Limelight Health, provider of mobile enterprise technology for the health insurance industry, announced today it has raised $3 million in Series A funding from MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual), and AXA Strategic Ventures. Also investing in the round is the series seed lead investor LaunchPad Digital Health. The company will use the capital to help accelerate its sales and engineering teams to deliver innovative product enhancements to its cloud-based SaaS technology platform and aggressively expand distribution nationally.
Limelight Health Overview
QuotePad, Limelight Health’s first commercial product released in January 2015, provides a mobile, data-driven quoting and modeling platform that enables health insurance professionals to simply and quickly quote and compare employee health insurance benefits information. QuotePad eliminates off-line, redundant, paper-based processes. It provides sufficient, real-time, analytical functionality. Brokers, carrier sales representatives and underwriters are able to immediately respond to client quote requests, model interactive plan cost scenarios and close new business sales efficiently.
“With $375 billion wasted each year on billing and health insurance paperwork, there is tremendous opportunity for the right technology solution to reduce unnecessary administrative tasks and inefficiencies in workflow,” said Jason T. Andrew, CEO and co-founder, Limelight Health. “MassMutual Ventures and AXA Strategic Ventures, as partners within the insurance industry, share our vision for changing the way insurance does business, focusing our valuable resources on people, not paperwork.”
In a short fourteen months, with initial seed investment from seed investor and accelerator Launchpad Digital Health, Limelight Health has quickly gained traction in the digital health market with its direct-source data advantage working toward becoming the hub for rate and benefit data in the U.S. With the ability to import/export health plan and contribution selections, an API/Open Integration that works with industry software applications, such as CRM, benefits administration, payroll and accounting, Limelight Health technologies are simplifying and integrating previously held manual processes, under an all-in-one, online dashboard platform.