Startup health insurer Peachy has completed a $1.6m funding round with backing from senior insurance industry executives including former CEOs of Bupa, Axa Global Health and the Chartered Insurance Institute (CII).
Backers include ex-Axa Global Health and Bupa Insurance CEO Dr Damien Marmion, former-Bupa Group CEO Stuart Fletcher and ex-CII CEO Sian Fisher (pictured).
Peachy said it is the first and so far only health insurtech firm to be accepted into the Financial Conduct Authority’s (FCA ) Sandbox programme that enables new companies with innovative propositions to go to market with real customers with the regulator’s approval and guidance.
Peachy uses a wholly technology-based solution with the aim of providing cover that is flexible and affordable, giving easy access to private healthcare without any ongoing commitment from the customer.
It said it provides flexible health insurance without annual contracts and excesses through it’s app.
Customers can use any UK-accredited healthcare provider they choose and can book and see a virtual GP.
Investors behind Peachy’s $1.6m seed capital raise included:
- Dr Damien Marmion – ex-chief executive of Axa Global Health and former chief executive officer of Bupa Insurance
- Stuart Fletcher – ex-chief executive officer of Bupa Group
- Riko Scandelious – ex-operations director of Bupa Insurance
- Sian Fisher – ex-chief executive officer of The Chartered Institute of Insurance
- Eva-Maria Barbosa – Partner (Global Insurance M&A) at Clyde & Co
- Jonathan Ward – chief underwriting officer at Starr Companies
- Dr Ali Noorani – president and chairman of Harley Street Specialist Hospital and medical director of the Orthopaedic Specialist Group
The start-up has been under development for three years and has been launched by former NHS surgeon, strategy and mergers and acquisitions professional and senior executive at Bupa, Amit Patel.
Patel said: “My former career as a surgeon in the NHS and subsequent time as an executive in and around the private healthcare industry gave me all the experience, insight and exposure to see and know what works and what doesn’t.
“More than anything it has given me the passion to build a better way to provide access to private healthcare, making it radically more affordable and available to as many people as possible.”
Marmion added he was impressed by the team for delivering a modern integrated digital health solution which would allow health insurance to work for a wider population.
“Peachy will help reduce the burden on the NHS, broaden engagement in private care and is a refreshing digital solution among analogue traditional insurance,“ he said.