Laven raises PLN 3.8 million for further development of complementary health insurance

Laven provides access to medical technologies, the use of which is associated with costs exceeding even one million zlotys. This is a novelty on the health insurance market in Poland. Thanks to the new financing, the company will increase the scale of its operations to gain over 100,000 insured annually in the coming years. The financing is organized by the 4growth VC fund. This investment round was also attended by several business angels related to the insurance industry. 

Complementary health policies offered by Laven cover more than 120 innovative medical technologies that are not reimbursed by the National Health Fund, and the purchase of which is very expensive. The offer of the insurtech enables financing of drug therapies and medical procedures, the use of which is associated with a cost often exceeding hundreds of thousands, and in some cases a million zlotys. An example is the treatment of leukemia or prostate cancer surgery with the da Vinci robot. This is the direction in which Laven wants to further develop its product. Additionally, each Laven policy also provides a second medical opinion provided by the international company MediGuide.

– We provide the insured with financing and organization of treatment in cases not covered by the National Health Fund. Our product is a new quality on the Polish insurance market, dominated by supplementary policies that focus on simple treatments or shortening the queue to the doctor. Currently, we are focusing on the development of operations in Poland, where in the next 2-3 years we want to gain over 100,000 insured annually. We also plan expansion in the region of Central and Eastern Europe. We think about countries with a growing economy and similar deficits in the health care market, such as e.g. Romania, says Piotr Karda, President of the Management Board of Laven.

Laven offers complementary policies in the form of group insurance that employers can purchase for their employees. The company focuses on acquiring companies employing over 50 people, although companies with only 5 employees can take advantage of the offer.

Using an advanced actuarial model, Laven can adjust the scope of the policy, including the list of available modern drugs, medical devices or groups of diseases, to the needs and age ranges of employees of a particular company, as well as the amount of funds at the disposal of the employer. There is also the possibility of co-financing the insurance by employees.

– We saw great potential in insurtech, which gives Poles a chance to have access to modern drugs and therapies that enable the use of the most effective methods of treatment. The dynamic development of medicine that we are currently observing, the progressive aging of the population, difficult access to health care, and at the same time striving to extend and improve the quality of life, will certainly be the driving forces of the health care market in the coming years. Complementary health insurance is in line with these trends, and thanks to its unique offer, Laven can become the leading beneficiary of these changes – says Krzysztof Bachta, managing partner of the 4growth VC fund, which invested in Laven.

Research shows the potential of the complementary health insurance market. As much as 72% Poles believe that patients should be able to choose additional payments for diagnostics and treatment with more modern methods than those offered by the National Health Fund as standard. Moreover, seven out of ten respondents are personally interested in such an offer, if it guarantees the use of a more modern method of treatment than the one provided by the National Health Fund. This is the result of a survey conducted a few years ago at the request of the Polish Chamber of Commerce for Medical Devices POLMED.

Laven SA began operating in mid-2021, when it completed design work and acquired its first customers. This year, it intends to acquire several dozen thousand insured, and in the following years over 100 thousand annually. Its complementary policies are sold in cooperation with Allianz Worldwide Partners, branch in Poland (Mondial Assistance).