Newtek Launches Health Insurance Options for Individuals and Small Business Owners
Exchange to Provide Comprehensive Portfolio of Insurance Options to Satisfy Individual Insurance Needs
NEW YORK, Aug. 27, 2015 /PRNewswire/ -- Newtek Business Services Corp. (NASDAQ: NEWT), The Small Business Authority®, announced today that one of its wholly owned portfolio companies, Newtek Insurance Agency, LLC ("NIA"), launched its online Health Insurance Exchange. NIA's Health Insurance Exchange is an online marketplace where small business owners or individuals can purchase insurance from NIA's comprehensive portfolio of insurance offerings in the areas of medical, dental and vision. Newtek's clients will have access to over 40 A-rated brand-recognized health insurance carriers, as well as dedicated customer service representatives who possess the expertise to assist each client with healthcare reform compliance, review plan alternatives, and present the client with quality coverage options at the best possible price.
Barry Sloane, Newtek Business Service Corp.'s Chairman, President and Chief Executive Officer stated, "We are extremely excited to launch the Newtek Insurance Agency Health Insurance Exchange, which embodies distinct features not prevalent in the industry such as expert customer service representatives, who retain a valuable knowledge base to assist businesses and individuals in navigating the complexities associated with health insurance, in particular under the Affordable Healthcare Act, and a comprehensive portfolio of insurance offerings from the most trusted carriers in the industry all in one online marketplace."
Mr. Sloane continued, "We believe over the course of time that businesses will become less and less involved in providing health insurance for employees, a belief supported by a report issued by Standard and Poor's that predicts 80% to 90% of independent business owners will move towards having their employees use an exchange to choose their own health insurance plans. This unintended consequence of the Affordable Health Care Act will enable employees to choose an insurance plan that will best fit their needs rather than their employees picking a 'one size fits all' plan for the entire company. As such, we believe this expected trend will provide a considerable opportunity for Newtek Insurance Agency, also known as The Health Insurance Authority®, giving us the opportunity to offer NIA's state-of-the-art insurance products and solutions to independent business owners and individual clients alike. That said, we encourage individuals and independent business owners to visit the Newtek Health Insurance Exchange at www.newtekmarketplace.com, or call 855-295-9330 and experience the tremendous value Newtek can provide with the insurance solutions NIA can offer to our clients, and the exchanges we can set up for companies with 50 or more employees. The software and service NIA provides have minimal costs associated with them, and NIA will earn performance-based fees in assisting our clients across all 50 states, as they navigate the complexities inherent to health insurance choices, and provide them with the best choices so they can have access to the best solutions to suit their individual needs."
About Newtek Business Services Corp.
Newtek Business Services Corp., The Small Business Authority®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business services and financial products under the Newtek® brand to the small- and medium-sized business ("SMB") market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 SMB accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
Newtek's products and services include: Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), eCommerce, Accounts Receivable Financing, The Newtek Advantage™, The Secure Gateway, Insurance Services, Web Services, Data Backup, Storage and Retrieval and Payroll.
The Small Business Authority® is a registered trade mark of Newtek Business Services Corp., and neither are a part of or endorsed by the U.S. Small Business Administration.
Note Regarding Forward Looking Statements
This press release contains certain forward-looking statements. Words such as "believes," "intends," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek's actual results to differ from management's current expectations, are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov/.
For more information, please visit the following websites:
www.thesba.com
www.newtekmarketplace.com
www.newtekinsurance.com
Contacts:
Newtek Business Service Corp.
Barry Sloane
Chairman and CEO
212-356-9500
[email protected]
Newtek Business Services Corp.
http://www.thesba.com
Public Relations
Contact: Simrita Singh
Telephone: (212) 356-9566 / [email protected]
Investor Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / [email protected]
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SOURCE Newtek Business Services Corp.
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