Healthcare and insurtech startup Limelight Health secures $33.5 million Series C to fuel product innovation and accelerate global expansion
Limelight Health, a healthcare and insurtech startup that helps insurance carriers, PEOs and employee benefit brokerage firms to revolutionize the way they quote, underwrite and serve employer groups, has raised $33.5 million in Series C funding for product development, customer acquisition, global expansion and hiring efforts. The round was 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 also 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. In conjunction with the founding, the company also announced the expansion of its board membership with the additions of Lerk-Ling Chang and Kara Hoogensen.
Founded in 2014 by Alan Leard, Garrett Viggers, Jason T. Andrew, and Michael Lujan, the San Francisco, California-based Limelight that delivers efficient and compelling quoting, underwriting, and proposal solution for the employee benefits industry,through its technology. 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. By using its ‘quote-to-enroll’ platform, users can simplify their experience, promote their value-add, and reinforce their brand. Its integrated API also enables seamless connectivity with other carrier, agency and employee benefit systems for end-to-end integration.
“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.”
“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.”