Thomas Apfel

Elma

Elma was a health insurance MGA for the Spanish market. We built state of the art web2 technology that helped people go to the doctor: a great GP telemedicine service, routing services, search engine and connections to healthcare facilities, and employed our own doctors. This allowed us to deliver better quality care with a lower loss ratio: year over year, while growing 6x we reduced our loss ratio by 20 points from the industry average. We insured + 3.000 lives of some of the most relevant listed companies in Spain, as well as startups. We dreamt with our +70 investors about a better healthcare system, and invested +€11M into making it happen. Venture funding is capricious, and we couldn't make it. Most of our team transitioned to roles in insurance companies who built on our ashes. We are honoured to know that our legacy survives in the efforts of other large insurance companies like Mapfre, Zurich, DKV, Sanitas, who rivaled us and learned with us how to build a better healthcare system to serve more and more people.