Zipari Files for IPO: Revolutionizing Health Insurance Consumer Experience Through CX Technology
Many consumers express distrust toward health insurance companies. A 2016 Harris Poll revealed that only 16% of American consumers believe health insurers prioritize patients over profits. Therefore, insurers need to demonstrate their value to customers by providing convenient and satisfactory customer experiences, thereby building trust.
VCBeat (WeChat ID: vcbeat) has observed that, as the only technology company in the health insurance sector focused on consumer experience (CX), Zipari aims to transform the healthcare landscape by delivering intuitive, retail-like, and user-friendly experiences through its CX products, while promoting self-service capabilities and enabling personalized, real-time interactions.
Founded in Brooklyn, New York, in 2014, the insurtech company Zipari aims to provide health insurers with solutions that engage consumers through innovative approaches. By leveraging consumer analytics, Zipari’s Consumer Experience Platform and its Customer Relationship Management (CRM) system tailored for the health insurance sector enable operators to conduct real-time analysis of consumer behavior at every touchpoint, thereby delivering a seamless customer experience and enhancing customers’ lifetime value.
Mark Nathan, CEO and Founder of Zipari, graduated from the University of Colorado Boulder with a master’s degree in Electrical and Computer Engineering. With 12 years of experience in the health insurance industry, he has focused on making health insurance easier for consumers to understand. At Guardian Life, Mark led a $110 million customer experience initiative that modernized the company’s health and dental insurance platforms. Previously, at Apple and NeXT, he was responsible for enterprise professional services sales in the northeastern United States. He also worked at NASA’s Space Construction Center. At Zipari, he is dedicated to helping health plans build stronger relationships with their customers through customer experience and CRM solutions.
(Image source: Zipari)
Zipari has established the first and only consumer experience platform and CRM solution specifically designed for health insurance. This platform provides in-depth analytics and real-time recommendations to optimize customer experience in the healthcare industry and enhance customer satisfaction. Zipari’s InsureCX integrates with leading CRM solutions, offering healthcare companies industry-specific workflow management to attract more users and improve retention rates.
Zipari has revolutionized consumer experience technology in the health insurance sector. Its newly launched platform builds on existing technologies to analyze every user touchpoint, providing accessible, comprehensive user profiles and configurable solutions. This enhances user satisfaction, promotes self-service, and drives operational efficiency. Zipari’s breakthrough technology explores new possibilities in the relationship between insurers and customers, thereby unlocking the full potential of the health insurance industry.
Zipari’s core offering is a comprehensive suite of user experience solutions designed for health insurers, comprising three components:CX Engine, Digital Experience digital service product suite, and InsureCX Customer Engagement user management。
(Image source: Zipari)
The core of the entire solution isCX EngineIt leverages predictive analytics to generate user profiles based on consumer interactions, enabling health insurers to engage with their members through personalized communication. The CX Engine utilizes analytical capabilities to guide users by delivering recommendations via comprehensive omnichannel notifications. Zipari integrates payer and third-party systems to provide a 360-degree view of any member’s information.
AndInsureCXIt is a payer-focused solution that provides real-time insights into customer experience, enabling enterprises to engage with customers, partners, and employees in innovative ways. The platform is built on industry-specific automated workflows and actionable recommendations, designed to enhance customer experience while increasing customer lifetime value.
Zipari offers predictive analytics and a rules engine within its flagship InsureCX solution. A comprehensive omnichannel view enables the analysis and prediction of real-time consumer activities. By leveraging this service, insurers can help users gain a holistic understanding of insurance offerings, better meet their needs, and thereby enhance customer lifetime value and build trust.
InsureCX enables operators to create extensive user profiles through real-time, multi-channel data capture and rule-based recommendations, allowing them to proactively and continuously respond to user needs. Built on industry-specific workflows, InsureCX reduces communication frequency, enhances user satisfaction and operational efficiency, ensures seamless consumer experiences, and boosts brand loyalty. Operators can also manage their business anytime, anywhere using available mobile devices.
