Insightin Health raises $2M to help health insurers use data - Technical.ly DC

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May 16, 2018 12:59 pm

Insightin Health raises $2M to help health insurers use data

The Gaithersburg-based startup, which provides new ways for health insurance companies to reach members, raised funding from Health Catalyst Capital Management and Rise of the Rest Seed Fund.

Insightin Health CEO Enam Noor.

(Courtesy photo)

Enam Noor wants health insurance providers to be able to communicate with consumers on a “one-to-one level.”

Whether it’s outreach to potential customers or encouraging more preventative care with existing users, Noor believes the way to achieve that better connection goes through data. With experience as an executive in healthcare and marketing as well as marketing and analytics, he realized there was lots available. But “the data is not fully utilized as an asset to create that consumer experience,” he said.

Noor, of Gaithersburg, Md., founded Insightin Health in 2016 to provide a tool that would help providers reach members.

This week, the company announced that it raised a $2 million seed round, led by New York–based Health Catalyst Capital Management. The round also attracted a coterie of local investors including Revolution’s Rise of the Rest Seed Fund, TEDCO, SaaS Ventures, TCP Ventures and a group of angel investor led by Paul Silber, founding principal at Blu Venture Investors.

The startup’s platform analyzes data to help health plans on a few fronts. One is marketing. Drawing in part on publicly available data, Noor said it’s designed to help health insurers with “matchmaking” for new customers by identifying the best potential members and tailor the plans that could best meet their needs. The potential customers then receive content communicating that through mail or digital means.

With existing members, health insurers can provide client data to provide information for a personalized care plan that includes preventative actions.

“The end goal is, how to drive the premium lower for the consumers, and how to make it more simple for the consumers,” Noor said.

Noor said the company raised double the money it initially set out to  platform was profitable in its first year, and signed clients at a regional and national level, but declined to name them. The company has 15 full-time employees between the office in Gaithersburg and an office in Pittsburgh. With the funding, the company is looking to grow with hires in data science as well as sales and marketing.

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