Insurance Solutions for Future GenerationsBy Miriam Bello | Tue, 04/21/2020 - 11:34
Q: How is Kalmy a platform for wellness?
A: Kalmy is a digital platform directed to millennials that offers a wellness program that promotes healthcare by rewarding users. Kalmy works as a digital broker. We work with insurers but the wellness program that we created is independent from the insurer company of choice. Kalmy offers a nutrition, psychological and sports programs. These are interconnected to measure KPIs and determine how best to incentivize users to have a healthier lifestyle, which, in turn, results in better-priced insurance policies. For the sports program, for example, we measure steps, heart rate and exercise, among other elements.
We have an agreement with several Mexican laboratories, including Grupo Diagnostico Proa, for checkups that allow us to have a baseline healthcare image of users so we can be as accurate as possible when designing their program. Recommendations depend on the users’ desires and the ideal healthcare state they want to achieve.
Q: How is Kalmy growing its reach among potential clients?
A: We want to link Kalmy with wearables to receive the user’s data in real time. Also, our work with insurers is key as we create solutions based on their data. We are a tool for insurance companies. Kalmy shows them the hospitals the user has access to, all the healthcare options the company provides and the additional benefits one might have, all in a user-friendly way. Our first approach to insurers was challenging because we had to create all the technologies necessary to help mold them to this way of working.
With hospitals, while we do cover diseases, what we mostly try to cover is accidents as the response from our app is immediate. One of Kalmy’s purposes is to be an ally for the user at all stages of life, so helping the user to contact the insurer in case of an accident is very important for the platform. Hospitals and doctors tend to have their own ways of dealing with insurers, so this has been a challenge. These players are very traditional in their methods. To address this, we have been working with other startups that are 100 percent dedicated to this subject. We know that the situation will change over time.
Kalmy also provide extra services for users. We offer gym discounts, for example, given that the whole purpose of the app is to promote healthier living. We are developing a section that automatically registers habits and lifestyle characteristics, which allows us to measure real-time activity instead of simply depending on the user’s input. This section will display a progress bar that indicates improvements, which will also unlock benefits that could include discounts at healthy restaurants or movie tickets.
Q: What strategies and tools are you using to develop your business?
A: Kalmy has participated in programs such as MassChallange. We continue to follow up on the recommendations we receive, which helps us with our networking and growth. We recently created AIM Mexican Insurtech Association with 27 other startups to help us reach insurance companies. The program Finnovista has also helped us to find other direct profiles that trust our work. However, LinkedIn has been the tool that has helped us the most to reach both companies and clients.
We are present in more than 24 states in Mexico, which we mostly achieved through word of mouth. As a startup, our marketing budget is limited as most of our resources were destined to test runs. A good traditional insurance agent will sell from 80 to 100 insurance policies per year. With technology, we were able to sell five times more with just one person in the operation. We have identified our target very well, which is a real benefit because we know what will work and what will not. Classic insurers have a very broad portfolio, so offering a concrete product is complicated. The average age for Kalmy users is 32. Traditional insurers deal mostly with 45-year-olds, which is a completely different target.
Q: What are your growth expectations for Kalmy?
A: Our goal is to grow tenfold in 2020 and to keep our results stable afterward. Wearables will help a lot with this and with our overall goal to reach 1 million users in five years. At the moment, we need more investment to support the wearables project, which is what we are mostly focusing on. This is going to boost our position in the market and also contribute to our technological development.
We have two types of clients: B2B and B2C. For the latter, we have created a dashboard that allows them to see all the movement and activity of their users. We work mainly with small companies, but our offering is the same for small and large players.
Kalmy is an affordable and complete Health Insurance that protects and rewards healthy lifestyle behavior. It works as a digital insurance broker specialized in health insurance and medical expenses, allowing clients to search and compare insurance products for medical expenses from different insurers and take advantage of discounts