Central regions | Finance, business

Russian insur-tech company receives investments

21 Jul '20
BestDoctor, a resident of the Skolkovo Foundation, has attracted $ 4.5 million in investments. The online health insurance platform has been funded by the previous pool of investors - venture funds AddVenture, Target Global and LVL1.
BestDoctor is the first insurtech company in Russia that deals with VHI products, and the first to implement the self-funding model, the founders of the company describe their business model. We are using technology and analytics to change the rather conservative insurance industry. The technology is based on big data analytics, which makes it possible to accurately predict spending on medical services for employees, route patients, manage their health risks.
According to its own data, BestDoctor has 30 thousand users out of more than 100 companies and 11 thousand partner clinics. The volume of current contracts is over 600 million rubles, and the startup names Hoff, Ostrovok, Azbuka Vkusa, Mail.ru Group, Samokat and others among its clients. The parties did not disclose the terms of the deal and the assessment of the startup.

BestDoctor plans to spend the received investments on developing technologies and implementing a strategy to create a platform for health management, as well as expanding sales through new b2b and b2c products, in particular, specialized VHI policies for different business segments.
During the pandemic, the demand for online medical services has increased and our business has grown enormously. We will now focus on building a health insurance-based health management platform. The private health insurance market worldwide grew by 20%, in Russia alone its volume amounted to 180 billion rubles. This proves that the product will be in demand and will form a new consumer habit, Forbes quotes Mark Sanevich, one of the founders of the company.
BestDoctor is one of the illustrative examples of the transformation of the conservative insurance market through new technologies and business models, said Stanislav Kolesnichenko, managing director of Skolkovo - Venture Investments, in an interview with Sk.ru.
The company operates in one of the most competitive and player-saturated markets for VHI, which is under constant inflationary pressure on the cost of medical services. Competition in this niche for new players is possible only through increased efficiency, automation of business processes and the introduction of new business models, which is successfully proven by BestDoctor. The company has successfully picked up the trend of increasing requirements for the quality and availability of services within the framework of the social package on the part of employees and the growing financial constraints of employers who are looking for ways to more efficiently spend benefit budgets, stated Mr. Kolesnichenko.
The founders of the company, Sanevich and Mikhail Belyandinov, are former classmates at the Faculty of Fundamental Medicine at Moscow State University. They conceived a joint project after the third year of university. At first they tried to make an online appointment service for doctors. But the idea didn't take off. Then in 2015 the partners decided to switch to digital VHI.

The first investor in the startup was the AddVenture fund, which in 2017 invested 32 million rubles in the project. In 2018, BestDoctor raised a larger round of $ 3 million from a group of investors. The lead investors were the same AddVenture, as well as Target Global, reminds Forbes. This year, Mark Sanevich and Mikhail Belyandinov were included in the magazine's rating of the 30 most promising Russians under 30.
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