Mark Nathan, CEO and co-founder of Zipari, stated, “Insurers can now leverage InsureCX to capture member data and feedback at nearly every touchpoint, enabling them to serve members more effectively and guide them toward appropriate care.”
andDigital ExperienceDigital services encompass a range of products. Taking the member portal as an example, it provides easy-to-use tools within a secure environment, enabling users to manage their healthcare at their convenience, anytime and anywhere. Features include mobile communication for users and their care teams, new prescription tools, medical management, and streamlined real-time billing and claims processing, all designed to help them access appropriate care more easily. Driven by data and tailored to diverse needs, the portal delivers a simpler, more personalized user experience.
(Image source: Zipari)
The corresponding mobile app for the member portal offers health insurance users the following features: monitoring expenses, out-of-pocket costs, and cumulative spending; making payments anytime, anywhere; integrating consumer tools and data from third-party applications and devices; securely viewing the next best actions for specific members to improve health outcomes and reduce out-of-pocket expenses; engaging in integrated care and telemedicine solutions via text and video; accessing comprehensive health solutions along with health news and advice; and receiving personalized recommendations based on clinical and other relevant information.
To date, Zipari has completed three rounds of financing, totaling $12 million.
(Data source: Crunchbase)
September 2014, Zipari completed its seed funding round, with investors including Vertical Venture Partners and the firm’s Founder and Managing Director, David Schwab.
December 2016, Zipari announced the completion of a $7 million Series A financing round, led by Vertical Venture Partners. The funds will be used to help health insurance companies meet their analytics needs, enabling them to better understand customers and deliver highly customized CRM solutions. Meanwhile, this solution also assists insurers in offering personalized products, gaining real-time insights into consumer behavior, monitoring customer value, and re-engaging consumers through intelligent strategies.
January 2018, Zipari announced a partnership with Horizon Healthcare Services to deliver personalized user experiences at scale. This collaboration focuses on a redesigned member portal, with the user experience shaped by member feedback and data-driven insights. This enhancement to the user engagement center has yielded significant results, including a 10% year-over-year increase in user satisfaction, reaching an all-time high; a 450% increase in telehealth utilization; a 180% increase in support channel interactions; a 740% increase in pharmacy service access; and a 660% improvement in behavioral health engagement.
March 2018Zipari Announces Over 10 Million Health Insurance MembersFollowing rapid growth in 2017 and early 2018, Zipari now serves more than 10 million members across ten health insurance companies, including Horizon Healthcare Services—the oldest and largest health insurer in New Jersey—as well as Capital Blue Cross, UCare, Piedmont Community Health Plan, and Friday Health Plans. The company has expanded its team to accommodate its growing customer base.
Mark Nathan of Zipari stated, “Our growth stems from the demand for solutions that deliver personalized user engagement tailored to health insurance. By investing in technology, we aim to improve health outcomes, reduce operational costs, and maximize the lifetime value of members. I am proud of my team, whose efforts have driven continuous growth in our user base. Quality and speed are critical to both users and insurers, and this has been key to our success. We look forward to further demonstrating the disruptive value of user engagement in 2018, fundamentally transforming the relationship between health insurers and their customers.”
May 2018, Zipari announced the launch of a mobile application that enables health insurance companies to improve user experience, thereby enhancing retention rates and satisfaction through mobile devices. Health insurers can enhance user experience via biometric login verification, reduce administrative costs through chatbots, guide users to self-service portals, integrate geolocation data to help them find doctors and hospitals, and promote wellness programs.
Mark Nathan stated that Zipari’s goal is to empower health insurance clients with the ability to respond swiftly to user needs, while simultaneously facilitating more convenient interactions between users and insurers. The iOS and Android mobile applications feature a user login interface, enabling customers to perform self-service operations on their smartphones anytime and anywhere. This application further leverages our User Experience Engine, a platform that provides real-time monitoring of user experience and delivers personalized, actionable analytics to insurers and their customers based on demographic, clinical, and behavioral data.
Reference: http://www.zipari.com/