“Insurance Disrupted | 2015” Conference Awards Limelight Health as Winner of its Insurance StartUp Showcase.
By: Natalie L. Wood
Silicon Valley Innovation Center (SVIC) hosted an Insurance StartUp Showcase as part of its larger “Insurance Disrupted | Silicon Valley 2015” Conference held in Palo Alto on November 19-20th. The winner of the Showcase was Limelight Health which has a product called QuotePad, it is one of the first real-time, mobile, all-in-one quoting platforms for health insurance and benefits professionals.
Limelight Health was one of seven interesting Insurance StartUps competing in the Showcase, which included: Rig – GroupHub – roost – Jumpstart Recovery – Zenehome – Sureify. The Showcase Judges were comprised of corporate investors, VCs and an innovation lab.
So, what was so unique about Limelight Health’s product QuotePad? It’s one of the first in the mobile market to compare, simplify and streamline the quoting and enrollment process. It has a cloud-based SaaS quote engine that will be available on PC, Mac, tablets and mobile devices, QuotePad is designed to eliminate the offline, redundant, and manual quoting and proposal, underwriting and enrollment process that wastes time and paper.
But does it fit the disruptive model? Jason Andrew, CEO of Limelight says “we are witnessing one of the largest transformations in the history of a multi-trillion dollar industry. New technology is changing the game for the entire insurance ecosystem. Quicker, more seamless data integration is changing the insurance process, from the way consumers research and purchase insurance to how claims are underwritten. As a result, companies large and small are sprinting to keep up with the demand for agile and integrated technology platforms that can harness this growing data volume and extract real value from it. The largest carriers are now paying attention to big data, spending more money on research and bringing on data scientists to analyze and shape the future of insurance. “
According to Andrew, Limelight’s product is the first system to create an end-to-end connection between the insurance carrier, broker, agent, and business owner. It is the data hub for all of these parties and he believes it is poised to become the industry standard for rate and benefit data nationwide. Time will tell if that’s the case or not. Will it be as disruptive to the insurance industry as say Uber was to the Taxi Cab business? Maybe not, but it’s a great start to improving and streamlining a lot of outdated processes that are in much need of an agile platform.
Where will the Insurtech market be 1-2 years from now? As the industry moves from a legacy framework to a series of more connected systems with intelligent logic built in, it will allow all parties involved in the selling and decision-making process to spend more time executing decisions and much less time on the administrative work that is a large and protracted part of this process today.
Andrew says “for the health insurance market which is fragmented with a lot of outdated systems that don’t connect or communicate easily and where redundancy often leads to a high probability of error, we see this as being where QuotePad will make a significant impact on the insurance industry.”
Two years ago there weren’t many Insurance StartUps out there, but that’s quickly changing. Limelight Health was born in February 2014. Before that point, the insurance technology boom had not fully launched, and it took several years of pitching, partnering, and persistence to gain the attention of an industry who now supports the cause. Prior to 2014, no one was really interested in investing in insurance. What we now know as #insuretech and #fintech was not the sexy vertical it is today.
If you’re in the industry you are probably keenly aware of some of the changes that are coming, but not all. The conversation that spurs innovation doesn’t happen in a closed environment and it will require everybody participating, a co-opetition of sorts with carriers, brokers, consultants, technology vendors, VCs and disruptive technology companies joining in. If you’re interested to join the conversation, check out the Insurance Disrupted Conferences in 2016 which focus on innovative trends, opportunities and new disruptive technologies.
For more information on the 2016 Insurance Innovation Program or upcoming Insurance Disrupted l 2016 Conferences, please contact Silicon Valley Innovation Center’s Mike Connor/Program Chair firstname.lastname@example.org or Natalie Wood/VP Global Partnerships email@example.com
Included in each Conference will be an Insurance StartUp Showcase featuring new Insurance focused startups. The 2016 Insurance Innovation Program is meant to increase visibility and understanding into new trends, business models, strategies and a way to connect Industry leaders to innovative disruptive technologies. The Insurance StartUp Showcase is only one of part of the new 2016 program which focuses on innovative trends and disruptive technologies affecting the insurance industry today and tomorrow.
Organizer and Host of Insurance Disrupted Conference: Silicon Valley Innovation Center
Partnering Organization: Insurance Thought Leadership
About Silicon Valley Innovation Center (SVIC)
SVIC promotes the spirit of innovation throughout the world by providing executive leadership programs and creating connections between companies, industries, governments and Silicon Valley innovation that is reshaping our global society and economy. https://www.svicenter.com
About Limelight Health
Limelight Health is on a quest to make health insurance simple. Leveraging years of insurance industry experience alongside innovative and mobile-first technology, Limelight Health provides a new platform and solution for health insurance agents and other health insurance professionals that connects and integrates data with other benefits technologies like payroll, CRM, benefits administration and compliance tools. This solution aids in the decision making process with advanced quoting and decision support tools while saving time and eliminating redundancies. http://www.limelighthealth.com