The new year is an exciting time in the employee benefits industry. Brokers and carriers are diving right back into renewals and new policy implementations while keeping their eyes on the goals and possibilities of the year ahead. At ThreeFlow, we're delighted to kick off the new year alongside so many modern and innovative brokers and carriers.
As we look toward an exciting 2023, we want to take a moment to reflect on our achievements from last year. The momentum we've built allows us to continue pushing past barriers that have never been traversed in the employee benefits industry.
We reached $1.3B in premium under management.
In 2022, ThreeFlow reached $1.3 billion of premium under management. That number was achieved by increasing our broker locations by 33% to 200, growing our employer groups by 21% to 9,200, and more than doubling the number of placement events to over 6,000.
In the past, we’ve looked at our premium under management as proof that brokers and carriers no longer accept the status quo of antiquated and inefficient workflows. In 2023, we'll continue growing and tracking this number to guide us in our mission of building the system that powers benefit transactions.
We prioritized security.
Compliance and data security is our top priority. And for a good reason–providing a secure environment for benefits information allows us to continue providing security and peace of mind.
That's why we pursued and obtained our SOC 2 Type 2 certification. And why we continue to invest in security in 2023. Brokers and carriers can trust ThreeFlow to keep their data secure. We know that by ensuring a stable platform to work on, our customers and partners can focus on running their businesses.
Our customers shared their stories.
Last year we spoke with our broker clients and carrier partners to learn more about how they've improved their processes, reached new markets, and built better relationships with their clients.
We loved hearing how ThreeFlow gave brokers better version control, allowed our certified carriers to focus on relationships, and helped all of our users make better benefits decisions. Hearing these stories, and having the opportunity to share them, further reinforces our belief that a better future is possible for the employee benefits industry.
We connected our clients and partners.
In late 2021, we introduced ThreeFlow Connect, a system-to-system integration to further automate benefits placements on ThreeFlow. In 2022, we continued building ThreeFlow Connect and set up our first carriers with the ability to work more efficiently and effectively with brokers. We're excited to grow our list of connected carriers in 2023 and to share the stories of how ThreeFlow Connect is making interoperability a reality for our industry.
These integrations allow carriers to further automate every step of a benefits placement event, from renewal and new business quote submissions to policy implementation. We'll also continue to focus on interoperability in 2023 by bringing automation to our broker partners.
We grew our team of experts and innovators.
After our Series B at the end of 2021, we focused on strengthening our team across all departments. As a result, 89 new team members joined ThreeFlow, from engineers to designers, underwriting consultants to people operations, and more.
We were named one of the best places to work by Purpose Jobs. Our remote-first work environment, employee-focused culture, and the opportunity to drive innovation have attracted some of the best and brightest in the employee benefits industry and beyond. The diversity of experience and expertise we've curated at ThreeFlow allows us to understand and address our customers' pain points with creative, cutting-edge solutions.
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We're excited about the future and grateful for our team and partners who are equally committed to transforming this industry. Happy New Year!
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