Launches News: Limelight Health Raises $7 Million to Expand Employee Benefits Platform Limelight Health, a technology company that streamlines the qu
Launches News: Limelight Health Raises $7 Million to Expand Employee Benefits Platform
Limelight Health, a technology company that streamlines the quoting, sales, enrollment, and renewal process for the employee benefits industry, recently announced $7 million in new funding to fuel growth and expand its software platform.
The Series B financing was led by MassMutual Ventures with additional participation from AXA Strategic Ventures, Wanxiang Healthcare Investments, Portag3 Ventures LP and Plug and Play Ventures.
Limelight Health has set the standard for quoting, underwriting and enrollment for the employee benefits market by providing a real-time, automated platform that reduces the time required for health plan quoting, enrollment, and renewals from several weeks to a few minutes. Limelight Health’s first product, QuotePad, helps its users access on-demand health plan rate data and price quotes, auto-generate custom sales proposals, and provides a single platform for decision support and electronic enrollments.
The award-winning, industry-recognized QuotePad solution connects each distributor in the employee benefits industry, meets the distinct workflow requirements of each of the insurance professionals involved in a sale (brokers, agents, sales executives, underwriters, support), and provides a better end-user experience.
QuotePad’s API integration seamlessly connects into the most popular online CRM and employee benefits platforms, including Salesforce, Microsoft Dynamic, Bernie Portal, California Choice and EaseCentral, with several additional integrations to be announced in 2017. Limelight Health licenses its software platform to multiple industry players, including insurance carriers, PEOs, payroll companies, brokers, general agents and enrollment exchanges.
QuotePad is currently available in California, Colorado, New York, New Jersey, Illinois and Texas. Starting September 1, 2017, Limelight will be available for real-time quoting and enrollment in Maryland, Virginia, Pennsylvania, Oregon, Utah, Rhode Island and the District of Columbia. Limelight Health counts some of the nation’s largest insurance companies as customers, and has substantially grown its revenues in the first six months of 2017.
“This investment gives us the ability to scale faster and serve the needs of this rapidly growing employee benefits market,” said Jason T. Andrew, co-founder and CEO of Limelight Health. “We are creating a new experience for employee benefits administration and working to make it a simple, efficient, and enjoyable process for insurance professionals. We will continue to innovate and expand to serve brokers and carriers across the country.”
Founded in 2014, Limelight Health was launched with seed-stage funding from LaunchPad Digital Health’s next-generation accelerator program, which is focused on mobile, web and healthcare technologies.
“Many of the large carriers and broker organizations are already standardizing on QuotePad, and we saw an opportunity with this funding to accelerate Limelight Health’s ability to reach all participants in the U.S. insurance marketplace,” said Eric Emmons, Managing Director of MassMutual Ventures. “Over the last three years, Limelight Health has emerged as a leader in the employee benefits space. The QuotePad platform meets the needs of a transforming market for primary, ancillary, supplemental, and voluntary insurance coverage. The improved workflow and real-time ‘quote-to-enroll’ capability of the QuotePad platform has the potential to save billions in lost revenue, high overhead, and manual rework.”
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