In this episode, AIP founder Theresa Blissing visited the DocDoc office in Singapore and talked to the co-founders Grace Park and Cole Sirucek. Grace and Cole, a husband and wife team, share their very personal stories. When their daughter was three months old, her liver was failing and she required a rare liver surgery. This is when Cole and Grace experienced firsthand the lack of transparency in the healthcare system and how difficult it is even for well-connected professionals to find the right specialist. The experience also demonstrated that medical costs do not necessarily reflect the quality of care due to this lack of transparency. In the end, the couple paid 60% less than initially quoted and had the most experienced doctor in this field globally perform the procedure. This experience prompted the couple to start DocDoc in order to empower patients and assist them in finding the right care at the right time.
This was in 2012. Today DocDoc operates in 8 countries with more than 23,000 doctors under contract and has just raised USD 13 million to expand globally. Cole explains how DocDoc helps insurers to sell solutions to customers instead of traditional insurance coverage. In his opinion, the future of insurance is customer centricity and personalization, an area most insurers are struggling with. Partnerships with startups can help insurers design and offer personalized solutions which gives them a competitive advantage and helps them reach millennials that are often disconnected from traditional insurance products.
Cole further explains how DocDoc works with insurers and what cost-saving opportunities they are offering beyond advanced customer solutions. Furthermore, finding the right doctor specialized in the right field helps to avoid costs resulting from complications. During the conversation, Cole stresses the importance of getting actuaries involved in the process of designing new insurance solutions. In his experience, if you do not have actuaries on your side, it doesn’t matter what the CEO wants.