Praxent optimizes user experience to introduce insurtech as a trusted digital provider, helping the company raise $3.5 million in Series B funding
Praxent, a fintech design and engineering partner to financial companies, announced that it has supported MyHealthMath (MHM), an insurtech that helps people choose the best health plans for their unique needs.
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.@Praxent, #fintech design & engineering partner for #finserv companies, optimizes user experience to introduce insurtech as a trusted #digitalprovider
Praxent designed and developed a more dynamic user experience for the MHM platform, one that enables the company to scale partnerships with larger health carriers and other distribution partners. This is part of the company’s strategic growth plan to offer full-service health benefits enrollment navigation that helps all stakeholders – employees, employers, health carriers, and benefits administrators.
Based in Portland, Maine, and launched in 2016, MHM originally relied on manual phone interviews and a web-based survey platform to collect data from employees. Seeking to add efficiencies and a digital, but still personalized, experience, MHM engaged with Praxent to help design an app and build a clickable prototype for automated decisioning. Realizing the depth of Praxent’s frontend design and development expertise, the company then extended the engagement with Praxent for final product development and website design. MHM now has an advanced decisioning-support platform that delivers a highly intuitive user experience for employers and employees alike.
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“Health benefit selections need to be supported, and thanks to assistance from Praxent, we were able to quickly position ourselves to meet that need at scale,” explained Bob Watterson, founder and CEO of MyHealthMath. “Praxent was able to effectively translate the trust and empathy necessary for this conversation into a compelling digital experience. We’re now providing a stronger user journey that has boosted sales and engagement. As a result, we’re in a much better position to pursue larger partnership opportunities and strategic growth.”
Since leveraging Praxent’s services, MHM has experienced a significant increase in application usage (over 5x increase from last year), pull-through rates and sales. MHM continues to receive positive feedback from prospects, existing clients as well as investors. In fact, the company just raised $3.5 million in a Series B round of funding.
“MHM is on a mission to provide tailored health plan decisioning, and in order to do that at scale, they needed a trusted, seamless digital journey,” said Tim Hamilton, founder and CEO of Praxent. “Working together, we were able to take a complicated system with thousands of data points and create an experience that is personal, simple and intuitive. MHM is on a strong growth trajectory, and we’re proud to have helped position them for success.”
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