InsurMedix, a USA technology group in the final stages of first tranche financing, is looking to offer fertility and IVF medical insurance, a complementary medical club, and insured outbound medical tourism services later in 2022.
InsurMedix is in the final stages of closing the first tranche of US$15 million finance to support the company’s launch of its novel insurtech platform. Due to launch in 2022, it will first offer medical cover policies for fertility and IVF treatments, to be followed later with additional products including complementary and alternative medicine and outbound medical tourism.
A-Labs Advisory & Finance is leading the round as anchor investors and company bankers. The insurance platform was formed by a group of insurance industry experts unified by the vision to solve insurmountable medical expenses challenges to millions of families and patients. It will enable an online insurtech experience covering the entire customer journey from discovery and onboarding to insurance, underwriting and claims focusing on the medical insurance arena.
The company highlights US CDC statistics which estimates that in the US, 1 in 8 women and 1 in 10 men will require fertility related medical services. The company chose to launch this product first to answer 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 prime target is to become the largest medical insurtech player in the USA. over the next 5 years. The company plans to launch its unique services under a monthly recurring fee starting in the USA and expanding globally over the next 5 years.
The AI based platform will perform the underwriting, policy creation, premium collection, customer service and claims process and pay-out as well as personalised policy matching with 400 top-tier hospitals for insurance referral in tandem with a practitioners’ referral system and database.
The platform’s third launch will be outbound medical tourism, initially from the USA. This will cover medical treatment and cosmetic surgery overseas. The launch prospectus claims that the company expects the North American outbound medical tourism to grow dramatically and become a US$150 billion market by 2026.