quality agency, This is an important milestone for us as we execute on our strategy to be a major player in the Southeast."
-Chad King, Chief Executive Officer of King Insurance.
This acquisition marks King's eleventh acquisition over the past year and the fourth since the Company's partnership with BHMS Investments, LP. The Company plans to continue to broaden its footprint across the southeastern U.S. and expects to announce a number of important acquisitions in the upcoming months.
Founded in 1974 and headquartered in Gainesville, Florida, King is a full-service insurance brokerage firm which provides a broad array of property & casualty and employee benefits solutions.
Medlogix | February 17, 2022
Five Sigma, an emerging leader in cloud-native Claims Management Solutions (CMS), today announced the launch of native integration with Medlogix, LLC, a national leader in U.S. medical claims management solutions. This innovation connecting the two platforms will help insurers to improve decision making, maximize efficiencies, increase ROI and enhance outcomes in medical claims management.
Five Sigma's cloud-native claims management solutions enable property and casualty (P&C) carriers, MGAs, Insurtechs, and self-insurers, to simplify their claims process from first notice of loss to resolution. The partnership with Medlogix provides Five Sigma US-based customers with an out-of-the-box integration to itemize, assess, and aggregate special and general damages for bodily injury claims - to ensure proper, timely settlement and accurate reimbursement while complying with regulations that differ state-by-state.
"Five Sigma is on a mission to simplify the claims journey. Our flexible SaaS solution and open APIs allow us to quickly add new partners and integrations to our claims management ecosystem," stated Oded Barak, Co-founder and CEO of Five Sigma. "We are proud to partner with Medlogix to provide our customers a more comprehensive, accurate and efficient claims process."
According to Craig Goldstein, President of Medlogix, "Our partnership with Five Sigma represents a strategic combination of two technology-driven organizations that share a dedication to providing innovative, streamlined claims management solutions that exceed the expectations of our customers."
Medlogix is a technology-driven, clinically-based medical claims management provider specializing in managed care solutions that deliver exceptional outcomes. Medlogix offers an end to end, integrated medical management solution powered by MyMedlogix™ proprietary technology. Through an exception-based workflow, recommendations from highly qualified medical professionals, and access to a directly contracted network of premier health care providers, Medlogix delivers an efficient, disciplined, and scalable medical claims process suite of solutions. Medlogix develops technology which achieves savings you can measure and see by eliminating redundancies and reducing manual processes. Learn more about the Medlogix story at: www.medlogix.com
About Five Sigma
Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with embedded AI/ML capabilities to allow intelligent claims processing for the insurance industry. Five Sigma optimizes claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, improving adjuster's decision-making, and reducing errors. Leading insurance carriers, Insurtech, TPAs and Self-Insured companies use Five Sigma's CMS to modernize their claims management operations, reduce claims leakage, enhance compliance and improve their customers' experience.