Picwell, the company that focuses on providing a recommendation engine for health plan selection, today announced that it has closed its Series A round of funding totaling more than $4 million. MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual), led the investment, with additional participation from a group of prominent healthcare industry executives. Picwell is cash flow positive and will use the additional funding to expand operations and accelerate the development of related consumer decision support products.
The first technology of its kind, Picwell organizes and analyzes more than 900,000 variables that affect health insurance plan selection, allowing providers in the health insurance ecosystem to present the most appropriate plans to participants based on their individual needs. Clients who use the technology report greater support center productivity, reduced customer acquisition costs, and improved customer retention. Equally important, the Picwell recommendation engine has been demonstrated to provide the average consumer with savings equivalent to one paycheck per year. Picwell enables insurers, employers, and healthcare exchanges to offer a unique level of assistance to the American consumer and by creating a more transparent healthcare marketplace.
MassMutual Ventures has a strong track record of backing entrepreneurial companies, such as Picwell, that are transforming the insurance services markets through technology and business model innovation with a key focus on data analytics.
Jay Silverstein, CEO of Picwell shared:
“We are doing great work. This investment is further recognition of the team and its vision. In our first year we clearly demonstrated that we can positively impact the lives of everyone who uses our services. As we expand, and the insurance arena becomes more retail oriented, Picwell will play a key role in creating more dynamic and efficient markets, for all participants.”
Eric Emmons, Managing Director, MassMutual Ventures, added:
“As healthcare coverage represents one of the largest annual expenditures for the average American household, we are pleased to be able to support this technology initiative through our investment in Picwell. Picwell enables insurance providers, employers, and private and public healthcare exchanges to provide consumers with the key analytical support they require when making this critical and complex decision.”
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