Q&A with Dr. Elad Ofir, Insurights CEO
What does Insurights do?
Ofir: Insurights is a user friendly & user specific Optimized Health Coverage Solution for health insurance vendors (Insurance companies & brokers) allowing more simple & dependable access to medical rights information. We help individuals be healthier by giving them a tool to understand and leverage their health insurance and wellness benefits. Not only we help to answer any health coverage related questions, we actually notify the user about relevant health covered procedures (e.g., annual physical exams, flu shots). Important to mention that Insurights’ platform provides answers and information based on the user specific health plan and medical profile.
What is insurights business model?
Ofir: Insurights is currently a B2B company focused on the insured, we are a tool that employers can give to their employees and thus help them understand their health benefits, ensure they take advantage of everything they are covered for and help reduce the questions HR is receiving on a daily basis. Today much of HR time is spent on answering health coverage related questions which Insurights can eliminate. We work with brokers and charge a small subscription fee from the broker for the use of our platform for each software license. We believe that by using our platforms brokers and health insurance companies can personalize their offering and offer the right plans based on what users are really looking for – our platform will give visibility into what people really need and it’s different across geographies, age groups, companies, etc. Today most plans don’t take that into consideration and we want to change that. Lastly, with the use of our platform, people can become healthier, important to say that – we believe that we will make people healthier which mean more productive, happier, more engaged employees.
I did not expect insurance company to help its insured use their policies. How can you explain that?
Ofir: Insurance companies are myopic and not personalized:
I. They are looking at the next quarter and the less insurers take advantage of their health benefits, the more the insurance companies make in the short term. In the long term, if more people were aware of the preventive care they are entitled to, the wellness benefits etc., the healthier they will be and the less the insurance companies will have to pay for their treatments. Imagine if Insurights helps someone identify a serious medical condition before it becomes too late, at the end of the day, not only we helped someone be healthier, we saved the insurance company thousands of dollars by early identification of a medical issue. Today tens of billions of dollars are wasted in the US due to late diagnosis – we are trying to change that.
II. Most people don’t really trust their insurance provider to be open with them on what they are really covered for. People are dealing with +400 pages long PDFs to try and understand what they are covered for. Our platform is digitally personalized to fit the user’s exact needs and plans. We are able to answer a specific health insurance related question based on your profile and your plan.
Can you tell me about major deals you have signed so far?
Ofir: We have just recently came out of stealth mode and are already working with a number of companies, we also recently signed a deal with a US broker and are now in pilot stage with a very large provider in Israel with over 3 million users. We are only getting started and are getting a lot of traction lately which is very exciting.
What investments were made in the company?
Ofir: We are currently self-funded and are not in a rush to bring money into the company until we really need it. We are always open to new partnerships and if there is someone who shares the same vision that we have – make millions of people healthier, have more accessible healthcare and make a difference, we’re happy to get in touch.
Tell me about your professional background and about other key figures in the company
Ofir: I am a medical doctor by profession but also an entrepreneur by passion. I believe I can apply the skills and experience gained through my medical training to succeed in business, while making even bigger difference in the world than treating individual patients. Actually, we have a fairly large team already on board with different set of expertise from Chabot’s and NLP experts to designers and developers. We’re very proud of the group we have and are very excited about what’s next.