Understanding the product

About Even

Even is a healthcare provider that offers a managed care plan to its members ("Even Care"), with an additional option for its members to enroll for a group insurance coverage with an IRDAI-licensed General Insurance Company. Even members can access unlimited consultations and preventive health initiatives with Even doctors, nutritionists, physiotherapists, and other in-house specialists under Even's managed care program, and members who opt for group insurance offered by a general insurance company, also avail hospitalization and diagnostics coverage under the group insurance policy.

Value Proposition

Let's understand the value proposition using a value proposition canvas

• Customer's Job:
• • Search for health insurance
  • Easily initiate a claim request
  • Book an appointment for either an OPD or IPD consultation
  • Effortlessly upload necessary medical documents for claims

Customer Says:

"I avoid using online portals like Policy Bazaar to compare health insurance plans because they often result in too many spam calls. The communication is unclear, and this can lead to choosing the wrong insurance plan"

• Pain
• • Doubt about the accuracy of information from the salesperson
  • Lengthy and complex medical terms in the Terms & Conditions
  • Spam calls

Customer Says:

"I'm struggling to find an insurance plan that includes unlimited coverage for OPD claims, including diagnosis and scans without any restrictions "

• Pain
• • Limited health insurance choices for OPD coverage, often with restrictions
  • Lack of coverage for diagnosis and scans

Customer Says:

"As a young professional, the likelihood of an IPD claim is quite low. My health insurance preferences mainly revolve around OPD, diagnosis, and scan services. Therefore, it makes perfect sense for me to opt for insurance that covers these aspects. However, I also need IPD services along with OPD to ensure comprehensive healthcare coverage"

• Gain
• • OPD coverage
  • Coverage for diagnosis and scans

Value Map

• Products & Services
• • Comprehensive health insurance coverage that minimizes annual medical expenses to zero
  • Seamless customer support during critical times
  • One application streamlines all tasks, serving as a centralized platform for applying, booking appointments, payment for OPD/test, initiating claims, uploading supporting documents for claims, and managing both medical history and policy details

• Pain Relievers
• • Straightforward and comprehensive coverage up to 1 crore, inclusive of OPD and diagnostic services.
  • No Spam calls
  • Providing unwavering customer support with a focus on quality and empathy
• Gain Creators
• • Unlimited OPD coverage
  • Leverage technology integration to improve service reliability and quality by consolidating all services into a single-point application for streamlined access

Understanding the ICP

ICP Identification

Note: Based on user calls, I have tagged users into all of the 6 ICPs into 3 groups, Young Adults, Established Professionals, and Mid-Career.

ICP Prioritization framework

Based on the ICP Selection Framework:

• ICP (Primary) - Established Professional
• ICP (Secondary) - Young Professional

Understanding the Market

The India health insurance market size was valued at USD 12.86 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.55% from 2023 to 2030

Key factors that are driving the market growth include the low penetration of health insurance, rising costs of high-quality healthcare, and Product innovation. Source: Avendus.com

A Top-Down Approach to Market Sizing (TAM, SAM, SOM)

TAM = Number of users x ARPU

TAM = 56,000,000 x $70

TAM = ~$3,920,000,000 OR ~$3.92 Billion /c

The TAM size for FY27 is projected to increase to $25 billion, driven by the anticipated rise in penetration and growth in Average Revenue Per User (ARPU).

To strategically expand, Even will initially concentrate on Metro, Tier 1, and Tier 2 cities, recognizing the challenges of targeting Tier 2 and rural areas, such as language barriers and comparatively lower awareness.

Assuming the total serviceable market is around 60%

SAM = TAM * % of serviceable areas

SAM = $3.92 billion * 0.6 = ~$2.3 billion

Given the strong competition in the market with the likes of HDFC, ICICI, Bajaj, Acko, Niva Bupa etc. Even will not be able to obtain 100% of the serviceable market.

For this reason, we’re going to assume that even can capture/obtain 15%

SOM = SAM * % Obtainable market share

SOM = $2.3 billion * 0.15 = ~ $0.345 billion = $345 million

Acquisition Strategy

Channel Selection

Referral

Current Referral System

In the even's current referral program, the user can refer their friends/family after completing the onboarding and becoming an Even member.

This initiative allows the even members to share the benefits of even health care like coverage of OPD consultation, tests, and hospitalization across India to friends and family.

Key aspects of the current referral system:

• Mutual Benefits: Each successful referral results in a ₹4799 discount for every member of the buyers and the even member who refers will get an Amazon gift voucher worth ₹4000.
• Ease of Sharing: The program is designed for ease of use, with options to share a unique referral link directly through WhatsApp or via other platforms using a link-sharing feature

Current Flow (Mobile)

Current Flow (Website)

Current Flow Observation:

• In both mobile and desktop, a referral is available on the homepage which makes it easily accessible to the users and the message is simple and focused on "Trust".
• Referral Dashboard: The referral dashboard displays the number of successful referrals with the amounts detailed through referrals. In addition to this, it also displays the status of referral i.e. Signed Up, Paid, Members.

