October 18, 2016
Jason is a recognized health insurance & health reform expert. He is also a startup entrepreneur working to solve big problems in health insurance, health education and wellness. He has over 20 years of experience in non-profit and for-profit leadership. Read on to know more about Limelight Health as Jason answers our questions below:
LTP: What are the main challenges for gaining traction in the market for your solutions?
Jason Andrew: As an early-stage startup in the beginning growth cycle of a new industry, InsurTech, gaining the relationship and trust of working alongside some of the largest and most established insurance carriers and vendors in healthcare takes time. For most of what we are building and doing as an InsurTech company, there has been no precedent. Introducing new technology and a new process within an established, regulated system is a consistent challenge. The sales cycles are long. Adoption requires considered change management and excellent customer care to guide companies through the process.
LTP: What sources of data do you use to assess the risks? Do you have a proprietary underwriting algorithm?
JB: Yes, our code is structured in a way that we can calculate any number of factors for medical, dental, vision, life, short-term disability, long-term disability and other lines of coverage in the group employee benefits space. We are now beginning to run our data through machine learning tests and adding factor(s) to assign a 'score' based on a proprietary model that will provide an accurate rating for insurance carrier underwriters. To the end-user (brokers and employers in the group space), our data sets will begin to provide benchmarking for more accurate plan selection on a set of factors.
LTP: What are main trends shaping/disrupting insurance industry in 2016 and beyond?
JB: Using data for decision support and being connected to the Internet of Things (IoT) will be one of the keys to making the experience in insurance significantly better. Take employee benefits, for example. According to an annual Metlife report, in 2016, we are still at about "60+% of Americans who do not understand how a deductible works." Insurance must get to the point where we have clear and simple language, user interfaces, consumer experiences and big data to provide users what they need to make decisions. As more and more providers, startups and vendors open up their data sets, we will see solutions that begin to give users intelligent feedback and guide users on the best options to choose for their needs. (e.g.; how does my decision to change from Blue Cross to Health Net impact my doctors, RX, costs, etc.).
Find out more about Limelight Health here.