Health In Tech adds ex-Ambassador McMullen to advisory board

STUART, Fla. - Health In Tech (NASDAQ:HIT), an Insurtech company utilizing AI technology with a market capitalization of $33.87 million and impressive gross margins of 74.44%, announced today the addition of Edward T. McMullen Jr., former U.S. Ambassador to Switzerland and Liechtenstein, to its Advisory Board. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculations. McMullen’s experience in diplomacy and public affairs is expected to support the company’s efforts in transforming the healthcare insurance sector.

McMullen, who served as ambassador from November 2017 to January 2021, is known for his role in strengthening economic ties between the U.S. and Switzerland, as well as his participation in the World Economic Forum in Davos. His background also includes founding McMullen Public Affairs and leadership roles in various think tanks and foundations. InvestingPro data shows the company maintains strong liquidity with a current ratio of 2.31, suggesting robust financial health to support its strategic initiatives.

The company’s leadership expressed confidence in McMullen’s abilities to contribute to Health In Tech’s mission. Tim Johnson, Chairman & CEO, and Dustin Plantholt, Chief Growth Officer, both highlighted McMullen’s integrity and leadership skills as key assets for the advisory board.

Health In Tech operates a marketplace aimed at improving healthcare industry processes through integration, simplification, and automation. The company’s approach focuses on streamlining the underwriting, sales, and service processes for insurance companies, brokers, and third-party administrators. With annual revenue of $22.38 million and positive earnings per share of $0.02, the company has demonstrated its ability to generate profits in this competitive sector. Discover more financial insights and 12 additional ProTips with InvestingPro.

The press release also contained forward-looking statements regarding Health In Tech’s operational results, business strategies, and market opportunities. These statements are subject to the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that could affect the company’s actual results.

This announcement is based on a press release statement from Health In Tech.

In other recent news, Health In Tech has made significant updates to its corporate governance structure. The company announced the expansion of its board of directors and revisions to its bylaws, increasing the number of authorized directorships from seven to eleven. This change aims to enhance the board’s capabilities as the company grows. Additionally, the bylaws now stipulate that the first two directors will serve initial three-year terms, with subsequent re-elections to one-year terms, while all other directors will serve one-year terms. These updates are part of Health In Tech’s strategy to maintain a dynamic leadership framework in the evolving insurance industry.

Furthermore, Health In Tech appointed Sanjay Shrestha, President of Plug Power, to its board of directors. Shrestha will serve on the Audit, Compensation, and Nominating and Corporate Governance Committees, bringing his expertise in technology and energy. His appointment aligns with Health In Tech’s aim to streamline the U.S. healthcare system through digital innovation. These developments reflect Health In Tech’s commitment to strengthening its governance and strategic direction.

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