Limelight Health, the most efficient and compelling quoting, underwriting, and proposal platform for the employee benefits industry, today announced $33.5 million in series C funding, led by Principal Life, with participation from AXA Venture Partners, MassMutual Ventures, Aflac Ventures, Transamerica Ventures, Wells Fargo Strategic Capital (a division of Wells Fargo Commercial Capital), LaunchPad Digital Health, and Wanxiang America Healthcare Investments.
Limelight Health will use the funds for product development, customer acquisition, global expansion and hiring efforts. The company will be enhancing product features to include more automation, enhanced workflow, an underwriter certification program, as well as risk scores based on data sets for better underwriting.
Limelight Health helps leading medical and ancillary carriers to revolutionize the way they quote, underwrite and serve employer groups. Its innovative platform offers a range of microservices that are highly configurable for business needs including quoting, rating, proposal generation, renewals, automated processing for pre-sales, new business, underwriting, enrollment support, renewals, data analysis, reporting, consumer delivery and agent self-service, document management and all-in-one integration with industry systems and services. Throughout the entire process, Limelight Health dramatically shortens sales cycles, improves turnaround times, and increases profits for carriers.
“At Principal, we are committed to helping advance innovations that are laser-focused on solving real challenges for advisors, small and medium-size businesses and their employees,” said Kara Hoogensen Vice President of Group Benefits, U.S. Insurance Solutions at Principal. “We are proud to be a leader in the insurance industry in offering Limelight Health’s impressive cloud-based enterprise software that will modernize the quote-to-enroll process while breaking down key barriers hindering sixty percent of SMBs from providing ancillary benefits.”
The funding round arrives on the heels of exciting growth news for Limelight Health. Over the last year and a half, Limelight Health’s recurring revenues per month grew 750 percent. During this same 16-month period, the company more than doubled the headcount of its team from 45 to 110 employees, which includes the appointments of new seasoned executives including Pete Espinosaas Vice President of Enterprise Sales and Alliances (previous Global Head of Sales at Guidewire Software), Bob Sanguedolce (previous CIO at Ebay) and Bob Gaydos (30-year employee benefits executive) as advisors.
Additionally, Limelight Health has expanded its board membership with the additions of Lerk-Ling Chang and Kara Hoogensen. Chang brings with her 17 years of product development leadership at Guidewire Software, where she is currently Vice President of Strategic Ventures, Corporate Strategy & Corporate Development Group. Hoogensen’s experience includes more than 20 years at Principal, where she is currently Vice President of Group Benefits in Insurance Solutions.
“This round of funding gives us the capital to execute on our vision—creating a new standard for how products are created, underwritten, rated and presented to employers. As we enter our fifth year, we’re thrilled to share that our users will begin to see a number of enhancements that will bring substantial efficiencies,” said CEO and co-founder Jason T. Andrew. “The employee benefits industry has long been dominated by manual workflows, redundant processes and poor user experiences, but we’re rolling up our sleeves to help with modernizing and enhancing the infrastructure to create a much better user experience.”
Source: Company Press Release