Venture Insights #2: Aman
"Reimagining healthcare benefits in Indonesia." - Aman
The Pitch 💡
“Supercharge your employee benefits experience with one central, easy-to-use platform” - Aman
Steven Tannason: Previously Strategic Partnerships Lead (Corporate Development) @ Bytedance, Strategic Partnership Development Manager (Global Product Partnerships) @ Google.
The Spark ✨
Huge problem to tackle 💥 : 100 million people have or are at risk of disease in ASEAN, while 55% of all in the region are because of NCDs (ex: Parkinson's disease, autoimmune diseases, strokes and most heart diseases, to name a few). In addition to that, the cost of getting treatment is getting higher over time (10-13% increase) which will result in USD 320 billion more healthcare cost by the year 2025.
Increase risk in job shift by 2030 🕒 : Moving forward to 2030, it’s anticipated that most of the huge addition in the job shift will involve physical activities. The growing demand for physical activities will boost the need for employee healthcare benefits among employers/employees. In fact, when choosing between a lower-paying one but with better health benefits and a high-paying job, 88% of respondents would choose the former.
Opportunity to digitize a very traditional process 🔧: Current healthcare services are simply not set up to cater to these life transitions. General Practitioners have very limited time to handle questions, and private health insurance often doesn’t cover certain scenarios. Hence, people often fall through the cracks.
The ever-growing global healthcare insurance market 🚀 : According to Grand View Research Inc., by 2027, the global demand for health insurance is projected to hit USD 4.0 trillion, growing at a CAGR of 6.7%. With the rising population and growing average life expectancy, healthcare is becoming more costly. The increased prices for treatment particularly inpatient hospital treatment, also account for 50% of the rise in healthcare expenditure. In fact, the industry was dominated by the adult segment which accounted for the highest revenue share in 2019.