Welcome!

News Feed Item

Connecture Achieved Dramatic Growth In 2012 As The Demand For Health Insurance Exchanges Increased

Connecture unveiled product innovations, expanded engagements serving the nation's largest health plans, doubled sales and emerged as a leader in the market for public exchanges in 2012

BROOKFIELD, Wis., Jan. 15, 2013 /PRNewswire/ -- Connecture, Inc., the leader in sales automation technology for the health insurance industry, today reflected on the significant milestones achieved by the company and its employees in 2012.  A provider of the information systems used to manage and sell health insurance plans online, and the underlying solutions needed to create effective private and public health insurance exchanges, the company more than doubled its sales in a year marked by dramatic growth.

(Logo: http://photos.prnewswire.com/prnh/20120612/NE23340LOGO )

"In the 15 years since the founding of Connecture, our commercial off-the-shelf information systems earned a reputation among the nation's health plans for uncompromising reliability, the flexibility for customization they need, and the ease of use consumers demand when purchasing health insurance online," said Dan Maynard, president and co-founder of Connecture.  "Now we're doing the same thing in the marketplace for public exchanges and providing our partners and customers with the peace of mind that results when you have a support team of dedicated Americans behind you every step of the way. Over the past year, our employees proved time and time again that they are simply the best in the business."

More than 25 million Americans shop for health insurance on information systems built by Connecture and relied on by more than half of the nation's 20 largest health insurance carriers and nearly half of all Blue Cross & Blue Shield plans.  Some of the many milestones achieved by Connecture this year include:

  • Sales growth: Connecture more than doubled its sales in 2012 – closing the year with sales of $87 million.  The company expects to continue on a similar trajectory in 2013.
  • Significant growth investment: In August, Great Point Partners, LLC, a Greenwich, Conn.-based private investment firm focused on the healthcare industry, led a $20 million funding round in growth recapitalization of Connecture.  Existing investor Chrysalis Ventures also co-invested in the financing.
  • New customer signings: Connecture signed several new carriers to its growing customer base, which now includes health plans in all 50 states that cumulatively comprise nearly half of the country's health insurance industry.  In addition, Connecture won contracts to provide the core shopping and enrollment functions for the state exchanges in Maryland and Minnesota – two of the first states to move forward with the creation of exchanges that fulfill the requirements of the Affordable Care Act. Both states are using modules of Connecture's StateAdvantage product.
  • New support for Blue Cross & Blue Shield plans: In August, Topaz Shared Services, LLC, (Topaz) announced it would use Connecture's InsureAdvantage in its shared services offering.  Topaz's customers benefit from lower costs, greater economies of scale and easier access to proven technologies and expertise that enable them to bring new products to market faster and more efficiently than ever before. 
  • Product innovations: Connecture introduced InsureAdvantage for Private Exchanges – a Web-based platform that empowers health plans to help employers lower the costs associated with health benefits while simultaneously providing employees with more plans to choose from – all while making it possible for consumers to shop for and enroll in the right plan with confidence.  Connecture also introduced a new Health Plan Management module of StateAdvantage, the company's commercial off-the-shelf product suite that enables states to efficiently create and operate consumer-friendly health insurance exchanges. 
  • A new headquarters and job creation: Connecture relocated its headquarters to Wisconsin in February of 2012.  In 2012, Connecture hired 100 people and continues to fill openings for numerous new positions at all of its locations, including Atlanta, Georgia and Farmington, Connecticut.  The company's rapid growth also facilitated the move to a larger headquarters in Brookfield, Wis. over the summer.  Available jobs can be viewed at http://www.connecturejobs.com.
  • Expanded engagements: Connecture expanded its existing engagements with numerous health plans – providing the information systems and expertise carriers need as the industry evolves.
  • Investment in talent: Connecture appointed Doug Schneider, a veteran executive with nearly two decades of experience leading high-growth healthcare companies – including Medstat, Thomson Healthcare, and Thomson Reuters Healthcare – as CEO.  Other prominent industry executives hired to the company in 2012 included Vice President, Client Services Tim Allaway; Senior Vice President and General Manager Mark Granville and Vice President, Government Programs Ryan Howells.  Travis Potts was promoted to vice president, client services.

"Whether you're a health insurance payer, a state, a corporation, a small business, a broker or a consumer, there's universal agreement that the health insurance purchasing process is needlessly expensive and complex," said Schneider.  "Our Web-based platforms remove the unnecessary costs and friction.  Health insurance is by its nature complex – one size does not fit all – but buying and selling it doesn't have to be."  

About Connecture
Connecture is the leading provider of Web-based information systems used to create health insurance marketplaces and exchanges. Its industry-proven solutions enable consumers, employers and brokers to more easily shop for, purchase and renew health insurance while minimizing back-office administrative expenses for health plans.  Connecture's solutions are provided to health plans, state insurance exchanges, private exchanges and insurance brokers.  More than 25 million Americans shop for their health insurance through systems built by Connecture, and more than half of the nation's 20 largest plans rely on them to sell, administer and manage their plans and products effectively.  For more information, visit www.connecture.com.

Media Contact:
Ken Phillips
Davies Murphy Group, Inc.
Ph. +1.781.418.2437
[email protected]

SOURCE Connecture, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSUMMIT and CloudEXPO tell the world how they can leverage this emerging disruptive trend."
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.