Health insurance is one of the most painful budget accounts for everyone. The greatest value and greatest weakness—human health is something that has built a trillion-dollar industry and the most complicated infrastructure around the world. One of the most massive and complex industries was bubbling till couple years ago when the talented tech workforce started questioning the status quo and decided to democratize insurance for those who can’t afford a basic necessity of having their health protected.
Even though lending and payments startups have been the hottest over the course of the FinTech revolution in terms of the number of companies that raised funds, we have been predicting that InsuranceTech is becoming a hot topic and sector for bright entrepreneurs to develop disruptive solutions. Investors also have been paying attention to the sector, as the insurance industry is the biggest industry in the US with net premiums of $1.1 trillion in 2014. There is already a range of InsuranceTech startups paving their way to a trillion-dollar industry, and HealthTech is an important sector to follow as it may completely change the way we look at health insurance in the near future.
Let’s look at some of the InsuranceTech companies disrupting a massive and extremely complex industry with amazing solutions.
Oscar: Oscar is a FinTech unicorn ($1.5 billion valuation) in the insurance space with notable investors like Google Ventures, Google Capital, Goldman Sachs, Khosla Ventures and others. Oscar aims to revolutionize insurance through data, technology and design.
Zenefits: Zenefits allows users to manage the whole HR—payroll, benefits (health insurance), compliance, and more in an online dashboard.
Collective Health: Collective Health is a technology company that works to create the healthcare experience everyone deserves. The insurer claims to have a complete health insurance solution to help the best companies in the US to take better care of their people.
GoHealth: GoHealth is an online portal for finding health insurance coverage, allowing users to compare health insurance quotes and make purchases online.
PokitDok: PokitDok is a cloud-based API platform designed to make healthcare transactions more efficient and streamline the business of health.
Maxwell Health: Maxwell Health is a fast-growing player in health IT as it is the first health-as-a-service platform (HaaS). The company’s revolutionary operating system for employee benefits engages employees, incentivizes a holistic view of health and provides a centralized place to access health and benefits services.
Gravie: Gravie helps consumers choose and buy insurance, pay for it and manage all health care expenses.
SimplyInsured: SimplyInsured provides group health insurance quotes that enable small businesses to estimate their real out-of-pocket costs.
PlanSource: PlanSource is a benefits-powered HCM platform that provides consumers, employers, brokers and carriers with limitless benefits. It offers PlanSource, a benefits administration technology that automates various benefits transactions and connects with the insurance carriers.
Lumity: Lumity enables businesses to make smart health plan and benefits decisions. With powerful insights and tools via a simple online dashboard, the company’s benefits consulting-in-a-box helps employers select and optimize health plans that fit employee needs—while driving cost savings and better outcomes for everyone.
Stride Health: Stride is the first health insurance recommendation engine tuned and tailored to the life of the individual: it helps to keep doctors, drugs and get apples-to-apples comparisons of health plans.
Array Health: Array Health is a leading provider of private insurance exchange technology. Its cloud-based software platform enables health plans of any size to power their own branded online exchanges—a strategic channel that helps them compete and thrive in the post-health-reform world.
HealthCare.com: HealthCare.com is an online healthcare search and comparison engine. It is called the "Kayak.com for health insurance.” The privately-owned HealthCare.com claims to be the nation’s leading unbiased search engine and comparison tool for health insurance plans. The website features over 120,000 plans, including all of the state-based exchange plans, federal exchange plans and many private, off-exchange plans.
Allay: Allay enables companies to work with the broker of their choice to do online, paperless health insurance purchasing, and full HR and benefits administration. Companies can ensure compliance with local and federal employment laws, have all their benefits plans in one place, and help employees understand their benefits and self-manage their HR information—everything online.
Bayzat: Bayzat is a Dubai-based medical insurance technology startup that offers plans from leading insurers, easy payment and powerful technology to access health benefits online.
GroupHub: GroupHub helps small businesses by making it easy and affordable to get quality insurance and benefits.
Eligible: Eligible offers eligibility and payment APIs for medical services.
Navera: Navera provides education and decision support products that help people make decisions about healthcare benefits and insurance options.
Picwell: Picwell's tool benefits everyone in the health plan purchasing ecosystem from consumers to carriers to marketplaces/exchanges and agents by making it easier, faster, better and simpler.
Zest Health: Zest Health provides a mobile application for consumers, employers and providers to be more informed health consumers.
Hixme: Hixme recommends the best health plans based on each employee so that they can make their choice easily and efficiently.
Sherpaa: Sherpaa connects employees directly with doctors and insurance guides online to reduce healthcare costs.
Justworks: Justworks makes it easy and affordable for businesses to hire and take care of people—freeing them to invest their time in what matters: building their company. Justworks provides an access to enterprise-level benefits and services.
HealthSherpa: HealthSherpa makes it easy to find and sign up for health insurance under the Affordable Care Act. They only use carefully vetted, publicly available data and are not affiliated with any lobby, trade group or government agency.
GetInsured (formerly Vimo): GetInsured has emerged as the leading provider of online technology and customer service solutions for state governments, employers and consumers who need easy access to affordable health insurance. More than 1.3 million Americans enrolled in ACA health coverage through GetInsured’s platforms during the 2014 open enrollment period.
Limelight Health: Limelight Health is on a quest to make health insurance simple by 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.
EaseCentral: EaseCentral enables agents to easily setup and manage HR and benefit administration on behalf of their clients. The company’s team is equipped to train insurance agents and their staff to quickly and effectively manage their entire book of business using EaseCentral.
insPeer: insPeer allows users to share insurance “deductibles” with their friends and family members. It allows users to select the people with whom they plan to share the deductibles.