Limelight Health CEO Jason T. Andrew just returned from Toronto, inspired and energized by the friendly vibe of Canada’s largest city. Innovation and disruption in the insurance ecosystem shows promise and is moving forward at a brisk pace. The focus for many carriers is aimed at innovation in three areas: data, IoT and digitalization. There is real opportunity for innovators to upgrade the insurance industry, and carriers are well positioned to lead this innovation. Limelight Health has been making the most of the opportunity to create awareness and connect with this community.
Munich Re sponsored an innovation day at their Canada Client Summit in Toronto. This event was attended by about 75 executives from dozens of insurers who came together to discuss innovation, disruption and improvement in the insurance space. The day culminated in a time for seven companies selected by Munich Re to pitch to the crowd of seasoned executives. Jason pitched and shared the vision of Limelight Health to reimagine employee benefits as a streamlined solution to a pervasive problem.
Anyone familiar with the frenetic and vulnerable experience of demonstrating a company and product before an audience of often anonymous judges and potential investors will understand the “rush” of articulating your ideas for changing the world and hoping that someone else sees what you see and validates your business model.
We are pleased to report that Limelight Health won first place in both of the awards: the first, a blind survey of the crowd which was the “People’s Choice” award; the second award, “Judges’ Choice”, was chosen by an esteemed panel including:
- Richard Letarte, President & CEO, Munich Re’s New Ventures
- Xavier Debane, VP, Innovation and Business Development, Manulife
- Sean Kilburn, SVP, Retail, Empire Life
- Louis Regimbal, VP Strategy and Innovation, SSQ Financial Group
- Ben Harrison, VP Innovation Great-West Life
- Fred Tavan, Global Head of Innovation Lab, Reinsurance & Insurance Risk, Sun Life
Limelight was awarded first place as voted by both the attendees and the panel of judges. We are incredibly thankful to Munich Re for inviting us to join this event. We are also humbled by the continued validation and response by many of the world’s largest insurance companies and industry’s most recognized players.
We are thrilled to have had the opportunity to introduce Limelight Health to a Canadian audience for the first time. Jason is a familiar face at insurtech and insurance disruption events in Silicon Valley and cities across the US, but this opportunity to present to an international audience represents a new level of excitement for us at Limelight Health.
Some of our “pitch” accomplishments include:
In the US market, the process for quoting health insurance and employee benefits is antiquated and burdensome for a large segment of the industry. While online shopping and enrollment for the individual market segment is more developed and mature, the same does not exist for the employer-based market where more than 160 million Americans get their health coverage. Most quoting is done manually and takes in excess of 7 to 14 business days when requesting a quote from an insurance carrier. This is the space where Limelight Health provides a solution. With decades of domain experience as brokers and insurance carriers, the Limelight team can understand the most complex needs because they have been users of the legacy systems they aim to disrupt. Most insurance quoting works in a linear and disconnected workflow, creating excessive manual processes and errors.
Limelight Health collects rate and benefit data for multiple carriers and plans and aggregates a white-labeled ready-to-present proposal for the insurance carriers and their nearly 800,000 employee benefits brokers and distribution partners. The small to midsize employers who represent 97% of the employer market are the prime targets for this technology. Limelight also bolsters its value by integrating with a growing menu of popular online benefits enrollment, HCM and payroll platforms. The collection of data and API integrations shared across multiple platforms improves the sales cycle and user experience significantly. Too early to measure, it also bears the opportunity to help reduce insurer administrative costs and improve decision-making for employers and employees by replacing the paper-based open enrollment process with better information and process. Working with the largest insurance carriers, national broker firms and private exchange platforms, Limelight currently operates in five states (CA, CO, IL, NJ, and NY) with planned expansion to ten more states by 2018.
CEO Tony Kuczinski, Munich Re – USA “Let’s be part of that disruption and not let disruption happen to us”
Munich Re is a well-known global insurer with a growing presence in the burgeoning insurtech community. Among the notable major insurers in the US that have established venture arms are American Family, Transamerica, Aflac, Guardian and and MassMutual; while several non-US insurers have also established venture arms including Allianz, AXA, XL Catlin and Ping An of China.
Also participating in the startup pitch competition were five other digital health startups, ClientDesk, Lapetus, Pillcheck, Safebeyond and Tictrac.
As the market continues to evolve, there is a growing need for insurtech platforms that connect the various parts of the employee benefits ecosystem. Limelight Health is being recognized by the top insurance industry companies as the top technology platform that is reimagining employee benefits.