Published on : Jul 15, 2015
Picwell, the organization that is known to be the most advanced predictive engine for organizing and analyzing as much as 900,000 variables affecting the selection of a health insurance plan has raised more than $4 million in the series A round of its latest fundraising program. The first technology of its kind, Picwell helps health insurance providers in presenting the most suitable healthcare plans to individuals based on their specific needs.
Clients who have used the technology have reported greater productivity, a good reduction in the costs of customer acquisition, and an improved rate of customer retention. The Picwell recommendation engine has proved of equal importance for the average customer, allowing them to gain benefits of savings equivalent to one paycheck every year.
Picwell is known to benefit insurers, healthcare exchanges, and employers in America with a unique level of assistance and is making the healthcare marketplace more transparent for the country.
The recent round of Picwell’s fund raising was led by the capital venture company MassMutual Ventures, the corporate arm of MassMutual (Massachusetts Mutual Life Insurance Company), with additional participation from a group of prominent executives in the healthcare industry. The fund raising program has led Picwell in a state of positive cash flow. The company plans to use the additional funds for expanding its operations and accelerating the development of consumer decision support products.
MassMutual Ventures holds a good track of backing companies that are transforming the market of insurance services through technology and business innovation, like Picwell.
Picwell’s CEO Jay Silverstein has said that the company is doing great. The new funds are recognition of the team and its vision. In its first year, the company has demonstrated that it can have a positive impact on the lives of everyone using company’s services.