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
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...