6 Health Insurance Business Success Stories [2023]

Pat Walls

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Updated: January 18th, 2023

6 Health Insurance Business Success Stories [2023]

Start A Health Insurance Business

Starting a health insurance business can be a lucrative and rewarding endeavor. As the healthcare industry continues to evolve, the demand for affordable and comprehensive health insurance plans is higher than ever.

To start a health insurance business, you must obtain a license to sell insurance in your state. This typically requires completing an insurance training program and passing an exam. You will also need to work with insurance carriers to create plans and negotiate rates.

To run a successful health insurance business, it is important to have a strong understanding of the healthcare industry and the various types of health insurance plans available. You should also be able to communicate effectively with clients and help them understand their options.

In addition to selling insurance, you may also need to manage claims and handle customer service inquiries. Strong organizational and customer service skills will be essential to running a successful health insurance business.

Starting a health insurance business requires a combination of knowledge, skills, and resources. With dedication and hard work, you can build a thriving business that helps individuals and families protect their health and financial well-being.

Here are some real life success stories of starting a health insurance business:

1. Limelight Health ($85.9M/year)

Jason T. Andrew and Michael Kelly (from Dublin, Ireland) started Limelight Health over 9 years ago.

Revenue

$7.16M / month

View case study

Team

2 founders / 780 employees

Case Study

Jason T. Andrew and Michael Kelly co-founded Limelight Health, acquired by FINEOS, in 2020.

FINEOS is a global market leader in core insurance technology for the Group, Life, Accident, and Health industry.

The founders started Limelight Health in 2014 to introduce a new technology suite to assist life insurers in providing excellent service to their consumers.

Limelight Health launched its mobile application in 2015 and acquired its first client two years after its founding..

The company raised $3M in series A in 2015, $7.5M in Series B from MassMutual Ventures, and $30M in series C in 2018.

Key growth strategies:

Building meaningful relationships helped Limelight acquire customers to raise funding.
Market research, assessing the risk, and competitor research helped them in product positioning.
Hiring experienced executives to help with product pivoting.
Hiring advisors as employees
Building on culture and authenticity.
FINEOS acquired Limelight Health in 2020 in a nearly 100M exit deal.

Watch the full video on youtube.com ➜

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How we pivoted our way to a near hundred million dollar exit ➜

2. Cigna

Cigna, a global health service company, offers health, pharmacy, dental, supplemental insurance and Medicare plans to individuals, families, and businesses.

Website traffic: 12.6M/month
Business rank: #4.34K

Check out their full website ➜