InsurMedix Debuts Fertility Treatments Insurance Platform And Raises $65m
First ever insurtech service aims to cover fertility and other medical treatments in the US to be launched in 2022 to tap a $75 billion green field market with severe unmet needs
DOVER, Del., Nov. 17, 2021 /PRNewswire/ -- InsurMedix Inc. ("InsurMedix" or the "Company") (www.insurmedix.com) has announced it is in the final stages of closing the first tranche of $15 million finance out of a total of $65 million of the round. The funds will support the Company's launch of its novel insurtech platform to offer fertility medical insurance coverage in the US. A-Labs Advisory & Finance Ltd. are leading the round as anchor investors and Company bankers.
InsurMedix 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 via a low friction, all digital state-the-art online SaaS platform.
The InsurMedix platform is due to launch in early 2022 offering its first medical coverage policies for fertility & IVF treatments to be followed later that year with additional products including Complementary & Alternative Medicine (CAM) and Outbound Medical Tourism. The platform enables unique online insurtech experience covering the entire customer journey from discovery and onboarding to insurance, underwriting and claims focusing on the medical insurance arena.
CDC statistics research estimates in the U.S. (1 of 8 women and 1 of 10 men) will require fertility related medical services. The Company chose to launch this product first to answer a significant unmet need shared by millions of women in the U.S. each year.
Darren Gradus, Company's Chief Executive Officer stated that: "We are committed to provide the best-of-class specialty medical insurance coverage for millions of people in need who cannot afford medical care for bringing life to life and wellbeing. Our platform will offer a wide variety of insurance products at extremely affordable subscription prices in a market that requires such products for the past decades with no avail. We made it our prime target to become the largest medical insurtech player in the U.S. over the next 5 years and we bring hope to those who cannot afford these important treatments."
The company plans to launch its unique services under a monthly recurring fee starting in the U.S. and expanding globally over the next 5 years.
About InsurMedix
We are an experienced group of insurance industry experts, successful entrepreneurs, technical leaders joined together by the vision of providing insurtech services for a $75 billion dollar market of vital medical insurance not currently covered by existing policies. Our AI-based platform will perform the underwriting, policy creation, primum collection, customer service and claims process and payout as well as personalized policy matching with over 400 top-tier hospitals for insurance referral in tandem with an extensive CAM practitioners' referral system and database. We are focusing on three main insurance products to be offered in the U.S. and expanded globally starting next year.
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