Bain Capital leads $150m investment into newly-launched Enhance Health

Enhance Health will pursue a growth strategy to build a leading Medicare insurance distribution and care navigation platform through acquisition and organic initiatives.

Bain Capital Insurance led a $150 million investment in Enhance Health, a new tech-enabled, digital health insurance brokerage and care navigation platform focused on serving the Medicare Advantage market

PRESS RELEASE

FT. LAUDERDALE, Fla. & BOSTON–(BUSINESS WIRE)–Enhance Health, LLC, a new technology-enabled, digital health insurance brokerage and care navigation platform focused on serving the Medicare Advantage market, today announced its launch with $150 million of total capital. With a capital commitment led by Bain Capital Insurance and a partnership that will bring additional support and resources, Enhance Health will pursue a growth strategy to build a leading Medicare insurance distribution and care navigation platform through acquisition and organic initiatives.

Headquartered in Ft. Lauderdale, Florida, Enhance Health will serve both the Medicare and individual and family plans segments of the health insurance market and is led by industry veterans Matt HermanGary Jenkins, and Michael Lagalante.

  • Herman, Chief Executive Officer of Enhance Health, previously served as founder and Chief Executive Officer of Health Benefits Group, Inc. and brings more than 15 years of health brokerage experience to the business, including significant experience managing and scaling digital/telesales operations.
  • Jenkins, Chief Financial Officer, brings expertise as former President and Chief Financial Officer of AmeriLife, one of the largest health, life and annuity marketing organizations in the US.
  • Lagalante joins as Chief Operating Officer from Federal Life Insurance Company, where he drove the growth of the company’s health business as Head of Business Development.

“More than 10,000 people in the U.S. turn 65 every day and are tasked with choosing their health insurance plans in a crowded and often confusing market. Small differences between plans may result in very different cost and care outcomes for the consumer. It’s clear there is a large addressable market for solutions that enable consumers to make better informed decisions about their benefits and care needs. Our vision is to simplify the Medicare experience so that consumers can get the care they need,” said Herman. “Bain Capital Insurance brings deep experience and resources that will help achieve our mission to be a true-value added partner to our customers and to make the shopping experience for insurance less complicated, time intensive and costly.”

Bain Capital Insurance’s investment in Enhance Health builds upon the firm’s cross-platform experience building insurance businesses in partnership with high quality management teams. During the past year, the team announced the planned acquisition of LV=, the second largest mutual life insurer in the UK; launched Keystone Agency Partners, a company that acquires and grows U.S. property & casualty insurance agencies; and formed a long-term strategic partnership with Beat Capital Partners, which invests in specialty insurance distribution start-ups.

“Medicare Advantage is a large and growing market, and we believe there is significant white space for new, well-resourced entrants to make a positive impact supporting seniors as they transition through a critical period of their lives,” said Matt Popoli, a Managing Director and Global Head of Bain Capital Insurance. “We are excited to partner with Matt, Gary, and Michael, who have extensive track records of developing and executing on high-performing go-to-market strategies and building entrepreneurial cultures that deliver growth and real value for customers. We look forward to supporting the team as they thoughtfully grow and scale Enhance Health in the years ahead.”

“We are excited to build a digital first health insurance distribution business with a differentiated value proposition that helps Medicare recipients navigate a wide variety of plans across multiple carriers to identify what is best for their medical and lifestyle needs,” said Lagalante. “Importantly, our support doesn’t end when our consumers enroll in a plan. We aim to guide our clients for the long term at every step of their healthcare journey.”

“We look forward to working closely with Bain Capital Insurance as we invest significantly in new technologies and form win-win strategic partnerships across the country as we grow the business,” said Jenkins.

About Enhance Health

Based in Fort Lauderdale, FL, Enhance Health was founded with a simple premise: empower seniors to get the right care for their specific needs through extensive consumer education and unwavering dedication to customer service. Medicare can be complex and overwhelming, so we combine digital tools with high-touch care to simplify the process of enrolling and ultimately utilizing Medicare Advantage plans. As a rapidly growing technology-enabled distribution platform, our mission is to guide today’s seniors on a better, more enjoyable Medicare journey ending in better health outcomes. For more information, visit www.enhancehealth.com.

About Bain Capital Insurance

Bain Capital Insurance is the dedicated insurance investing and solutions business of Bain Capital, a leading global private investment firm with over $150 billion under management across 22 offices on four continents. Our team has been executing on our insurance investing strategy for over 20 years and has committed over $1 billion in equity since partnering with Bain Capital in 2018. Our cross-functional senior team averages two decades of expertise across industry subsectors, with a proven track record of crafting creative solutions to complex challenges to drive growth. We collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment portfolio return targets. Learn more at www.baincapital.com.