Who We Are
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 Problem
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.
Higher Costs & Less Value
Benefit costs continue to increase, becoming one of the highest fixed costs for organizations with no assurance they receive the best value.
Manual & Lengthy
The group benefit RFP process is labor-intensive and time-consuming while not driving the most competitive rates.
Market Consolidation
Mergers and acquisitions have increased competition between brokers, making it more difficult for brokerages to offer differentiated services and value.
Our Value
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.
For the Client
Cost savings, process transparency, carrier-neutral, auditable, decision-making support, and pooling for more competition and better rates
For the Broker
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
For the Carrier
Lower customer acquisition costs, access to a larger and motivated customer base, reduced sales expenses, platform with fair competition, and access to market data
Carriers Compete and Organizations Save
We were honored to be selected as the winner of the Cornell University Executive MBA Business Pitch Competition in 2021.
