Blue Cross Blue Shield of Massachusetts has found a new way of innovating in health care: partner with fledgling startups.
The state’s largest insurer has been investing in startups for the last two years through its investment arm Zaffre Investments, partnering with companies that can provide new services to its members.
But lately the insurer is going one step further, discussing with fledgling companies what needs to be created to better the health care system, and acting as an accelerator program to more closely foster innovation.
“As we were thinking about our new location here (at 101 Huntington Ave.) and what could we do differently to be that convener, it struck us as an opportunity,” said Jason Robart, president and CEO of Zaffre.
The innovation hub concept has so far materialized into a competition through startup connector Elevar, bringing 150 companies to the insurer to help develop solutions. The insurer wanted companies to solve one of three problems: engaging with millennials, engaging with baby boomers, and engaging with communities around health.
“In almost all cases, they were companies that had a product or idea already,” Robart said. “It was a great example of a two-way street of innovation. These were some smart folks with great ideas. We were able to give them the payer’s perspective and with a few tweaks, it might address a different problem.”
Date: June 3, 2015