Lumity is a U.S based benefits analytics platform that helps businesses find the right health benefit plan for their employees by analyzing usage and performance data. Lumity’s health plan and benefits solution combines dedicated service and expertise with data technology to relieve the pain of managing, administering and choosing health plans to ultimately deliver better outcomes for both employees and employers:
How Lumity Works:
Lumity devises and recommends health care plans to employers by comparing employee health profiles and performance against its own historical data of benefits packages:
- Lumity gathers data by first asking employees about their prescription history, and then runs that against a database of claims history where it can draw patterns between prescription claims, conditions and the discrepancy between the two.
- Using insights from step 1, Lumity devise and present a health care plan suitable for the employer along with a comprehensive health profile of employees.
- The employer then works with Lumity to determine the best health care plans they should make available to employees.
Lumity can also recommend to employees the lowest-cost benefits package based on their current health conditions, which it also determines from comparing each plan to the historical data it gathers.
Lumity ultimately serves as an insurance broker, which allows Lumity to be able to offer its services for free to partner companies. They claim they can help a 50 to 500 person company save about 20% on their healthcare costs, while scoring more benefits for employees than they had before.
In September 2015, Lumity raised $14 Million led by The Social+Capital Partnership and other top investors.