1871 Works with Wolf Point Advisors to Develop Unique Solution; Members Able To Sign Up For Coverage Beginning November 15; Alumni Companies Will Be Eligible; Major Step Forward in Advancing the Interests of Startups in Chicago
CHICAGO (November 6, 2015) – 1871 today announced a private healthcare and employee benefits exchange that will be available to all 1871 companies and individual members, as well as alumni members who have graduated from the space but maintain membership. The launch of the benefits exchange makes 1871 the first incubator in the world to create a private healthcare and employee benefits exchange available to its member companies, and is expected to be a major benefit to many individuals and companies who are a part of the 1871 community.
“From day one we’ve been talking about the importance of launching healthcare for our members,” said 1871 CEO Howard A. Tullman. “This is an essential tool for all companies in recruiting and retaining employees, especially startups. It’s also a critical offering for individuals who are pursuing their passion and dreams, but who are also responsible for themselves and their families. We are really excited to add this to the robust set of services and resources we already offer our members and which further distinguish 1871 on the global stage.”
The 1871 Health and Benefits Exchange is now fully operational at 1871.memberbenefits.com. Benefits include several health insurance plans, as well as dental insurance, vision insurance, identity theft protection, telehealth services, and pet insurance. Startups will have the option to create defined contribution plans for their employees, and all members of 1871 will be able to access the exchange for themselves and their families.
“Access to a complete set of employee benefits is crucial to our ability to hire the most talented employees for our growing team,” said 1871 member and Options Away co-founder and COO Heidi Brown. “We’re excited to take part in the new benefits exchange and see 1871 continue to actively respond to member needs. We’re proud of 1871 for stepping up on this important issue and taking a major step forward on behalf of all the companies here.”
“Health insurance is absolutely critical for me to continue building my business,” said 1871 member and Founder and CEO of Haka Products Colm Lennon. “Valuable resources like this exchange are exactly why I chose to join and stay at 1871.”
Wolf Point Advisors is 1871’s partner in the creation and support of the new exchange. Members can now sign up for benefits in order to be insured beginning in 2016, and can utilize Wolf Point Advisors’ extended office hours to receive help with the sign-up process. Additionally, Wolf Point Advisors staff members will be available to meet with companies and guide individuals through the process as necessary. As such, the exchange is expected to be much easier to navigate and also competitive in pricing with any public exchange.
“This is a game changer, period,” said Dominic Volini, co-founder and CEO of Wolf Point Advisors. “We understand how crucial it is for companies, and leaders of those companies, to have a sense of security as they grow and advance their businesses. This has been part of our conversation with 1871 since partnering with them - making it even more exciting to see the results.”
Members will have the option of selecting from four different insurance providers offering an array of plans suitable for every situation. The plans are competitively priced and the additional resources offered will allow further customization. Members will be able to access any part of the offering, and some members are expected to use the additional insurance options as an add-on to existing coverage and offerings. Further, companies as small as two employees will be able to set up “groups” that will allow them to contribute to their employees’ health care needs.
“Health insurance is key to attracting and retaining top talent, which is crucial to building great new businesses,” said Matt Maloney, CEO of GrubHub. “Organizations like 1871 are proving themselves pivotal to the growth of Chicago startups because 1871 can provide access and group purchasing for key benefits and services. This would have been very helpful when I was building GrubHub.”
About Wolf Point Advisors
Wolf Point Advisors®, Ltd. is a nationwide, full service financial services and advisory firm specializing in brokering risk management and insurance products, professional consultation services and executive/employee benefits tailored to the unique needs of companies and individuals. For more information on their approach and services, visit www.wolfpointadvisors.com.