Beazley believes the product is ’unique’ and will ’change the status quo’
Beazley has partnered with Lloyd’s Lab alumni and insurtech Gaia to offer a new insurance solution for individuals undertaking in vitro fertilisation (IVF) treatment.
IVF is a process whereby an egg is removed from a woman’s ovaries and is combined with sperm in a laboratory environment.
Gaia, a Lloyd’s coverholder, is a health focused insurtech.
Its IVF insurance product, which is available from today (14 February 2022), will be led by Beazley, with further support provided by (re)insurer Chaucer and specialist Lloyd’s insurer Atrium.
The cover is based on Gaia’s modelling technology, which uses data points to predict personalised success rates for IVF treatment, giving people and insurers better visibility of the specific type of treatment and number of rounds needed.
The IVF insurance product therefore covers eligible Gaia members for treatment fees if the initial IVF treatment programme is not successful.
Policyholders are also offered a fund that can be used to pay for counselling costs.
Changing the status quo
Speaking on the partnership, George Beattie, Beazley’s head of incubation underwriting, said: “The Gaia proposition is unique because it represents the embedded digital distribution of a completely new type of insurance product.
“The Gaia solution also caters for a market that is set to grow exponentially in the coming years as fertility levels continue to decline globally.
”For many, accessing IVF treatment is fraught with confusion, a requirement to have significant savings to start treatment and a lack of transparency around options and outcomes.
“We are delighted to have a partner that is aiming to change the status quo and help people realise their dreams.
“Although our insurance product cannot mitigate the personal implications of an IVF programme not being successful, our aim is to play a positive role by at least removing the financial concern of having to pay for treatment fees following failure and by helping individuals get the counselling support they need.”