A career employee-benefits pro, Fritz founded this Minnetonka-based software company in 2003 to take advantage of the growing interest in consumer-directed health-care plans, such as health savings accounts. Lighthouse1’s software—provided over the Internet in a software-as-a-service model—is marketed to employee-benefits administrators, banks, and insurers to help them manage and support their programs. Employees have access to the system to make changes to their accounts.
“The insurance carriers are really leveraging their membership as they try to move into this space,” Fritz says. Meanwhile, he adds, “the banks are interested, because they see this as the new 401(k) revolution. Our system helps both of those players come together.”
Lighthouse1 surpassed its growth target last year. It works with 34 clients nationwide, covering about 800,000 plan participants. Fritz sees a dramatically growing market, with participation in consumer-directed health care accounts going from 30 million people to more than 70 million in the next five years.
