NEW YORK and SAN FRANCISCO, July 27, 2015 /PRNewswire/ -- AXA Strategic Ventures (ASV), today announced it has invested in mobile insurance technology provider, Limelight Health. Founded in 2014, Limelight Health provides mobile, cloud-based technology that enables companies to simplify employee health benefits information and streamline the proposal, decision and renewal process.
"We are excited about the partnership with Limelight because they share our vision for serving the growing SME market in the US," said Manish Agarwal, General Partner of AXA Strategic Ventures. "The market requires personalized and compelling benefits solutions, which is an important focus of new product development for AXA. The changing insurance landscape highlights the need for transparency and simplicity in the business process. Limelight Health's technology is setting a new precedent for enterprise level efficiency."
QuotePad, Limelight Health's first commercial product released in January 2015, solves for the problem of redundant, paper intensive sales and administrative work in insurance. QuotePad is a mobile, real-time technology platform that enables brokers, carrier representatives and underwriters to immediately respond to customer quote requests, compare employee benefits information and model interactive health plan cost scenarios with real-time market data. This results in a superior customer experience and understanding of the benefits being offered.
"The shift happening in the insurance and benefits industry is still in its early stages and the opportunity is tremendous to redefine how enterprise organizations approach benefits and interact with their customers," said Jason T. Andrew, CEO and co-founder, Limelight Health. "AXA has an innovative approach in the market and we are eager to collaborate with them to move our business forward significantly."
Limelight Health intends to use the capital to help grow its sales and engineering teams, deliver innovative product enhancements to its cloud-based SaaS technology platform, and aggressively expand distribution nationally.
About AXA Strategic Ventures
AXA Strategic Ventures is a €200M venture capital fund dedicated to emerging strategic innovations in insurance and financial services. AXA Strategic Ventures invests in startups via seed funding and also provides venture capital for growth companies. The fund currently has seven offices: San Francisco, New York, London, Paris, Zurich, Berlin and Hong Kong.
About Limelight Health
Limelight Health is a provider of mobile, cloud-based enterprise technology for the health insurance industry. Limelight Health was founded in February 2014 by health insurance experts and former insurance agents with a deep understanding of mobile technology. Limelight Health technology aims to streamline and simplify complex employee health benefits processes. Limelight Health has raised $3.7 million in venture capital to date from Mass Mutual, AXA Strategic Ventures, Launchpad Digital Health, and other investors. Limelight Health is headquartered in San Francisco and Redding, California. For more information, please visit www.limelighthealth.com.
SOURCE AXA Strategic Ventures