Interview: Amit Patel, CEO and Co-Founder of Peachy
Amit Patel, CEO and Co-Founder of Peachy, tells ITIJ about the company, what it offers to the health insurance market, and what’s in its future
You are the CEO and Co-Founder of Peachy. For those who may not know, can you tell us what Peachy offers the health insurance industry?
We are a digital managing general agent (MGA) specialising in health insurance plans within the UK. Our approach is centred on leveraging technology to provide seamless, efficient, and user-friendly health insurance solutions.
The pandemic highlighted the limitations of traditional health insurance models and the urgent need for digital transformation in this space
At Peachy, we believe in simplifying the insurance process, making it more accessible and understandable for our customers. Our digital-first approach ensures that we stay agile, responsive, and able to meet the evolving needs of today’s consumers.
Why did you decide to launch a digital health insurance company, particularly while Covid-19 was still affecting the UK and the rest of the world?
The decision to launch Peachy amidst the Covid-19 pandemic was driven by a clear recognition of the need for more adaptable and responsive health insurance solutions. The pandemic highlighted the limitations of traditional health insurance models and the urgent need for digital transformation in this space. We saw an opportunity to introduce a digital health insurance that could quickly adapt to changing circumstances, provide immediate support to customers, and offer a more personalised insurance experience.
What are the benefits to customers of a digital-first health insurance product?
A digital-first health insurance product, like that offered by Peachy, brings numerous benefits to customers. It ensures greater accessibility and convenience, allowing customers to manage their health insurance needs anytime, anywhere.
Our digital platform offers a more personalised experience, with tailored plans and instant support. Additionally, the use of technology in claims processing and customer service significantly reduces response times, making the entire insurance experience more efficient and user-friendly.
Stay agile, be ready to adapt, and always the customers’ needs at the forefront of your strategy
Were you ever concerned about launching a new insurance brand when traditional and legacy insurers are still prominent and creating their own digital products?
Entering a market with established traditional and legacy insurers is indeed a challenge. However, we were confident in our digital-first approach, which we believe offers a distinct advantage. Our agility, innovative use of technology, and customer-centric model set us apart.
While traditional insurers are also moving towards digital solutions, our focus on a cloud-native digital operating model and advanced artificial intelligence (AI) applications in claims processing gives us a unique edge in delivering superior customer experiences.
What advice would you give to someone joining the market?
For anyone looking to join the health insurance market, my advice would be to focus on innovation and customer experience. Understand the pain points of traditional insurance models and how technology can address these.
Stay agile, be ready to adapt, and always keep the customers’ needs at the forefront of your strategy. Embrace technology not
just as a tool, but as an integral part of your business model to drive efficiency and customer satisfaction.
What does the future of Peachy and the wider health insurance market look like to you?
The future of Peachy is incredibly exciting. We are continuously exploring new ways to integrate technology into our services, particularly in areas like bionic claims processing, which includes unstructured data extraction, semantic comprehension, and AI-driven decision intelligence.
For the wider health insurance market, I see a significant shift towards digital solutions, with a focus on personalisation, efficiency, and enhanced customer experiences.
We are also looking to expand our reach by collaborating with international private medical insurers, leveraging our technology to help them launch new, innovative products. Our insurtech arm, Peachy Digital, provides a platform-as-a-service that enables insurers and MGAs to quickly deploy cloud-native digital products. Our work in bionic claims processing, leveraging AI for tasks like semantic comprehension and pathway navigation, positions us as a leader in innovative insurance solutions. We invite health insurers and MGAs to collaborate and explore partnership opportunities to harness these advancements and redefine the insurance experience for their customers.