WatchTower Adds New Insurance Offerings to Its Cloud-Based Platform
CHICAGO, August 27, 2019 (Newswire.com) - WatchTower, a cloud-based platform that simplifies the employer-sponsored insurance distribution process, announced today that it has expanded its offerings to support Dental, Vision, and Worksite insurance, doubling its product portfolio. The expansion now allows brokers to run an entire non-medical RFP through the company’s platform, which already supports Life and Disability insurance.
“This milestone deepens our commitment to helping brokers and employers offer the best possible benefits,” said Richard Perrott, Chief Operating Officer of WatchTower. “By expanding our offerings, we increase the industry’s access to information that no single broker, carrier or employer has on their own. We can help these stakeholders make data-driven decisions about benefit packages and achieve better outcomes overall.”
WatchTower is purpose-built for the employee benefit insurance industry’s mid-to-large market. Its technology removes manual, error-prone workflows and substantially reduces administrative burden so that brokers can help employers provide the highest-quality benefits to their employees.
Insurance brokers use WatchTower’s platform to obtain favorable pricing for employers by comparing bids from multiple insurance companies at once. Through the access of de-identified purchase transaction data, a broker can verify that an employer is offered equitable coverage at cost-effective rates compared to employers of similar size or industry.
“The manual, fragmented nature of employee benefits distribution is quickly coming to an end. The future is not only connectivity but the use of dynamic information to drive better outcomes,” said Ryan Sachtjen, Chief Executive Officer of WatchTower. “The market is demanding a higher level of thinking. Today’s launch is a major step forward for WatchTower - it drives our ability to be at the forefront of this exciting change.”
Since founded in 2015, WatchTower has helped facilitate the placement of employer-sponsored insurance for 129 companies nationwide, totaling over 161,000 employees, and has seen a 443 percent growth in broker and carrier users since 2018 alone.
About WatchTower Technologies, Inc.
WatchTower was founded to help employee benefit insurance carriers and brokers simplify the complex process of providing employers insurance.
More than $400 billion of employee benefit insurance is placed each year using manual, error-prone workflows and low-tech solutions. WatchTower drives connectivity and trust between brokers and carriers through the transparent exchange of information, enabling them to write better business faster and unlock insights to help employers offer the best possible benefits for their employees.
WatchTower’s goal is to become the operating system for the employee benefits insurance industry so that they can better the lives of their customers and the millions of people who rely on them every day. For more information, visit www.watchtowerbenefits.com.
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Alexis Marina
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Source: WatchTower
