The Care We Share

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Eusoh, the Innovative, Transparent, Affordable Alternative We Need

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.

Medical Crowdfunding on the Global Scale

The world of crowdfunding, crowdsourcing, and crowdsharing expanded with the funding of Waterdrop Company, a China-based medical alternative provider. They closed a 500-million yuan ($74.2 million) Series B financing round to expand their crowdfunding, mutual and insurance products.

Source: https://www.dealstreetasia.com/stories/chinas-waterdrop-completes-74-2m-series-b-round-led-by-tencent-127798/

The round was led by Tencent, joined Banyan Capital, IDG Capital, BlueRun Ventures, Sinovation Ventures, DST Global’s founder Yuri Milner, and former CEO of Tencent’s e-commerce business We Xiaoguang. All are supportive of Waterdrop’s essential crowdfunding business model of offering support of medical services to the poor.

Waterdrop providers members with value-for-money and affordable medical-care protection. Currently, it has over 75 members, paid out over 350 million yuan in mutual aid fund and assisted more than 2500 families. Their insurance arm works with over 50 insurance companies in China that serves to over 10 million users in the country.

Insurance alternatives on the rise

Waterdrop looks to be the catalyst of an insuretech revolution in China. Traditional offerings are now competing with promising startups like Waterdrop. The amount of business the company has been producing is staggering. But with funding coming from Tencent and others in the field, Waterdrop looks to make crowdfunded health care as the new norm.