SelectQuote Encouraged by Population Health's Early Momentum
On May 3rd, SelectQuote, Inc. (NYSE:SLQT) announced its new healthcare services company, Population Health (https://populationhealth.com/). This new initiative builds upon its core Medicare Advantage and Medicare Supplement brokerage business, leveraging the strong and frequent customer engagement of its agent-led approach. Population Health consists of three primary pillars to help customers achieve improved healthcare outcomes and wellness. Population Health Customer Success Agents (CSAs) provide education and awareness for customers around the healthcare options available to them as part of their MA plan, tailored for specific individual care needs. Our team accomplishes this through a number of different avenues, including Health Risk Assessments, prescription drug reviews, care facilitation and others. Finally, through its recently acquired specialty medication management pharmacy, SelectRx, the company provides convenient and easy-to-understand MyMedPaks to help Seniors with chronic conditions achieve high medication adherence.
SelectQuote continues to invest in Population Health to ready the business for accelerated growth, including growing the Population Health team. Recently, the company welcomed Elise Comiskey as Vice President of Healthcare Operations with a mandate to profitably grow the Population Health business. Prior to joining SelectQuote, Ms. Comiskey spent 13 years at Cerner Corporation serving most recently as the Director of Client Journey Management and PMO.
"We have been hiring new associates into a number of roles within the Population Health business. These are exciting opportunities that offer not only a chance to build a rewarding career with attractive compensation and benefits, but also to make a real and positive impact on the lives of the Seniors we serve," commented Anthony Fasl, SVP of Operational Growth. "We've been really pleased with both the volume and the quality of applicants thus far. The market has really responded, and we are pleased to be ahead of our associate growth plan for Population Health. We will continue to accelerate our hiring to support the scaling of this business."
In the past month, consumers have demonstrated strong demand for the SelectRx offering. The company has already begun to accelerate the growth of the SelectRx membership base. In accordance with its stated strategy, at this time most of these new members are existing SelectQuote Medicare subscribers who are enrolling as SelectRx members. "When we acquired the SelectRx business, we knew the company provided an incredible offering to its members with great retention and proven adherence results. We also knew the company had built both sophisticated operations and a top notch management team, but the company needed greater scale to achieve its goal of improving the lives of more Seniors with chronic conditions and multiple medications," said Bob Grant, President of SelectQuote Senior. "We believed SelectQuote and Population Health could provide the missing ingredient to deliver significantly increased scale at attractive acquisition economics. Every day in conversations with our Population Health members, we are hearing consumers express interest and demand for this service. And, we are more excited than ever about the future for SelectRx, Population Health and SelectQuote."
Forward Looking Statement
This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
Our actual results to differ materially from those indicated in these forward-looking statements due to a number of important factors, including, but not limited to, the following: the ultimate duration and impact of the ongoing COVID-19 pandemic; our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and claims, including IP litigation; our existing and future indebtedness; developments with respect to LIBOR; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers' approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; and failure to market and sell Medicare plans effectively or in compliance with laws. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled "Risk Factors" in our most recent Annual Report on Form 10-K that, we have filed with the Securities and Exchange Commission, and our subsequent filings with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Founded in 1985, SelectQuote (NYSE:SLQT) provides solutions that help consumers protect their most valuable assets: their families, health and property. SelectQuote pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin the company's success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. SelectQuote has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior, the largest and fastest-growing business, serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans.
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SOURCE: SelectQuote, Inc.
Media: Kelly Hale Communications Manager SelectQuote, Inc. firstname.lastname@example.org C: 913.653.4375 Matt Gunter Communications and Investor Relations SelectQuote, Inc. email@example.com O: 913.286.4931