New Referral System

Notably, approximately 33% of users have chosen Even following a recommendation from existing members.

To capitalize on this, we aim to enhance user engagement by introducing a milestone-based referral system. This system is designed to encourage current users to refer Even more, leveraging the power of referral.

• What makes the "Even" bragworthy?
• • OPD consultation with comprehensive coverage for tests and scans. Users consistently express high appreciation for this feature during their calls
• Who and When do you ask for a referral?
• • After successfully onboarding users and issuing the insurance policy. This stage ensures that users have had a positive experience with the platform and have gained value from the even, making them more likely to provide positive referrals to others
• Platform Currency
• • Amazon voucher: Currently, Even provides Amazon vouchers for referrals, and this approach has proven to create a positive experience for users. Therefore, there are no plans to change this aspect in the new referral program
  • Discounts: This incentivizes users to stay with Even for future policy renewals, fostering customer loyalty.

• Referral message & Communication channel:

We will stick to the current message and communication channel as it proves to be both relevant and impactful.

• • • Current message:

Hi 👋 My Even membership helps me save lakhs in medical bills. It takes care of all my consultations, tests, and hospitalisation across India.

Use my unique link to get a special discount on your Even membership: https://even.in/?ref=38GXZ

• • • Current Communication channels:

Whatsapp, Twitter, Instagram, and many others

How will it work ?

Users will still enjoy the current benefit of receiving Amazon vouchers for referrals. Additionally, they will unlock more rewards as they achieve specific milestones, providing them with extra benefits for their continued engagement in the referral program.

Phase 1: Based on Milestone

• Milestone 1: Refer 5 friends, and get additional 25% discount on the next year renewal. Maximum Discount - ₹5000
• Milestone 2: Refer 10 friends, and get additional 50% discount on the next year renewal. Maximum Discount - ₹10000
• Milestone 3: Refer 10 friends, and get 100% discount on the next year renewal. Maximum Discount - ₹20000
• Milestone 4: Refer more than 10 friends: Get Additional ₹2000 amazon voucher per member

Phase 2: Referrer Leaderboard (Min. 10 referrals)

• 1st referrer will receive an electronic items worth ₹50000
• 2nd referrer will receive an items worth ₹25000
• 3rd referrer will receive an items worth ₹10000

This approach rewards the most dedicated referrers, thereby fostering a loyal community of users who benefit from ongoing engagement.

Content Loops

In the healthcare sector, raising awareness is a significant challenge. I believe Even can address this by developing informative content distributed through blogs. Additionally, creating concise content pieces for social media platforms like Instagram and LinkedIn can effectively amplify our reach and engage a wider audience.

1. Hook - Health and insurance-related articles/posts/stories
2. Content Creator - In house
3. Content Distributor - Through Blog, Instagram, LinkedIn, Blog
4. Distribution Channer - Google SEO

Partnership

Even, primarily a B2C company, can strategically enhance its brand awareness by implementing a partnership program with hospitals and labs—the key stakeholders in the industry. This collaborative approach aims to strengthen ties with these entities, ultimately boosting Even's visibility and recognition in the market

Objective: Increase brand awareness and engagement

Partner 1: Hospitals and Labs

Potential Partner: Narayana Healthcare, Aster, Columbia Asia, Rainbow, Cloud nine, Ovum and other large private hospitals.

Note: Excluding Apollo and Manipal hospital from the potential partners as they have their own insurance services.

To initiate our referral program, we'll conduct a pilot in Bangalore, leveraging the city's high concentration of early adopters to introduce and assess the reception of our product.

Why this partner program makes sense ?

• Even relies significantly on its referral program for user acquisition, with a Customer Acquisition Cost (CAC) of approximately ₹4000 per member
• To enhance this strategy, introducing a partnership program with hospitals allows Even to offer complimentary OPD consultations when users purchase an Even plan using a designated QR code placed at the hospital or lab.
• The reimbursement for this initiative will be capped at a maximum of ₹2000.
• This collaborative approach not only drives user acquisition but also strengthens ties with healthcare partners
• For each successful user onboarding, hospital will get ₹2000.

Additional Cost: Partnership fees with Hospital. Assuming it ₹ 100000 for 20 beds hospital.

Note: Just wanted to share that it is my first product growth project. Thanks to AP's session, I've picked up a bunch of new terms in the past week. Learning a lot, but I know there's more to discover. Any feedback you have would be awesome. Thanks in advance 🙂