Health Insurance Innovations (HII), which operates a cloud-based platform for health insurance, has filed for an IPO to raise up to $86 million.

HII focuses on the sale of 12-month, short-term insurance plans, which are often half the cost of alternative major medical policies. A key advantage is HII’s core technology system, which analyzes large amounts of consumer data and purchasing habits.

The lead underwriters for the offering include Credit Suisse (NYSE:CS), Citi (NYSE:C) and BofA Merrill Lynch (NYSE:BAC). HII plans to list on Nasdaq under the symbol of HIIQ.

No doubt, HII’s growth ramp has been strong. For the first nine months of 2012, revenues spiked by 38.2% to $30.1 million, and EBITDA soared by 89.8% to $3.6 million.

But it looks like growth could accelerate over the next few years. With the implementation of Obamacare, the individual healthcare market is expected to go from 14 million people in 2012 to 100 million by 2014, according to a study from McKinsey.

The two key drivers include the likely drop of group coverage from many employers as well as the surge in uninsured Americans entering the insurance market. In other words, demand will inevitably be substantial for low-cost offerings from companies like HII.

Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook” and “High-Profit IPO Strategies: Finding Breakout IPOs for Investors and Traders.”  Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.