Startup: BestDoctor, insurtech and telemedicine expert
Headquartered in Moscow, BestDoctor is the product of two doctors and an engineer (Phillip Kuznetsov, CDO; Mark Sanevich, CEO; and Mikhail Belyandinov, COO), all of which had a desire to house best-in-class medical care within a cutting-edge tech service.
Much like its contemporary Oscar, the company strives to provide patients with 24/7 access to medical experts across various fields and build strategies for treatment. Its goal is to become nothing less than Europe’s largest employee health management platform, an ambition it is quickly realising; BestDoctor’s current stats include:
- 14,000+ partner clinics
- 50,000+ insured users
- 100+ client companies
- 95% customer retention rate
- Ranked #2 among European insurtechs (by number of users)
Traditional products with a digital touch
BestDoctor currently offers two primary products:
- Classic VMI: Coverage of risk factors for a regular fixed policy cost. Benefits include monthly online reports, 24/7 online support with 60 second response times, tailored treatment strategies, analytics services, optimised recovery plan, secure data storage, and more.
- Postpaid health insurance: Similar to Classic VMI. However, it allows employers to pay only for the medical services already utilised by their staff.
Transforming medical insurance
Satisfied with the funding drive’s results, Sanevich impressed that the company’s vision was meeting a vital but unmet need in the market. “A new type of healthcare service focused on the patient and their needs, is urgently needed – not just in Russia, but globally.”
This is an opinion enthusiastically shared by Anton Farlenkov, Managing Director at Winter Capital Advisors:
“The medical insurance industry is undergoing a digital transformation, as many services move online, creating greater accessibility and improving usability for consumers. BestDoctor is at the forefront of this revolution, accelerating the medical insurance field’s transition to a qualitatively new level.
CB Insights: US Insurtechs Are Competing In A Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.