Last week the DemoDay 500 was held in which Koltin presented the first health insurance for the elderly in Latin America.
Eduardo Ortiz, CEO of Koltin explained during the brand’s pitch that in Latin America private insurance agencies refuse to provide coverage to people over 65 years of age, which is the age limit for insuring a person.
He mentioned that we all know someone who took care of us while we were growing up and in his case, it was his grandparents who inspired him to develop a solution -together with his partner- that would allow them to take care of them.
“Koltin is the first company that can enroll (insure) people up to 85 years of age,” he said.
He explained that this works through a specialized insurance program that required partnering with insurers and taking care of risk distribution and mitigation, while insurers maintain underwriting risk.
“Once a family has decided to insure with us, we start working with them immediately to understand the risks, and work proactively to improve the health of each person.”
He gave as an example that while one elderly person may require help to keep their diabetes under control, another may need it to strengthen their bones.
In all cases, they meet with users to use tools they feel comfortable with, such as WhatsApp; which allows “our service to be highly personalized and scalable”, commented the manager.
She added that Koltin’s proactive care consists of specific health recommendations, reminders of when to take medications, as well as video consultations and proprietary online courses.
“We reach our target market through their adult children, our clients are people between 30 and 55 years old, digital natives and in search of alternatives that allow them to help protect the largest members of their family, together we take care of the people they love,” he said.
Growth in demand for these services
Koltin’s CEO explained that the population of older adults in Latin America is growing three times faster than it is in the US, so the demand for their services is destined to grow both organically and exponentially.
Regarding how they generate income, Eduardo Ortiz explained that they do this both by charging a recurring monthly fee in all health plans with products that range from $3 a month for accident insurance, to insurance comprehensive health insurance where customers will never pay more than $80 a month.
“Being the first promoter of this topic in Latin America, and the only one that has understood this market, has allowed us a month-on-month growth of 39%.”
Ortiz added that this solution will allow them to become experts in healthy aging in the region and even mentioned that rethinking insurance is just the beginning, since “we are using data and promoting behavioral health to completely redesign the experience in health for older adults.
“We have proven to be valuable to the elderly and their families from day one, not just when something bad happens,” he said.
During his speech, he assured that, as the first specialized program in Mexico, “we are offering families the opportunity to take out insurance in just 5 minutes, choose an insurance product that fits their budget, and (…) access content and personal assistance designed to help seniors build better health.”
We are a team of young entrepreneurs with 10 years of experience in health, finance and insurance, which has been taken advantage of by advisors and investors who have taken advantage of this opportunity -explained Ortiz-, for which they are currently raising a previous round with the goal to duplicate its successful go-to-market strategies, build a stellar team of more than 20 people, and design more tools that can help seniors improve their health.
“We already have the support of top-tier investors in the early stages, and we hope they will join us in reshaping the health and insurance experience for those who took such good care of us.”
DemoDay 500
It is an online event -organized by 500 LATAM- whose objective is for investors to connect, listen and commit to start-ups with the aim of investing in them. Each company presents a three-minute pitch and through the platform it is possible to request more information or even start investing.
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