New UK insurtech Peachy’s mission to radically improve financial inclusion in private healthcare has received a $1.6m boost from an impressive list of former executives of the insurance world who believe radical change is necessary and that Peachy is the answer.
The first and only healthcare insuretech to be accepted into the FCA’s ‘Sandbox’ programme for innovative new fintechs, Peachy’s ground-breaking approach uses an end-to-end tech-based solution to provide cover that is flexible and affordable, giving easy access to private healthcare without any ongoing commitment from the customer.
Built by a highly experienced team of healthcare and insurance industry veterans and technologists, Peachy offers refreshingly simple and uniquely flexible health insurance without annual contracts, excesses or endless forms to fill out to get cover, all via an easy-to-use app.
Peachy’s arrival heralds a significant and timely step forward for financial inclusion in the UK. Peachy provides a new way for people to avoid lengthy NHS waiting lists and help ease the strain on the NHS system generally.
As everyone’s healthcare needs are different, Peachy enables each customer to assemble a plan suited to their individual needs, preferences and budget and leaves them free to cancel at any time.
Peachy customers can use any UK-accredited healthcare provider they choose and everything is easily arranged in a few taps of the app. You can book and see a virtual GP quickly and easily, learn more about benefits and limits, check cover, make a claim and search and contact healthcare professionals near you, all via the Peachy app.
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The startup has been under development for 3 years and is the brainchild and passion of former NHS surgeon, strategy and M&A professional and senior executive at Bupa, Amit Patel.
Founder and CEO of Peachy, Amit Patel, said, “My former career as a surgeon in the NHS and subsequent time as an executive in and around the private healthcare industry gave me all the experience, insight and exposure to see and know what works and what doesn’t. More than anything it has given me the passion to build a better way to provide access to private healthcare, making it radically more affordable and available to as many people as possible.
“We are proud of what we have built with Peachy – a true end-to-end technology-based solution that private medical insurance has been in desperate need of for years. More than anything, we are excited about the much larger cross section of the public who will now find it radically easier and more affordable to get the private healthcare they want, all of which will help ease the strain on the NHS.”
Amit’s co-founders are seasoned technologists Darren Bex and Dan Parker, both with 20+ years’ experience in enterprise architecture and technology development, most recently at UnderWriteMe.
The $1.6m seed round was raised from a Who’s Who list of grandees from the insurance world, reflecting both the strength of Peachy’s radical new approach as the change that is needed and the quality of the business that has been built to deliver it.
Ex-Chief Executive, Axa Global Health, Dr Damien Marmion, said, “The Peachy team has done a stunning job in delivering a modern integrated digital health solution, a radically better way for health insurance to work for a wider population.
“Peachy will help reduce the burden on the NHS, broaden engagement in private care and is a refreshing digital solution amongst analogue traditional insurance. Amit and the team have produced something quite special and I am delighted to be investing in their hard work.”