Lloyd’s insurer Beazley is partnering with InsurTech Gaia to offer a new solution for individuals undertaking in vitro fertilization (IVF) treatment.
The health-focused InsurTech has been working with Beazley and Chaucer to design a new underwriting approach and has been appointed as a Lloyd’s coverholder. The product will be led by Beazley with further support provided by Chaucer and Atrium.
Gaia leverages millions of data points to predict personalized success rates for IVF treatment—providing people with transparency, community and access to IVF services from a range of clinics via an innovative mobile app and website. Gaia is an alumnus of Lloyd’s Lab, the Lloyd’s market’s innovation accelerator.
By introducing a greater element of predictability into the fertility process, Gaia has been able to give people better visibility of the type of treatment and number of rounds they may need. Gaia’s ground-breaking modeling work has also enabled insurers to have the confidence to offer insurance for IVF treatment, said Beazley in a statement.
The product, which is initially available in the UK, covers eligible Gaia members for their treatment fees in the event their IVF treatment program isn’t successful. Policyholders are also offered a fund that can be used to pay for counseling costs.
“The Gaia proposition is unique because it represents the embedded digital distribution of a completely new type of insurance product. The Gaia solution also caters for a market that is set to grow exponentially in the coming years as fertility levels continue to decline globally,” commented George Beattie, head of Incubation Underwriting at Beazley.
“For many, accessing IVF treatment is fraught with confusion, a requirement to have significant savings to start treatment, and a lack of transparency around options and outcomes,” Beattie added.
“We are delighted to have a partner that is aiming to change the status quo and to help people realize their dreams,” he added. “Although our insurance product cannot mitigate the personal implications of an IVF program not being successful, our aim is to play a positive role by at least removing the financial concern of having to pay for treatment fees following failure and by helping individuals get the counseling support they need.”
Source: Beazley