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The pandemic put public health at the top of everyone’s agenda and it’s hard to see this changing anytime soon. We worried about our own, our families’ and our friends’ health like never before as we clapped the NHS and key workers for their valiant efforts and incredible sacrifices. Health and wellbeing have never been a bigger priority.
This seems like perfect timing for Lime Global, who is currently raising with Seedrs, to start offering its services. Lime Global is disrupting the health insurance market by providing affordable, bitesize top-ups to public health. The NHS was undoubtedly overwhelmed by Covid-19, and this caused other illnesses to take a backseat while the virus was being dealt with. There is a record-high backlog of treatments and check-ups that have been postponed due to the virus taking precedence, and this will provide opportunities for the health industry.
Lime’s purpose is to work in addition to the services provided by the NHS, for example, a quick diagnosis when there are long waiting times, or a £5,000 cash lump sum to help cover the costs of a cancer diagnosis. It allows customers to choose what suits them, to cover their needs, instead of paying a lump sum to cover for anything and everything. A lot of the incumbents offer a suite of services under one big premium, which may not be taken advantage of or cost effective.
Another differentiator from the incumbents is that Lime is fully digital and it was built that way. A lot of health insurers are trying to digitise, but often attempting to retrofit legacy infrastructure which is costly and difficult. Lime has taken the time to build its own fully digital, automated platform, making it quick and easy to use and importantly, scalable.
Lime’s customer-centric attitude is also evidenced in its products, as Lime’s founder explained recently in our ‘meet the founder’ interview. Lime co-manufactures products with leading suppliers which are designed for the customer, rather than customers being sold what Lime wants to sell. There is refreshing freedom of no contracts, no excess, no surprises, and customers can cancel anytime.
According to research by Mordor Intelligence the private health and medical insurance market is expected to increase by 5.05% CAGR to nearly £10bn from 2021 to 2026 and Lime is well positioned to be a part of this.
To find out more about Lime and and for the opportunity to invest, visit the pitch now.