Company Find Niche Specializing in Affordable Heath Insurance for Self employed and Other Workers
The company was formerly known as UICI, and as such it had some problems. As UICI the company provided affordable health insurance options among other products under the subsidiaries the Mid-West National Life Insurance Co. of Tennessee, Mega Life & Health Insurance Co., and Chesapeake Life Insurance Co. In 2005 the National Association of Insurance Commissioners scrutinized the company’s marketing practices, and it was barred from writing new business in Washington State.
Since that time the company has gotten back on track with a new CEO, a new name, and a new niche: selling affordable health insurance polices to small businesses and the self employed. The New CEO relates a story of how this came about. He was wearing a shirt in a department store with the new company name “HealthMarkets” emblazoned upon it, when a fellow shopper came up to him and asked him if he had affordable health insurance for someone who is self-employed.
The CEO William Gedwed, promptly restructured the company, selling off the non-health insurance operations. He also changed the company from a public to a private corporation focusing on its core competency, providing low-cost health insurance and affordable medical coverage.
Now HealthMarkets has experienced over 2 billion dollars in revenues. The company provides an assortment of affordable healthcare insurance products. Healthcare plans encompass a variety of health insurance products all designed for working Americans who for whatever reasons have not been able to afford health insurance coverage from the larger better known health insurance companies.
HealthMarkets is finding its strongest niche has been in a market largely ignored by these other health insurance companies, the self-employed, lower income hourly wage earners and small business owners and their employees. CEO Gedwed said that health insurance options can be very complex, particularly for the self employed or small business owners. He wants to see his company grow as an advocate for this often overlooked demographic when it comes to finding affordable health insurance products.