First of all, how are you and your Family doing in these COVID-19 Times?
Allen Kamrava: We’re doing well. Just as good as anybody could be, living in a pseudo groundhogs day. But we’re healthy and living in one of the most prosperous countries in the world – not much I believe I can complain about.
Tell us about you, your Career, how you founded Eusoh
Allen Kamrava: I’m a dual board-certified General and Colon and Rectal Surgeon. I founded Eusoh in response to my professional experiences within the health system. Eusoh directly addresses the three biggest pain points in the traditional insurance premium model: excessive waste, lack of transparency, and dramatically misaligned incentives. Eusoh provides a proprietary subscription model that has decentralized the insurance commerce chain and provides group health coverage. As a result, our members have saved over 50% against the traditional model.
How does Eusoh innovate?
Allen Kamrava: Joining the ranks of the sharing economy, Eusoh decentralizes the insurance industry. It connects communities allowing them to cover one another for unexpected financial losses. Eusoh provides its members with the tools necessary to transact directly by giving access to scaling, diversification, a promise-to-pay, and administration of losses through its platform. Eusoh’s revenue is fixed on a subscription basis, aligning our interests with our members. Combining that with the behavioral savings realized by affinity-based digital communities, the total savings to users are significant. Our pilot in veterinary care is achieving consistent savings of 50% for our members.
How the Coronavirus Pandemic affects your Business, and how are you coping?
Allen Kamrava: It’s been in a few different ways —
Funding – we had developed a timeline for an investment round in the spring, and the virus altered that. Discussions were held with our primary and first investors regarding the long-term model and developing a delayed timeline for equity financing.
Business Development – we have a focus on business development through brand partnerships. Some of the channels that we have identified have gone dormant in the last few months, making active participation more difficult. We have spent considerable time and effort identifying new opportunities that we can focus on while our previous channels slowly spin back up.
Remote Work – due to regulatory mandates, remote work is a new reality. We have had to adapt to a fully remote team and identify the tools necessary to allow us to operate effectively. We started with daily team meetings, but after a few weeks, we transitioned to one deep meeting each Monday, and a quick update on Thursday mornings.
Did you have to make Difficult Choices, and what are the Lessons Learned?
Allen Kamrava: Fortunately, our team is very small, and each member represents a key component of an essential function for Eusoh. I did not have to do layoffs for our team.
How do you deal with Stress and Anxiety? How do you project yourself and Eusoh in the Future?
Allen Kamrava: I believe my training through a very rigorous surgical residency program assisted with the rigors of late hours and dealing with stress and anxiety. The program I matriculated through had at least one resident quit due to stress every year for over a decade. In my particular year, I was the lone resident to survive from the initial class through the entire program. One of the things I did learn from that experience was protecting my own personal time. Having gone through medical school, which involved studying until midnight 6 nights a week, a surgical residency, and a fellowship, all of which provided me with little personal time, and then an establishment of surgical practice – I had gone close to 20 straight years with very little “me” time.
More recently, I made a concerted effort to establish and protect that time for myself. I’ve become an amateur triathlete and an avid cyclist. I have four children, and the weekends are for me to cycle and spend time with my wife and children.
Eusoh is here to stay, we’re approaching break-even rapidly, and from there, we will begin to implement it for non-pet related uses.
Who are your Competitors? And how do you plan to stay in the Game?
Allen Kamrava: Our natural competitors are insurance giants. Our goal for staying in the game is meticulousness and due-diligence. You don’t get to challenge the most entrenched industry in the world without difficult challenges. We designed our software to match the best practices in federal and state regulatory rules regarding non-insurance coverage solutions from the outset. A slow, yet methodical process, has been the common theme – we’re looking at this for the long-game, not the quick win, which seems to dominate the startups’ world, and why mishaps due to “fake it till you make it” occur. We’ve done quite the opposite – nothing has been faked in this process.
Your Final Thoughts
Allen Kamrava: I founded Eusoh, having seen first-hand patients’ travails in the US Health System. The question we must ask ourselves is, why hasn’t startups challenged the fundamentals of the insurance system? It’s happening across other industries but not insurance. Insuretech to date has made it prettier, or faster, or cooler, but the underpinnings are the same. A confusing, expensive, and bloated system that doesn’t serve people.
We did it. Methodically. Quietly. Purposefully. And effectively. We went live two years ago, and our users are saving on average >50% against an insurance plan. It’s a unique platform that has been implemented by an equally remarkable team – whose vision is serving those that the current system has neglected.
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