Digital Exchange for Group Benefits
Our guiding principle is to make a difference by challenging the status quo, creating more value for all the parties we partner with.
Concordia Exchange is an insurtech company that partners with insurance brokers of organizations with more than 50 employees who want to reduce their employee group insurance costs. We deliver greater service and value through process automation, and intelligent data systems. Through our online reverse auction platform, insurance carriers bid against each other creating more competition, providing transparency, and supporting compliance for organizations to save money on one of their highest fixed costs.
The current, paper-based, Request for Proposal insurance process does not provide the competition or transparency to ensure organizations are receiving the lowest pricing for their group insurance benefits.
Benefit costs continue to increase, becoming one of the highest fixed costs for organizations with no assurance they receive the best value.
The group benefit RFP process is labor-intensive and time-consuming while not driving the most competitive rates.
Mergers and acquisitions have increased competition between brokers, making it more difficult for brokerages to offer differentiated services and value.
Family premium increase since 2000 versus 61% inflation
2023 Average annual premium for family coverage
Health spending by families over wages in the last decade
Our unique auction platform and proprietary decision-making algorithm provide a market disruptive technology. Our solutions replace the current paper-based RFP system with a transparent and competitive platform that saves money and streamlines the group benefit procurement process offering unparalleled value.
Cost savings, process transparency, carrier-neutral, auditable, decision-making support, and pooling for more competition and better rates
Our standardized RFP process will do the work for them. The broker and their employees can free up their time to focus on their existing clients and attracting new ones. This will allow them to increase their capacity without increasing staff
Lower customer acquisition costs, access to a larger and motivated customer base, reduced sales expenses, platform with fair competition, and access to market data