Health Insurance Innovations, Inc. (HIIQ), a developer and administrator of affordable, cloud-based individual health insurance plans and ancillary products, said total approved applications received in the third quarter of 2014 increased 82 percent from last year.
Core medical application count increased 48 percent, and ancillary application count increased 158 percent, respectively, during the quarter.
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 said.
In addition, HealthPocket.com, the recently acquired health insurance search and comparison technology company, grew third quarter targeted referrals by more than double the second quarter level.
Mike Kosloske, HII's Chairman and CEO, said, "HII's continued strong growth outside of the Affordable Care Act open enrollment period highlights our ability to provide attractive products to the consumer at affordable prices... .We now expect to exceed our annual 2014 revenue guidance of at least 45% growth vs. 2013."
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