Preventive Medicine for All

“Science currently enables exceptionally high levels of preventative medicine, which, unfortunately, only few people can afford. We thought about who in the market might have a financial incentive to enable as many people access to preventative medicine as possible. We understood that insurance companies could save a lot of money, if people were healthier,” says Efi Binder, co-founder and CEO of Futura Genetics.

Ushering the insurance world into the next generation

In recent years, the insurance world has undergone a significant revolution, from the digital services offered to the emergence of smart insurance focused on prevention and tools to help customers cope with expected risks. “Within the automotive space, we’re seeing advanced technologies, such as Mobileye, prevent accidents and save insurers unnecessary claims,” Binder says. “With respect to life insurance, prevention refers to the ability to predict illnesses and increase life expectancy. This is what we do at Futura Genetics, thanks to our algorithm, which is based on genetic information and behavioral economics. For insurers we achieve a proven ROI of 25X, ensuring all parties involved profit.”

With Futura Genetics insurance companies offer those insured the option of performing a non-invasive home genetic test and undergo genetic counseling, free of charge. The test is offered as a benefit, separate from the insuring process, and is’nt required in order to be insured. “Everything is performed by a third party, after the client is already insured. No test results are transferred to the insurance company – this we guarantee – so there’s no concern of insurance premiums rising as a result of using our service,” Ram Warsha, one of the company’s founding partners, explains.

The test is sent to a lab, and each user receives a genetic counseling call as part of the process, during which the results are revealed. The algorithm developed by the company analyzes genetic and non-genetic information such as weight, lifestyle, age, etc., and initially presents the user with three relevant potential future diagnoses (out of dozens tested), along with practical steps to take in order to reduce their risk of occurrence. “Our uniqueness is our proactive approach. We don’t leave the user alone with their results, but rather guide them to take action, helping them decide which doctor to approach and which tests to perform,” Oran Singer, the company’s CTO, adds.

“We discovered that, when the recommendations are personal, rather than general, motivation to complete required testing increases. Thanks to our algorithm, we’re able to encourage one-time actions that make a significant impact on our users’ health,” Binder indicates. Users are further motivated as they gain points by doing actions, redeemable to monetary rewards.

In recent months, a successful pilot was run with one of the country’s largest insurance companies and the company’s first clients in the US. “We were pleasantly surprised by how fast we were able to discover significant information for our users, as well as our ability to measure the information’s impact on their life expectancy and prove profitability,” Warsha says.

Futura Genetics’ partners include several American insurance companies, Hadassah Ein Kerem Hospital, and DNA sequencing giant Illumina, which helps with the company’s capital and technology. The company has raised approximately $1 million so far, and will launch another funding round, this summer.

For more information: hello@futuragenetics.com

Partnered with Futura Genetics