eHOSP - The only health insurance app you will ever need! Easy retrieval & sharing of your medical records.
eHOSP is developing a B2B enterprise online SaaS platform for health insured patients, healthcare providers & insurance companies.
Our mission is to empower all people with private health insurance, to control, retrieve and share their medical data with insurance companies from a unified, easy, and secure online platform.
Current Status
While we strive to create a healthcare and private insurance ecosystem, financing our venture and finalizing our MVP would unlock the potentials of this innovative idea and would offer great profit margins and sustainability.
At this point, I would like to share with you some information about the platform, the team and the progress of the eHOSP platform. As a team, we already have the necessary experience and know-how to create the eHOSP MVP in a short period of time (appx. 5 months).
We have managed to receive two official LOIs (Letter of Intents) from the CEO of the Bioiatriki Healthcare group, Mr. George Spanos and the president of the social association of EN.DI.SY.
In addition, we have been in contact with several insurance companies. The feedback of all these meetings was that the platform is very useful and solves many problems at their processes. Many of them were willing to be part of the ecosystem and test our platform when the MVP is ready and functional.
Some of the insurance companies that are being interested are Generali, Eurolife, and Interasco.
Market
Life & Health Insurance are large areas of Private insurance activity in Greece, where 31 insurance enterprises are involved with a total premium production of €2.15 Billion in 2018. From the HAIC’s specialized research in Life and Health insurance lines of business, involving 19-member insurance enterprises (with an estimated cumulative market share of 96.3% of premium), an amount of € 1.53 Billion related to individual insurance, and €539 Million to group insurances. For individual insurance, the share of hospital and life insurance linked to investments has increased from 2017.
In group insurance, the proportion of borrower and employee insurance decreased, while the proportion of pension schemes increased.
Compensations for the year 2018 accounted for € 1.40 Billion. The € 992 Million corresponded to individual insurance while € 405 Million to group insurance. In individual insurance, the proportion of paid claims increased in Health insurance, while the share of Life insurance linked to investment decreased.
For group insurance, the proportion of paid claims for borrowers’ and employees' insurances decreased, while it increased in the retirement plans. Each year in Greece the number of policies remains almost stable with few
fluctuations.
The total number of individual policies in Greece is estimated at 1.7 Million and the total number of group policies at 6.900. (http://www1.eaee.gr)
The total amount of health premiums in Europe within 2018 measured at 132 Billion. (https://www.insuranceeurope.eu)
Problem or Opportunity
Insurance companies face major inefficiencies due to bureaucracy and the exchange of information with their clients and healthcare providers. The industries of healthcare and insurance need to be disrupted for insurance companies to be able to provide fast and quality services. Also, the lack of trust between stakeholders due to uncertified data leads to ineffective data management which points to slow speed of claims and high administrative costs. This results in slow and low-quality services. Thus, the insured patients can't withstand the dysfunctional processes.
Finally, insurance fraud is on the rise, forming no other option for health insurance companies than to inflate the premiums for their clients, by raising the prices to cover unexpected events.
Healthcare providers suffer due to lack of transparency as there is no integrated healthcare system to interact with insurance companies and patients to safely manage personal and private information while keeping their patients in the loop and giving them control in the process. Therefore, bureaucracy, incomplete patient’s medical history due to human error, endless paperwork, etc. can cause serious medical errors and offers very low-quality patient care.
Tons of paper, ink, toners, plastic, fuels, electricity, etc. are consumed and millions of tons of emissions are being generated every day for the average industry to operate. The negative impact is tremendous and the results for the environment devastating. This dramatically degrades the global economy and adds insurmountable barriers. Therefore, another way must be found.
Solution (product or service)
eHOSP as an InsurTech solution
A patient-centric approach eHOSP will empower all people with private health insurance, to control, retrieve and share their medical data with insurance companies from a unified, easy, and secure cloud platform. Digitization of the procedures removes all vulnerabilities of the past and adds superior security and control over actions and processes.
eHOSP can be analyzed in four simple steps:
1. User will easily request any medical data
2. eHOSP platform will retrieve and return highly encrypted requested data
3. user will review their medical documents and
4. will be able to grant limited-time access to their preferred insurance company
Competitors
No direct competition as an InsurTech Solution World-wide. Indirect competitors are many trying to make EHR solutions with ineffective business models and B2C models that does not work.
Advantages or differentiators
Our competitive advantages come down to being first movers in the InsurTech industry, especially in the EU, having strong expertise in the insurance industry and technical skills needed to establish a healthcare ecosystem. A well-connected team aligned with the vision and with an exceptional culture focused on people. Use of advanced innovative technologies to ensure the highest security standards and compatibility with healthcare providers. Highly skilled CTO with many years of experience.
Finance
We get paid by insurance companies directly. Insurance companies charge their customers based on their contract’s policy and we charge a fixed fee for our services.
Business model
eHOSP will contact insurance companies that already have a big database of exciting customers/patients in the private healthcare sector directly and utilize the required connections over the medical providers that they have partnered with.
Money will be spent on
Our team is ready to reshape the landscape!
We have assembled a core team of experts on our board and put effort to build a great network with insurance companies.
We are looking for seed finance of 200.000€ to rent a space, establish the company, and enroll two senior developers to start coding. This money will cover all our expenses for the first year and will give us the opportunity of introducing a beta product in the first three months.
After 6 to 7 months, we expect to have a final product (MVP).
Having a quality platform, while collaborating with some of the biggest insurance companies and their partnered medical providers will allow for easy collaboration with the rest of the health insurance market (initially in Greece), for finalizing our MVP.
Being able to handle the new channels of communication without a single point of failure locally, will lead us to start expanding in new markets by the end of the second year.
Offer for investor
We have a valuation of 1.250.000€ at the time using DCF (Discounted cash flow) valuation method with instructions from Alba Graduates business school.
We are looking to raise 225.000$ for seed financing to use on the plans mentioned above.
We are pre-seed at the time. We have validated the feasibility of the idea and made meetings with several companies for that we know there is a demand for our services.
