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 Herman, Gary 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.
