BOISE – The successful launch of Idaho’s new health insurance exchange website is a success story for a Silicon Valley tech company. GetInsured provided the software as part of an ongoing $37 million contract. The firm also is working with exchanges in California, New Mexico and Mississippi.
The company, led by two entrepreneurs with a history of successful startups, formed as a private insurance exchange company in 2005, then got into the state exchange business after the Affordable Care Act passed. GetInsured beat out companies 10 times its size for the New Mexico contract, which is worth $39.9 million. Idaho has paid the company $26 million so far for a project that’s on budget and on time.
“It was a great implementation,” said company spokeswoman Andrea Riggs, in Palo Alto, California. “It went very smoothly. … It’s a testament to the power of software as a service and the platform that we’re using.”
The company’s co-founders, Chini Krishnan and Shankar Srinivasan, have two-decade track records in the high-tech industry.
Krishnan, the CEO, earlier played a key role in an innovative secure browser released by Enterprise Integration Technologies, and his last company, Valicert Inc., went public in 2000 and merged with Tumbleweed Technologies in 2003. Srinivasan, the chief operating officer, served as vice president of e-business services at JPMorgan Chase, co-founded CyberBills, and was a member of the founding team behind WebMD, among others.
The two launched GetInsured in 2005 with a mission to make shopping for health coverage easy.
“They’re both brilliant technologists,” Riggs said. “They’ve both had a lot of success creating user experiences with technology.”
The company’s approach provides a form of “off the shelf” software that state exchanges can use. “We saw a better way to do it, rather than these large custom implementations that tend to be the norm,” Riggs said.
GetInsured is a subcontractor to Accenture for the California health insurance exchange contract, which totals $359 million.
In Mississippi, it’s handling a small-business exchange, something Idaho hasn’t yet launched. It also got a small-business exchange up and running in New Mexico in just four months.
GetInsured now has 500 employees, a number that’s tripled in the past five years. Under its contract with Your Health Idaho, after design, development and implementation, the company is in charge of maintenance and operation of Idaho’s site through December 2018.
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