Connecture Achieved Dramatic Growth In 2012 As The Demand For Health Insurance Exchanges Increased

BROOKFIELD, Wis., Jan. 15, 2013 /PRNewswire/ -- Connecture, Inc., the leader in sales automation technology for the health insurance industry, today reflected on the significant milestones achieved by the company and its employees in 2012. A provider of the information systems used to manage and sell health insurance plans online, and the underlying solutions needed to create effective private and public health insurance exchanges, the company more than doubled its sales in a year marked by dramatic growth.

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"In the 15 years since the founding of Connecture, our commercial off-the-shelf information systems earned a reputation among the nation's health plans for uncompromising reliability, the flexibility for customization they need, and the ease of use consumers demand when purchasing health insurance online," said Dan Maynard, president and co-founder of Connecture. "Now we're doing the same thing in the marketplace for public exchanges and providing our partners and customers with the peace of mind that results when you have a support team of dedicated Americans behind you every step of the way. Over the past year, our employees proved time and time again that they are simply the best in the business."

More than 25 million Americans shop for health insurance on information systems built by Connecture and relied on by more than half of the nation's 20 largest health insurance carriers and nearly half of all Blue Cross & Blue Shield plans. Some of the many milestones achieved by Connecture this year include:

    --  Sales growth: Connecture more than doubled its sales in 2012 - closing
        the year with sales of $87 million.  The company expects to continue on
        a similar trajectory in 2013.
    --  Significant growth investment: In August, Great Point Partners, LLC, a
        Greenwich, Conn.-based private investment firm focused on the healthcare
        industry, led a $20 million funding round in growth recapitalization of
        Connecture.  Existing investor Chrysalis Ventures also co-invested in
        the financing.
    --  New customer signings: Connecture signed several new carriers to its
        growing customer base, which now includes health plans in all 50 states
        that cumulatively comprise nearly half of the country's health insurance
        industry.  In addition, Connecture won contracts to provide the core
        shopping and enrollment functions for the state exchanges in Maryland
        and Minnesota - two of the first states to move forward with the
        creation of exchanges that fulfill the requirements of the Affordable
        Care Act. Both states are using modules of Connecture's StateAdvantage
        product.
    --  New support for Blue Cross & Blue Shield plans: In August, Topaz Shared
        Services, LLC, (Topaz) announced it would use Connecture's
        InsureAdvantage in its shared services offering.  Topaz's customers
        benefit from lower costs, greater economies of scale and easier access
        to proven technologies and expertise that enable them to bring new
        products to market faster and more efficiently than ever before.
    --  Product innovations: Connecture introduced InsureAdvantage for Private
        Exchanges - a Web-based platform that empowers health plans to help
        employers lower the costs associated with health benefits while
        simultaneously providing employees with more plans to choose from - all
        while making it possible for consumers to shop for and enroll in the
        right plan with confidence.  Connecture also introduced a new Health
        Plan Management module of StateAdvantage, the company's commercial
        off-the-shelf product suite that enables states to efficiently create
        and operate consumer-friendly health insurance exchanges.
    --  A new headquarters and job creation: Connecture relocated its
        headquarters to Wisconsin in February of 2012.  In 2012, Connecture
        hired 100 people and continues to fill openings for numerous new
        positions at all of its locations, including Atlanta, Georgia and
        Farmington, Connecticut.  The company's rapid growth also facilitated
        the move to a larger headquarters in Brookfield, Wis. over the summer. 
        Available jobs can be viewed at http://www.connecturejobs.com.
    --  Expanded engagements: Connecture expanded its existing engagements with
        numerous health plans - providing the information systems and expertise
        carriers need as the industry evolves.
    --  Investment in talent: Connecture appointed Doug Schneider, a veteran
        executive with nearly two decades of experience leading high-growth
        healthcare companies - including Medstat, Thomson Healthcare, and
        Thomson Reuters Healthcare - as CEO.  Other prominent industry
        executives hired to the company in 2012 included Vice President, Client
        Services Tim Allaway; Senior Vice President and General Manager Mark
        Granville and Vice President, Government Programs Ryan Howells.  Travis
        Potts was promoted to vice president, client services.

"Whether you're a health insurance payer, a state, a corporation, a small business, a broker or a consumer, there's universal agreement that the health insurance purchasing process is needlessly expensive and complex," said Schneider. "Our Web-based platforms remove the unnecessary costs and friction. Health insurance is by its nature complex - one size does not fit all - but buying and selling it doesn't have to be."

About Connecture
Connecture is the leading provider of Web-based information systems used to create health insurance marketplaces and exchanges. Its industry-proven solutions enable consumers, 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 are provided to health plans, state insurance exchanges, private exchanges and insurance brokers. More than 25 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.

Media Contact:
Ken Phillips
Davies Murphy Group, Inc.
Ph. +1.781.418.2437
connecture@daviesmurphy.com

SOURCE Connecture, Inc.