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Innovation in Insurance: A Dialogue on Customizable Health Coverage

One-on-One with Tony Miller, Founder and CEO, BIND On-Demand Health Insurance

Q1: How do you think on-demand health insurance impacts patients’ financial future and their choices?

Tony: Firstly, notice one key distinction – on-demand healthcare versus on-demand health insurance. At BIND, we provide on-demand health insurance. We observed that consumers in the US use the healthcare system very episodic and transient way – an on-demand kind of way. A symptom arises, a need arises, and they want to solve this quickly and efficiently so they can get back to their everyday life. Based on this knowledge and understanding of the market needs, we tried to think of whether we can match up the financing of health to its usage. What we figured out is – YES, you can! On-demand technology makes my life, and others’ lives so much easier. The easier it is for me, or them to get a product or service, the more of it gets consumed. Therefore, If you match the financing with the way people actually access the healthcare system, they will buy more. When we started building the actuarial models it became very clear to us that this is a very easy thing to do. But also, very disruptive to the core players in the health value chain – the insurance companies.

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