Two former Humana executives have launched a new company, Arrow Health, aimed at allowing more small businesses to offer health benefits, KYInno reported Sept. 20.
Waleed Bahouth is co-founder and CEO at Arrow and previously led Humana's transformation management office and was director of strategy and growth. Arrow co-founder Erik Anderson was Humana's director of benefits.
The two founders said they started Arrow after seeing small businesses struggle to afford health benefits, thereby making employee retention and attraction more difficult.
Their new company is targeting businesses with less than 50 employees through a fixed-budget plan, which provides employees with an allowance to purchase benefits administered by Arrow.
Revenues will be generated from clients by setting up their plans, but the company told KYInno it plans to begin raising outside investment soon.
Arrow currently has 45 clients for 2023 benefits, and the company eventually plans to add telehealth, behavioral health and pet insurance services.