Lovitt & Touché Inc. on Wednesday announced the launch of its new private health insurance exchange, ClearPath Prime.
The Phoenix-based insurance agency's exchange platform gives small and midsize employers a greater degree of predictability and control over their active and retiree group health care budgets by allowing them to set fixed contribution levels toward the cost of employees' medical coverage, according to a statement from the company.
In turn, employers using the ClearPath Prime platform present their employees with a broader menu of health care coverage options than would typically be available through a traditional group health care program, giving individual workers more flexibility in designing a health benefits plan tailored to their specific needs, the company's statement said.
A Lovitt & Touché's spokesman said in an email to Business Insurance that while ClearPath Prime can accommodate employers of any size, the company's target audience for the exchange is employers with 25-5,000 full-time workers.
The company has received commitments from at least 10 employers planning to enter their employees into the exchange at their next plan renewal, and anticipates that the first group health care policies will be placed through ClearPath Prime by May or June of this year, the spokesman said.
Lovitt & Touché has not yet disclosed which health insurers are participating in the exchange.
“We are in discussions with all carriers in our marketplace and have commitments from most of the major players,” the company's spokesman said. “All have expressed interest and excitement to partner with Lovitt & Touché in our Private Exchange.”
“This new approach puts employees at the controls of their health care and benefits to better customize what they need for their families,” Steve Touche Touché, president of Lovitt & Touché, said in the company's statement. “Our aim is that ClearPath Prime will enable employees and their families to receive the care, service and support they need year-round instead of just during enrollment periods.”