TAMPA, Fla., July 7, 2014 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc. (Nasdaq:HIIQ) ("HII" or "Company"), a leading developer and virtual administrator of affordable, cloud-based individual health insurance plans and ancillary products, today announced that total approved applications received in the second quarter of 2014 increased 107.3%, compared to the second quarter of 2013.
Approved applications convert to insurance policies in force at a reliably high rate and drive revenue over the entire period of the policy. The resulting growth in policies in force increases revenues during both the quarter the policies are issued and in subsequent quarters.
The Company processed 58,092 total applications in the second quarter of 2014, including 33,854 applications for short-term medical and hospital indemnity (core medical) policies and 24,238 ancillary product applications including critical illness and dental plans. Core medical application count increased 64.7%, and ancillary application count increased 225.3%, respectively, for the second quarter of 2014, compared to the same quarter in 2013.
"Most of this quarter's new policy application volume was achieved after the open enrollment period for individual major medical plans under the Affordable Care Act ended on April 15, 2014." Mike Kosloske, HII's Chairman and CEO, commented, "These results indicate continued strong product acceptance during periods not bolstered by open enrollment. HII's short-term, limited and bundled insurance products are among the few individual health insurance plan options available to consumers until the next Affordable Care Act open enrollment period beginning November 15, 2014."
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 12-month short-term 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 licensed agents, brokers, and call centers with real-time health insurance solutions, allowing them to tailor plans to fit consumers' budgets and needs.
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 beliefs and 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, 2013 and subsequent Quarterly Report 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.