SIM Managing Director, Dominic Higham

Selfinsurancemarket.com Launches Global B2B Self-Insurance Inquiry Platform

Global self-insurance service provider, selfinsurancemarket.com (SIM) has launched a new global B2B self-insurance inquiry platform with the aim of taking advantage of the rapidly growing and prominent global self-insurance sector. As an example, in the USA between 1999 and 2015 the percentage of employers who fully or partially self-insured employee health benefits increased from 44% to 63%* and in 2014 the number of insurance captives in the world reached a record high of 6,678**.

SIM’s objective is to assist participants, whether companies looking to self-insure or market professionals seeking new partners, in creating new contacts as well as helping them deliver solutions for themselves or for their clients. To take advantage of this growth SIM has relaunched its self-insurance website with several new features which include a new business inquiry service.

The new business inquiry facility allows companies and their employees to post inquiries and canvas other companies when they are seeking assistance, either for their own insurance programs or for those of their clients. As well as the business inquiry service, the site has introduced new search facilities to allow anyone to search for companies or individuals by type of self-insurance, category and geographic area and then send an email inquiry directly to their chosen partners. SIM Managing

Director, Dominic Higham, commented: “I like to compare the changes we’ve made to other internet success stories such as internet dating which has been extraordinarily successful in bringing people together and creating new relationships that might not otherwise have existed. Our new business inquiry service and search facilities have a similar approach and allow any company seeking a self-insured solution or self-insurance professional to post a business inquiry to which other companies can respond. When this service was trialled, we had numerous cases where our members established new contacts and developed trading relationships with companies that they would otherwise not have met.

“As a former reinsurance broker, I understand the challenges often faced by professionals and buyers when seeking partners for insurance programs and how important business relationships and contacts can be. SIM has been relaunched to help people find new partners for self-insured solutions as well as providing information about the main types of self-insurance.”

Other features of the site include guides to self-insurance, a job centre and a facility for member companies to post updates about their services. Companies and individuals can also create their own listing and description with a unique URL.

* Kaiser Family Foundation–Health Research & Educational Trust (HRET) survey on employer health benefits 2015.

** Business Insurance April 2015

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