Loop's Unique Health Assurance Model Drives 200 Per cent YoY Premium Surge Across 1000 Companies
Aug 31, 2023
BusinessWire India
Pune (Maharashtra) [India], August 31: Loop, India’s first Health Assurance company, has achieved remarkable growth over the course of the last 12 months. In this duration, the company has registered an increment of 200% in premium bookings, powered by their unique model of offering preventive healthcare services with group health insurance. The company crossed the 1,000 customer mark and supports 500,000 employees and families who use the health assurance model to stay healthy and experience a technology-enabled insurance claim experience in the event of sickness. Headquartered in Pune, and backed by visionary investors like Vinod Khosla, General Catalyst, Elevation Capital and YCombinator, Loop introduced Health Assurance in 2018 and has scaled operations across India to 400+ employees, with offices in Pune, Mumbai, Bengaluru, Delhi NCR and Hyderabad.
A concept that is new but being rapidly adopted by Indian companies, Health Assurance combines health data, technology and preventive care to keep people healthy i.e. achieve complete physical, mental and social well-being, as a primary objective, while making sure that they get accessible, affordable and empathetic sick care as and when they need it. Loop’s Health Assurance model has powered preventive healthcare in the last 12 months in the form of 100,000 medical chats, 30,000 doctor consults and 14,000 lab tests. 25,000 corporate employees have attended their preventive healthcare-focused wellness sessions.
Health Assurance is a necessity in the modern healthcare scenario, especially because of the Indian healthcare system’s disproportionate focus on sick care. This is mirrored by the health insurance industry’s focus on only paying for sick care. Neither system is incentivised to keep people healthy. This is compounded by Corporate India’s narrow definition of health benefits as only providing insurance coverage. As a result, India has a growing disease burden with 101 million diabetics, 315 million hypertensives, and 254 million obese (src ICMR). There is also a growing mental health burden. The impact of this disease burden is reflected in the workplace in the form of rising absenteeism and lowered productivity.
“At Loop, we believe that true healthcare goes beyond reactive measures. Our Health Assurance model is a commitment to proactive well-being, a pledge to keep employees healthy, and a promise to stand by them throughout their health journey. Health Assurance is more than just insurance. With insurance, you pay a premium in case you need critical medical care. With Health Assurance, you pay a premium for the assurance of good health and to have support along your entire care journey through preventive care, wellness programs, and chronic disease management. Imagine if your cardiologist had access to the live heart rate data on your wearable. Or what if your nutritionist checked in on you every week proactively? And what if you could get lab tests every year for free through your insurance plan? All this is possible, with the correct alignment of incentives, data, and care protocols.” said Amrit Singh, Co-Founder and Chief Revenue Officer, Loop.
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