Insurtech company HealthCare.com has tapped industry veteran Don Loonam as its new CEO.
Loonam most recently was chief operating officer of Bellevue, Washington-based Assurance IQ, an online insurance marketplace for health, Medicare, life and auto coverage. Prudential Financial bought Assurance IQ in 2019 for $3.5 billion. Loonam earlier led sales, marketing and operations for health insurance marketplace AccuQuote.
“My career has been about interacting with innovators in health insurance and financial wellness products who wanted to be creative about their growth model,” Loonam said in a March 3 news release. “I’ve been impressed by HealthCare.com for a while, looking at how it has scaled in all the right ways. Its approach to technology and commitment to customer experience is what excited me the most about this opportunity. I look forward to leading the company to new heights in the insurtech space.”
Healthcare.com, a health insurance marketplace, has raised a total of $32.5 million in funding, according to Crunchbase. Investors include Axis Capital, Link Ventures, PeopleFund and Second Alpha Partners.
Founded in 2014, New York City-based HealthCare.com has earned five consecutive spots on the annual Inc. 5000 list of the country’s fastest-growing private companies. From 2017 to 2019, the company’s revenue grew by 219%.
The insurtech sector gained significant momentum in 2020 – with adoption growing throughout the year, and fundraising and dealmaking activity picking up in the second half. In interviews with FinLedger, multiple executives predicted that insurance carriers across all product types will see an accelerated rate of adoption of transformative technology products in 2021. Though some distribution focused insurtechs may discover that their unit economics do not work.