Removing Obstacles in IVF through Innovative Insurance Coverage
Hearing it Straight from the Source:
Claire Tomkins, a warrior mum to three little ones conceived through IVF, is shaking up the fertility world with her brainchild, Future Family. This dynamic company is setting new standards by tackling the steep financial hurdles of IVF with its cutting-edge insurance product, Orange Shield. This pioneering offering provides a safety net for families, returning the dough spent on IVF if the treatment doesn't work after two rounds. With Tomkins' personal experience with IVF and her finance expertise, Future Family has become a leading beacon in the world of fertility financing and guidance, paving the way for a more inclusive and affordable path to parenthood.
Moving the Mount IVF:
The US fertility market is on a roll, expected to hit $5.97 billion by 2025, fueled by rising infertility rates and tech advancements. Yet, the high cost of treatments in comparison to other nations and the paucity of insurance coverage remain stumbling blocks for many hopeful families.
Tomkins personally grappled with these difficulties during her own IVF journey. "As a mother of IIIIVF kids, I've tasted the heartache and expenses that can come with building a family via IVF," she confessed. "The process can be emotionally and financially overwhelming, and our team is working relentlessly to provide the best solutions for peace of mind to couples."
With a finance background and an entrepreneurial spirit, Tomkins launched Future Family back in 2017 to make family-building more approachable and budget-friendly. Relying on her know-how in risk assessment and financial product development, she guided Future Family to become the largest platform for fertility financing and coaching in the US, extending over $200 million in credit to more than 10,000 families.
Tomkins' academic background played a significant role in crafting the model for Orange Shield. She holds a master's and a doctorate in applied economics and finance from Stanford, which provided her with the foundation to develop the first statistical model for IVF insurance.
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Future Family has raised $150 million in funding, including a $100 million credit facility, from investors such as Munich Re Ventures, TriVentures, and others. The company's most recent fundraising round was a $25 million Series B in April 2022.
"We backed Future Family in creating the nation's first IVF insurance product, utilizing our industry access and know-how to achieve that goal," explains Jacqueline LeSage, founder and managing general partner of Munich Re Ventures. She offered guidance to Tomkins on building the IVF insurance product. "Now, as more families turn to IVF in their family-building pursuits, Future Family is redefining what's achievable for them."
Future Family's latest innovation, Orange Shield, is now available. IVF is one of the costliest medical procedures and often demands multiple cycles for success. Despite the significant financial investment, success is not guaranteed, so many families find themselves locked out of pursuing fertility treatment.
Orange Shield was developed in partnership with industry heavyweights, including Munich Re Ventures, Milliman, and BMS, to guarantee it's a trustworthy, innovative, and accessible solution for families embarking on IVF.
While several firms operate in the fertility sphere, such as Progyny, Kindbody, Carrot Fertility, and Lushi, most focus on partnering with employers. Future Family's strategy with Orange Shield offers a solution directly to families.
Orange Shield is a watershed moment in Future Family's evolution, marking the company's entry into the insurance market and addressing a critical need for financial security in the fertility field.
Revolutionizing Fertility Care: No Easy Feat
Tomkins' path to reshaping fertility care hasn't been short on hurdles. As CEO and founder of Future Family, she faced numerous challenges that threatened to dash her dream of making IVF accessible and affordable. Two stood out.
The first hurdle manifested as the COVID-19 pandemic. Like many companies, Future Family was impacted by the initial lockdown. Fertility clinics, deemed non-essential healthcare, briefly closed their doors, causing a sudden halt in Future Family's revenue flow. At the same time, the company faced a surge in customer service inquiries as existing clients, grappling with financial uncertainty, sought loan deferrals and modifications.
Tomkins had to act swiftly. With her team working remotely and her toddlers underfoot, she navigated the crisis. By repurposing her marketing team to handle customer service, introducing temporary interest-only loan products, and securing nearly $10 million in capital through countless Zoom calls, she managed to keep Future Family afloat during this challenging time.
Just as the world was emerging from the pandemic, a second challenge rose: the venture capital market slump. This downturn, marked by a significant decrease in investment activity and available funding, started mid-2022 and lingered until 2024. "The sector plummeted 70%," sighed Tomkins.
As funding diminished, startups faced immense pressure to demonstrate profitability. Tomkins responded by honing in on efficiency, streamlining operations, and securing $13 million in funding from existing investors. This strategic shift allowed Future Family to weather the storm and emerge stronger, ready for further growth and innovation.
Through these trials, Tomkins' tenacity and leadership underscored her dedication to Future Family's mission of helping people with fertility. By successfully championing these challenges, she ensured the company's survival and paved the way for its groundbreaking IVF insurance product, Orange Shield, to become a reality.
- Tomkins' vision for Future Family, a company that offers the innovative insurance product Orange Shield, addresses the challenges of affordability in fertility treatments like IVF, particularly the steep financial hurdles often encountered by 2025.
- With her background in finance and applied economics from Stanford, Tomkins is credited for developing the statistical model for IVF insurance, an efficiency-driven approach designed to redefine the landscape of fertility financing and guidance.
- As IVF remains one of the costliest medical treatments requiring multiple cycles for success and often lacking insurance coverage, the efficiency-driven strategy of Future Family, as demonstrated by their collaboration with industry leaders like Munich Re Ventures, Milliman, and BMS, aims to provide a trustworthy, innovative, and budget-friendly solution for families navigating their IVF journey.