Connecture Continues To Achieve Rapid Growth Amid Increased Demand For Online Health Insurance Marketplaces
In the first half of 2013, Connecture continued to rapidly sign new customers and hire employees while remaining on track to nearly double its revenue this year
BROOKFIELD, Wis., July 31, 2013 /PRNewswire/ -- Connecture, Inc., the leading provider of Web-based information systems used to create health insurance marketplaces, today reflected on major performance milestones achieved by the company in the first six months of 2013. Connecture continues to grow rapidly amid increased demand for the marketplaces, exchanges and information systems needed to effectively distribute health insurance.
"There is universal agreement throughout the commercial insurance industry and the government marketplace that selecting, purchasing and enrolling in the right health plan is often far more complex and costly than it needs to be," said Doug Schneider, CEO of Connecture. "Connecture's continued and rapid growth is a direct reflection of just how effective our information systems are at eliminating waste and empowering Americans to choose the best health coverage with confidence."
Some of the many notable performance milestones achieved by Connecture in the first half of 2013 include:
- The acquisition of DRX: With the acquisition of DRX in January of this year, Connecture acquired competencies that will increasingly be required to create platforms and systems that span the commercial insurance industry and the government marketplace for health coverage. With the acquisition, Connecture is also ideally qualified to address the unique needs of those over and under 65 years of age.
- Revenue growth: Connecture is forecasting revenue growth of more than 80 percent this year to revenues in excess of $90 million.
- New customer signings and expanded engagements: Connecture signed nine new customers in the first half of this year and expanded its engagements with 25 customers.
- Job creation and investment in skilled employees: Excluding employees that joined the company as a direct result of the acquisition of DRX, Connecture increased the number of employees who serve its customers by more than 20 percent. Today, the company employs 438 people.
- New facilities: Connecture opened a new facility in Raleigh, N.C. and expanded its headquarters in Brookfield, Wis. The company also expanded its offices in Atlanta and Farmington, Conn.
- Product innovations and consumer research: Connecture unveiled numerous product enhancements in the past six months. The company also continued to aggressively invest in consumer research, testing and surveys that deliver the real-world perspective needed to make the company's products intuitive for the public. Notably, Connecture conducted a survey of more than 1,700 consumers in April. The resulting data helped to further refine Connecture's decision-support tools, including an Out-of-Pocket Cost Calculator that enables consumers to quickly gauge the annual cost of health plans they wish to consider.
- Accolades: Connecture received a number of accolades, including a Eureka Award for creativity, innovation and progress in business from the Business Journal Serving Greater Milwaukee – which also placed the company in its Fastest Growing Firms ranking. The company also received an IQ (Innovation Quotient) Award from BizTimes Milwaukee and was named a Top Workplace by the Milwaukee Journal Sentinel.
These performance milestones complement an already enviable track record of success. Most of the nation's largest carriers, and more than half of all Blue Cross & Blue Shield plans, rely on modules of Connecture's InsureAdvantage product – a highly customizable, Web-based suite of solutions that streamline insurance distribution across all lines of business, including health, dental, life, vision, short-term disability and more. The company also continues to expand rapidly in the market for private exchanges – offering both multi-payer and single-payer platforms.
In the public sector, modules of Connecture's StateAdvantage suite of products comprise the shopping and enrollment functions of Affordable Care Act exchanges being built in Maryland, Minnesota and Washington, D.C., while in the federal market 75 percent of Americans who enroll in Medicare Part D, and 70 percent of all Medicare Plan Sponsors, rely on plan comparison and enrollment systems created by Connecture's DRX division that power functions within Medicare.gov. DRX's drug comparison tools are also used by half of the 10 largest pharmacy benefit managers in the U.S.
"Our employees should be very proud of the work we are doing to make healthcare more affordable and accessible," added Schneider. "Our growth and Connecture's importance in this market will only increase in the months and years to come as our systems enable stakeholders to expand and retain membership while simultaneously achieving readiness for reform in a rapidly changing marketplace."
Connecture is the leading provider of Web-based information systems used to create health insurance marketplaces and exchanges. Its industry-proven solutions enable consumers – both over and under age 65 – 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 include a wide range of proven distribution platforms for the commercial insurance industry and the public sector and are provided to health plans, state insurance marketplaces, the federal government, private exchanges and insurance brokers. More than 33 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.
Davies Murphy Group
SOURCE Connecture, Inc.
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