Oct 9, 2020

Clover Health to go public via merger with SCH

Clover Health
Social Capital Hedosophia
Medicare
Walmart
William Girling
2 min
Insurtech Clover Health has announced plans to become a publicly-traded company through a merger with Social Capital Hedosophia (SCH)
Insurtech Clover Health has announced plans to become a publicly-traded company through a merger with Social Capital Hedosophia (SCH...

Insurtech Clover Health has announced plans to become a publicly-traded company through a merger with Social Capital Hedosophia (SCH).

A move intended to bolster Clover’s national development in the US (it’s currently available in select counties in Arizona, Georgia, Mississippi, New Jersey, Pennsylvania, South Carolina, Tennessee, and Texas), the company hopes that its goal of increasing the quality of health outcomes will be better served. 

“We have made it our business to make healthcare affordable. Our technology helps doctors, leading to better outcomes and lower out-of-pocket expenses for members,” said Andrew Toy, President and Co-Founder. 

Toy emphasised the importance of the company’s data platform (Clover Assistant) and encouraged doctors to make use of it so that they can focus on their true goal: caring for patients.

“Importantly, the platform is powered by a closed feedback loop, linking clinical data and physician action, which improves continuously as membership grows, allowing us to constantly evolve new ways of helping physicians and their patients,” he added.

Developing fast

This news comes soon after Clover’s announced collaboration with Walmart, a project aimed at combining high-quality healthcare with affordable costs to eligible Medicare patients in the state of Georgia (approximately half a million people). 

Despite only forming in 2016, the company’s momentum has been noticeably accelerating; the effect of COVID-19 on the American population is underscoring the need for better health cover and systemic reform. Chamath Palihapitiya, Founder and CEO of SCH, explains further:

“We need companies like Clover to help fix our broken healthcare system. The company’s rapid growth is a testament to the effectiveness of its tech-enabled approach, which resonates powerfully with consumers and physicians alike. 

“I believe Clover is uniquely positioned to disrupt the entire Medicare Advantage market as well as expand into new and exciting opportunities in Original Medicare. I am proud to partner with Vivek [Garipalli, CEO and Co-Founder of Clover Health], Andrew and the entire Clover team on the next phase of their mission to improve lives across the country.”

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Jun 16, 2021

Tribe and APOLLO announce national insurance campaign

Tribe
Apollo
campaign
Insurance
2 min
Tribe Property Technologies and APOLLO Insurance have launched a campaign to digitise insurance access across Canada

Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.

According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage. 

What does the national insurance campaign include? 

According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options. 

It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said. 

"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe. 

Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.

APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.

"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.

 

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