Futura Genetics developed a digital health platform, powered by genomic data, for the use of the entire life insurance value chain.
For life insurers – we provide personalized and effective tools to extend their customers’ life expectancy, thus increasing retention and decreasing claims.
For life insurance customers – we provide a gamified and personalized experience using their personal DNA, that motivates them to act upon their own health.
Life insurance customers that use our system are more engaged and live longer, healthier life.
Customers privacy is our domain – Our post-underwriting solutions are 100% regulatory compliant, we are the Regulatory Firewall that protects users’ data on one hand and enables Insurance carriers the ability to introduce genomics to their clients without mishandling sensitive genomic data.
We also add significant value for MGAs, brokers, agents and Reinsurers.
The key figures in the company are Efi Binder CEO & Co-Founder, Ram Warsha COO & Co-Founder, Oran Singer CTO and Fatima Omary Head of Genetics.
What problem is it meant to solve?
Life insurance carriers have almost no means of communicating with their customers after the
underwriting is done or if the policy lapses. Also, customers detect some of their health conditions at a late stage leaving no room for action.
- Early detection – Early detection of death causing diseases such as heart conditions, cancers and diabetes prolongs life and ensures better quality of life.
- Prevention of risk – a person that knows his top 3 health concerns can act upon them and in some cases eliminate the risk altogether. (e.g., melanoma and UV/sun exposure)
- Improving mortality tables for Reduction of claims.
What is your business model?
Our buisness model is B2B2C – Carriers pays us, customers pay nothing.
and usage based pricing model.
How do you see the current situation in that area on the insurance industry today?
Insurance today are looking for ways to predict risk, mitigate risk and in some cases prevent the risk from happening, we see it in P&C insurance in the form of fire detectors and flood detectors. In life insurance, it’s a bit more complicated. In addition, Life insurance is a relatively “old” product with no touch points during the policy lifetime.
The most innovative addition to life insurance was the questioner about smoking habits somewhere in the 1980’.
Adding genetic analysis in a regulatory compliant way in which no genomic data is transferred to any third party, especially not to the insurance company, both ethically and regulatory.
What investments have been made in the company so far?
We raised a pre-seed round of around $1MM from leading angels and US based VCs. And we are about to embark on a seed round in the next few weeks.
What is your current business situation?
Our design partner is a leading international Insurance company, under NDA. Additional worth mentioning are some tier-1 MGA and Reinsurance firms.
We also partner and collaborate with Illumina inc. and Hadassah hospital.
Which companies interests you as business partners?
US based life insurance carriers, MGAs, and every company on the life insurance value chain.
There are a lot of wellness startups around, how are you different?
All those companies are providing the same recommendation (exercise, eat better, sleep better, stop smoking). Our recommendations are clinical one-time actions with significant impact on health, for example, if we find a 46Yo person with genetic predisposition towards colon cancer, we would (probably) give them an action item to go and undertake a colonoscopy test even though the general recommendation is from the age of 50… Single time action – huge impact.