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Lumity – Simplifying complex benefits decisions

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In View Summary

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:

  1. 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.
  2. 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.
  3. 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.

lumity-benefits-e

In September 2015, Lumity raised $14 Million led by The Social+Capital Partnership and other top investors.

Reported Benefits

Benefit to Customers

  • Engaging benefit plan selection and customisation.
  • Best value-driven plan recommendations
  • A single interface for your health expenses.
  • Data-driven risk management leads to better outcomes

Benefit to the Insurer

lumity-benefits

The Digital Insurer's View

With rising health insurance costs, there is a renewed focus on tackling one of our generation’s biggest problems, access to reliable healthcare regardless of income level. Now more than ever, employers and employees need to collaborate on benefits decisions that create more value for each marginal dollar spent. Lumity has made it possible by relieving the pain of health plan and benefits decisions, as it helps employers save money and deliver better outcomes to their employees.

Other players in this space include Gusto, who are working on a similar data driven business model – offering free or low cost software that streamlines a back office operation such as employee benefits planning and then monetizing by cross selling insurance packages on top of this platform.

In conclusion, there is a huge opportunity for data driven startups who can relieve current pain points around generic insurance policies and reduce costs for both employers and underwriters. Although the scale of the opportunity has driven some startups such as Zenefits to cross the regulatory lines relating to insurance intermediaries, more prudent efforts such as Lumity seem to be striking the balance between innovation and regulation in this promising space.

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