Mission: To safeguard hundreds of millions of families in India.
Positioning: To provide medical funds to people suffering from major diseases.
Values: Customer first, an open mind, the pursuit of perfection, integrity and rigour, diligence and dedication, embracing change.
Attributes: mutual, community-based, protective
Ethos: We believe in the transformative power of community. We can make an impact when we work together as a group.
Slogan: Mutual Pay - A small amount to protect each other from Critical Illness
Yofo is committed to creating a transparent and credible personal serious illness relief platform. Members of Yofo, a mutual help network service, can get network aid funds and the cost will be split by all other members if they have serious illnesses.
We want to offer protection to as many individuals as possible against unforeseen medical costs and critical illnesses for less than the cost of a sandwich. We are not your typical insurance provider.
Yofo uses digital technology to minimise the cost of participant enrolment and claim processing, facilitating mutual risk sharing of essential sickness exposures among members. Yofo does not collect premiums from its members ex-ante, as opposed to insurance, which uses complex actuarial pricing models; instead, it equitably distributes indemnities and administrative costs among participants ex-post, following each claims period.
Yofo also restricts coverage amount, particularly for older participants. Low-risk individuals enrol in Yofo while more sophisticated high-risk individuals purchase critical illness insurance.
Let the poor no longer suffer from financial hardship.
User Flow
The platform operates by allowing members to join and pay their share of healthcare costs, which covers any medical expenses incurred by other members in the event of a major illness.
This mutual support ensures that individuals are not left to pay their medical expenses on their own and that medical expenses are shared equally by all members.
Members also get access to counsellors and healthcare professionals, as well as financial assistance and peer support groups, through the platform to assist members during difficult times and ensuring they receive appropriate care. Mutual Aid is significantly less expensive than traditional insurance policies. Our platform offers mutual protection against more than 100 critical illnesses at a price as little as Rs. 250/year for aid up to Rs. 15 lacs.
To ensure openness and transparency, the company is introducing two measures: first, claims monitoring by members to ensure that only those who should be compensated are compensated. Second, the company uses blockchain technology for claims-related evidence, including payments.
Design Characteristics of Yofo Platform:
- Low cost: all members split the cost keeping the fees as low as Rs. 5* per case, per person when there are substantial member base. (More members, will mean per share cost will reduce proportionally)
- For Example, if there are 1 million (10 lac) members, for processing a claim of 15 lacs, each member pays Rs. 1.5 each. If there are 5 lac members cost will be Rs. 3 each.
- Easy to use, no tedious paperwork: patients only need to upload evidence online, and if no one raise objections, patients get paid immediately.
- Highly transparent process: all patient cases are public and verified by the community (with certain protection of patients’ privacy). Questionable cases are re-reviewed by Yofo Jury.
- Based on blockchain technology: information is stored on the blockchain and cannot be altered.
- Not suitable for everyone: older people are more likely to apply for insurance compensation than younger ones. If young members choose to leave the community, it may be difficult for Yofo Platform to keep the cost low.
- In the next phase we will be introducing the Child Protection Plan covers children from 1 month to 17 years old which will cover 12 critical illnesses with up to Rs. 4.5 lacs compensation limit.
- Professional reputed Jury members selected by members through voting. We will follow the Anglo-American common law jury system, with community members serving as jurors. Applicants need to pass a basic insurance knowledge test to become qualified jurors. When there is a coverage dispute, the case is decided by the community jury through voting.