As a "data-driven benefits platform," Lumity acts as a broker, helping employers and employees manage their health insurance plans.
Lumity got a boost when it received $14 million in Series A funding led by The Social+Capital Partnership with participation from True Ventures and Rock Health, the company announced in mid-September. The funding allows the company to expand its mission to help employers "create health plans that make sense for their business [and] their employees," Tariq Hilaly, Lumity's co-founder and CEO, said.
To do this, the company provides free software and support staff to help guide its customers' health plan decisions, making its money through commissions. Lumity uses risk models to provide employers with an assessment of their company's aggregate health, information the employer can use when deciding what type of plan to offer. It also provides customized health expense estimates for employees and companies through its proprietary health plan recommendation engine.