Great news! We’ve been recognized by the Digital Insurer, world’s largest dedicated knowledgebase on digital insurance, as a finalist for their 2019 Startup Insuretech Award. The award will be handed out as part of their Global Livefest 2019 festival.
The November event, will recognize the excellent achievements and digital and technological innovations in the entire insurance industry. Eusoh is proud to be one of those companies to be recognized.
Take a look at the Digital Insurer’s website for the event.
You’ll see that Eusoh is on the shortlist of the many startups making waves in the insurance industry. LIVEFEST 2019 is an opportunity to share knowledge and learn more about the digitization of the insurance industry.
Fact: Less than 2% of pets in North America are insured.
Fact: 93% of Americans do not trust insurance companies.
Eusoh, a startup based out of Los Angeles, CA, provides the first fully-functional alternative to insurance. Founded by a former surgeon, Allen Kamrava, Eusoh (pronounced “you-so”) offers people an option that simply wasn’t available before. It’s a platform that protects people without taking advantage of them.
Eusoh is a community-based health coverage plan for pets. Community is at the heart of Eusoh, where members commit to help one another when their pets have unexpected health needs. Eusoh is not insurance nor a provider, but a platform that allows members to share expenses together safely and securely.
Since its launch, Eusoh members have saved 80% compared to traditional pet insurance. So what’s the secret? It’s an innovative subscription model. Eusoh members pay a flat subscription fee ($17/mo.) plus a portion of shareable expenses. The flat subscription fee covers the use of the platform. The monthly shareable expenses, (which will never exceed $48/month), will vary depending on how many expenses are submitted by the group that month.
In the traditional insurance model, insurance company profits are tied to premiums, and, ironically, to claims. Increases in claims are simply passed on to consumers as increases in premiums. The profits of these multi-billion companies rise concurrently. It is not in the best interest of this industry to lower monthly costs for the consumer. Eusoh is unique in that it does not take a percentage of members’ contributions; therefore, there is no incentive to drive up costs.
Eusoh compares favorably to traditional insurance in the model and in pricing. The platform protects the consumer in the form of transparent pricing. Eusoh built the first-ever searchable database of procedure pricing. This database allows members to see what other members are paying (along with what they should be paying) for services across the country. As expenses for services are submitted, Eusoh updates its database in real-time to reflect these changes.
Allen Kamrava says about Eusoh transparency, “Markets operate effectively when information is equally and fully accessible by EVERYONE, not just a select few. Eusoh’s foundation is providing full information transparency to our users. In doing so, our members are fully-armed with knowledge so they can’t be ripped off and that drives costs down for all of our members.”
For the consumer seeking a new alternative to pet insurance, signing up is simple. Users register by email or through their Facebook account. They will be required to add a pet and fill out a questionnaire regarding their pet’s overall condition. Last, they will be given the option to join a number of diverse cost-sharing groups.
Within Eusoh, there are groups built and populated by families, workplaces, and college alumni. There are also groups based on pet breed, religious affiliation, pet affinity, and even lifestyle. Rescues are even getting into Eusoh to provide coverage for their adoptees. Wags & Walks, one of the most prominent rescues in the Los Angeles area, have registered pets to Eusoh and its group members are currently sharing expenses together.
“The most common thing we hear from people is, ‘Wow! We wanted something like this but is it working?” says Kamrava, “Well yeah, it not only works, but it has also done beautifully over the last year, and the savings have been outstanding. We couldn’t ask for better validation than our pilot program showed in our launch year.”
Eusoh (https://eusoh.com) is a new way of paying expenses. It’s innovative. It’s different. Most of all, it’s something you must have just in case something happens to your pet.