You can apply the AirBnB model to many other sectors of the economy, because in essence, it is a kind of X Factor parade of auditionees, all competing for ad hoc business. So long as consumers have trust and faith in their choices, they will be happy to sort their own medical care when things go wrong on an overseas trip – here’s the word from Air Doctor;
With 95% positive feedback, Air Doctor has helped one of Israel’s largest insurers increase revenues from their traveller’s health insurance by over 20% and reduce medical visit claim costs by 14% during the first half of 2019. Looking to create historically low costs-per-claim, they are preparing to serve new use cases, which will widen their scope of service while offering their product to all insurers globally.
Legacy travel insurance requires customers to visit expensive clinics or hospitals due to an insurers’ inability to create a global network of practitioners. In the United States, the average Emergency room bill costs insurers approximately $1,500 per non-urgent claim.
Recognizing the potential to increase the quality of patient care while significantly reducing costs, Air Doctor has developed partnerships with local doctors globally and offers a cash-free process for policy issuers. Managing incoming claims and reducing the average cost-per-claim down by hundreds of percent has proven to be a recipe for insurer success. Further reducing costs, Air Doctor provides a brandable mobile application to insurance companies. Policyholders choose their doctor directly, freeing up staff from claims management to carry out more efficient and productive tasks.
Looking to the future, Air Doctor is preparing the rollout of their Telemedicine service in the coming months, which will reduce the average cost per claim even further while increasing customer satisfaction. Allowing all insurance providers to offer their customer’s Air Doctor’s service is changing what consumers expect from their providers. “Our target is to have the average non-urgent visit fall below $100. We currently provide superior service by partnering with doctors who serve patients in any location that is convenient for the patient, oftentimes right in their hotel room,” said Jenny Cohen Derfler, CEO of Air Doctor. “Taking our model a step further, providing telemedicine will allow our partnered doctors to provide instant care anywhere on the globe and reach our cost per claim goal.”
Working with one of Israel’s largest insurers, The Phoenix, 95% of customers who needed medical care while traveling used Air Doctor’s service. For this relatively personalized care, The Phoenix had noticeably higher revenues during the first three quarters of 2019 without needing to raise prices for this worthwhile service. “Working together with Air Doctor has been a vital piece in increasing our department’s revenue while better serving our policyholders.” Said Dudi Oz, Head of Travel Insurance at The Phoenix.
Previously, this service was offered to travellers who planned to visit specific locations. After an initial pilot, this convenient offering is now available to all travellers globally, regardless of their travel destination. In the case that there is no locally partnered doctor, Air Doctor will find a local physician who can treat the traveller.