Enhancing Senior Life by Fostering Healthy Aging

Q: What is Koltin’s main mission and how does it fit into the overall healthcare sector?

A: Our aim is to transform the way Mexicans over 50 years old experience the healthcare and insurance systems. During the COVID-19 pandemic, we faced issues in securing insurance for our elderly relatives because individuals over 65 years old find it almost impossible to obtain private health insurance in Mexico. What we plan to demonstrate is that by investing more in maintaining health, the country spends less on treating illness, thus making health insurance viable for the elderly.

Q: Has limited digital literacy among this demographic group been a problem? If so, how is Koltin making its service more accessible?

A: Seniors face certain prejudices, such as the belief that they will not necessarily be as involved in digital care. But we have observed that they are perfectly comfortable with the technologies we use to reach them, such as WhatsApp or Facebook. We have not found the need to provide digital literacy education; they seem to be quite comfortable with digital tools, possibly even as a norm.

We offer health insurance through our membership, but that is not the core of what we do. The backbone of our mission is healthy aging, which is something everyone should consider. It extends beyond just the clinical aspect to encompass social and psychosocial dimensions, making it a broad operational scope. We believe in promoting healthy aging throughout one's life. When individuals contemplate aging, they often envision a path of continual growth and development, culminating in a somewhat arbitrary milestone, usually around the age of 65, where signs of decline may start to emerge. This decline marks a phase of life when individuals are encouraged to enjoy their "golden years." But, biologically, it is evident that aging processes commence much earlier, perhaps as early as 30, when bone deterioration becomes noticeable. Thus, aging is a universal process that affects us all, beginning at various stages of life.

Q: Who are the primary seekers of solutions? 

A: Roughly half of our clients are the beneficiaries themselves and the other half are their close family members. When seniors directly seek our services, it is much easier to persuade them of the relevance and utility of our offer. Many sons and daughters are also seeking protection for their older family members. Interestingly, there is a notable gender dynamic at play, particularly with women, who comprise the majority of our clients.

We have issued over US$7 million in premiums. In 2022, when we partnered with BBVA, the first risk they allowed us to underwrite was accident risk. This was a good place to start, but not enough to meet clients' health protection needs, as they also seek coverage for COVID-19, cancer, and heart attacks, and many other conditions. In July 2022, we introduced a membership that included major medical expense insurance, becoming the first company to offer this type of insurance to individuals up to 85 years old. It took us less than a year to issue the first million in premiums.

Q: What type of partners is the company seeking?

A: Medication suppliers,laboratories, and clinics are the most obvious partnerships for us at the moment. For example, we provide access to lab studies from Laboratorios Chopo with a generous discount. However, we are continuously studying what people want, which means are open to anyone who believes they can contribute to healthy aging, even in non-obvious ways. For example, at Koltin we recently offer Tai Chi courses and other activities that foster the holistic health of our community. It is not just about offering health insurance memberships with video consultations; we want to uplift individuals as much as possible.

Q: What factors are limiting older adults in Mexico from living life to the fullest?

A: Public policies may not be addressing social changes adequately. The United Nations emphasizes the importance of healthy aging, deeming it one of the most critical issues of the decade. We can precisely predict how many older adults there will be and anticipate the implications of this demographic shift on pension systems or healthcare. Unlike climate change or AI, aging projections are precise down to the decimals; however, there are not enough companies or government institutions working toward addressing this problem. The National Institute of Geriatrics, for example, is doing a tremendous job with the resources they have, but could do even better with more support. There are only a few geriatric researchers in the country, despite its vast older adult population. 

Universities should also be advocating for more research and interventions in this area. Our best and brightest scholars could be focusing on aging-related studies, considering the demographic shift in Latin America, where aging is occurring rapidly. We are witnessing a significant demographic shift, even though we may not be as mature a country as Japan or certain EU countries. The proportion of older adults in Latin America is increasing rapidly, signaling the urgent need for proactive measures to address the challenges and opportunities associated with an aging population.

Q: What will be Koltin's legacy in the Mexican healthcare system?

A: In a decade, we will look back with disbelief as it seems archaic that older adults were not granted access to alternatives in private health insurance. We will likely question why we did not extend such essential provisions. It will be inconceivable for insurers to decline coverage based on age or demand exorbitant premiums after years of loyalty. These antiquated practices will become obsolete as we collectively strive for progress. Embracing a stance of acknowledging our limitations fosters a receptive environment conducive to growth and innovation. 

Koltin offers major medical expense insurance to individuals aged 50 or older, providing them with lifelong protection at affordable rates.