US group to offer insured medical travel services
InsurMedix, a U.S. technology group in the final stage of first-tranche funding, seeks to offer fertility and IVF medical insurance, a complementary medical club, and overseas medical tourism services to be delivered later in 2022.
InsurMedix is in the final stages of closing the first round of funding of US$15 million to support the company’s launch of its new insurtech platform. Due to launch in 2022, it will first offer medical coverage policies for fertility and IVF treatments, later followed by additional products including complementary and alternative medicine and overseas medical tourism.
A-Labs Advisory & Finance leads the round as anchor investors and corporate bankers. The insurance platform was formed by a group of insurance industry experts united by the vision of solving the problems of insurmountable medical expenses for millions of families and patients. It will enable an online insurtech experience spanning the entire customer journey, from discovery and onboarding to insurance, underwriting and claims focused on the medical insurance domain.
The company points to US CDC statistics that estimate that 1 in 8 women and 1 in 10 men in the US will need fertility-related medical services. The company chose to launch this product first to address this significant unmet need shared by millions of women in the country.
The platform will offer a wide variety of insurance products at affordable subscription prices. The main goal is to become the largest medical insurtech player in the United States. over the next 5 years. The company plans to launch its unique services under a recurring monthly fee starting in the US and expanding globally over the next 5 years.
The AI-powered platform will perform underwriting, policy creation, premium collection, customer service and claims processing and payment, as well as custom policy matching with 400 leading hospitals for the insurance referral in tandem with a practitioner referral system and database.
The platform’s third launch will be outbound medical tourism, initially from the United States. This will cover medical treatment and cosmetic surgery abroad. The launch prospectus says the company expects North American outbound medical tourism to grow dramatically and become a US$150 billion market by 2026.