Q&A with Zvika Ilan – CEO & Co-Founder At MediMe
What does MediMe do?
Ilan: MediMe operates in InsureTech and, more specifically, in the world of health insurance and life insurance. These are the two most complicated areas of all the insurance areas and the most extended underwriting processes.
Today, the processes of purchasing an insurance policy are long, complicated, with a complicated privacy problem, and at the end of the day, do not provide a personalized solution, but instead put the insured into a template – an insurance policy.
Also, in terms of insurance agents and insurance companies – the processes are too long and involve far too much human resources and too little automation.
MediMe is developing a smart AI-based health profile to shorten and simplify processes that genuinely reflect insurance components and maintains continuous updating and privacy at the highest level.
MediMe’s solution will allow everyone – insurance companies, agents, employers, and of course the insured – to profit from a cheap, fast, accurate and secure system to get the best insurance at minimum cost.
what is the difference between a medical file and a Health profile?
Ilan: Medical File is a database located at one of the service providers in medicine and relates mainly to the history of the patient’s interaction with the medical institution. The information is primarily attributable to tests or diagnoses collected following specific medical complaints or conditions. In many cases, data is scattered among many entities, unorganized and unmanaged, lacking essential data items and beyond that – out of date.
Health Profiling is a data system that contains robust health data about the profile owner that prioritizes the data according to the need at a given moment and takes care of updating from different systems to provide a current health snapshot and not just historical information. In almost every situation, we must fill the gap between the medical history and the current medical condition. Every time a patient will admit to a medical institution, the medical staff will perform a medical examination (anamnesis) to fill the gap between the past and current situations. Whoever can provide the information to fill this gap will provide more accurate and quality care and insurance options to the patient or insured.
COVID19 is the best proof of the Health profile advantage over the Medical File. No Medical File can help the entities handling COVID19 interrupt the contagion chain – only up-to-date daily information can provide the solution. The health care system has had to look for solutions that it does not have to deal with this epidemic. The medical files in the medical institutions, at best, provided partial information on patients.
what do you do with the profiles you build?
Ilan: The profile will allow us to break down the health status into components and then make an exact match between insurance components and the insured health profile. The constant updating of the Health profile allows us to check for the customer what will be the best options for him at any point in time without repeatedly filling out health questionnaires. It is important to note that all review processes, up to the decision stage where the customer seeks to purchase the insurance – are done anonymously. The customer will be able to make an informed decision even before he reports to the company about a change in medical condition and maintains a high privacy level.
How does the medical insurance marketplace you are developing improve the insured’s private insurance Policy?
Ilan: The MediMe’s marketplace will allow customers, for the first time, to fully understand which policy will be best in terms of their health and not just in terms of exceptions that protect insurance companies and what the consequences of choosing one insurance policy or another.
The system breaks down the health situation and scans the entire market to check the best insurance composition for the customer when he can choose what he wants to emphasize – price, availability of services and doctors, or the scope of insurance coverage. You understand that there is a difference between a person with diabetes who has both his medical-therapeutic expectations and the type of doctors he will need to consult or the medications he needs and those who suffer from back problems or those whose health is entirely normal. Today the policy operates mainly negatively. It excludes all treatments and does not present solutions. Besides, the insured does not know whether doctors’ availability, the range of treatments, and his medicines’ prices are better in one policy or another. The existing situation is blocking information from the customers, and this is where MediMe comes into the picture. We work to find the best components and present them to the customer’s choice transparently.
What is the business model?
Ilan: We will offer agents and insurance companies the use of our system and the vast savings we will provide in exchange for a sales commission. It is important to note that our system will also lower sales commissions to roll out the discounts to customers and thus make the offers more attractive.
Beyond that, we will provide insurance companies and agents, better market analysis, and suggestions for improving insurance products. We can even predict for them who should offer preventative treatments to prevent deterioration in the medical condition – always cheaper and more effective for insurance companies to prevent disease than treat it. Again, the customer will receive a much higher level of service than he currently receives.
what investments were made in the company so far?
Ilan: so far, all the investments have come from the founders and family members. We are currently in the process of fundraising to consolidate the team, continue development, and enter the market in Israel and the United States.
Tell me about your professional background and other key figures in the company.
Ilan: I am Zvika Ilan – CEO & Co-Founder – with over 25 years of experience in the Hi-Tech world as CEO and VP of several companies. I have vast experience in business development and marketing strategy in Israel and overseas.
My partner Eli Walles is VP BizDev & Co-Founder – with 15 Years of experience in Bizdev. Former chairman of the technology company MySize.
Recently, we also added Professor Amir Geva, an international expert in the field of machine learning and AI, to our team.