Minneapolis startup Bind wants health insurance customers to choose policy features on demand.
Minneapolis “on-demand” insurance startup Bind is looking to make a big splash in 2019. The company wants to introduce a la carte style insurance plans to the public that offer base coverage, then allowing the insurance customer attach add-on services to their plan. Bind seeks to eliminate the confusion of packaged insurance plans and reduce spending waste by only including plan features consumers want.
Bind is a company with solid financial backing, recently receiving $70 million in seed funding from UnitedHealthcare, Ascension Ventures and Lemhi Ventures. Though funding is good, the company has a long way to go in terms of enrollment. As of 2018, Bind has only 2000 customers enrolled members in their program. They expect that number to balloon to 100,000 in 2019.
Insurance consumers have more flexibility with Bind than traditional policies. Bind offers the ability to include add-on insurance at any point in time, rather than the point of enrollment. Other customer friendly features include no deductibles and no restrictions for pre-existing conditions.
The 2019 Open Enrollment period will be a major litmus test for on-demand insurers. If Bind succeeds, expect them to expand their coverage areas, as well as the a la carte insurance trend to continue in the health industry and beyond.