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
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, will go over the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, applicatio...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...