Carmen Rosillo, Koltin | Reinventing Insurance for Older Adults: Insurtech, Product and Marketing

The audio and video are in Spanish. These notes are a translation.

Today I spoke with Carmen Rosillo, cofounder and COO of Koltin. Koltin is a pioneering company in offering affordable health memberships for people up to 84 years old in Mexico. Currently, more than 2,000 older adults access health coverage up to 68% more affordable than traditional coverage thanks to Koltin.

Youtube Timestamps*

[2:48] - Insurance Market

For people over 60, taking out insurance becomes an impossible task, either because insurers do not want to offer it or because the costs are very prohibitive.

Could Carmen explain the business model of health insurance and why it is so inaccessible for older people?
What keeps insurance for older adults from being attractive to insurers?
What has Carmen learned about why there is so little insurance adoption in Latin America?

[13:50] - Business Model and Product

Koltin managed to convince BBVA to partner with them to offer this health insurance.

What was Koltin’s innovation, and how did that convince BBVA to offer health insurance for older adults, despite the challenges mentioned?

Something curious: Koltin does not sell insurance, but a membership. People cannot buy only the insurance or the membership services.

Why and how do the “economics” of Koltin’s business model work, when they are not the insurer?

This sounds like a challenge of data and visibility into users’ health. If insurers knew the exact level of care and risk, they could offer these insurance products.

Am I right? What role do Koltin’s technology and product play in solving this?

Insurance and health are extremely difficult sectors to build a company in, because of regulation and the complexity of health services.

What recommendations would Carmen give other founders who are starting a startup in health or insurance (in terms of product, raising capital, growth, etc.)?
What were some of the challenges they faced in raising capital?

[39:07] - Marketing

What has Carmen learned about how to sell to and acquire this user segment?

An interesting idea in Koltin’s marketing is that they have wanted to redesign what old age represents, using terms like “great people” instead of older adults.

Where did this idea come from, and what actions have they taken to proactively position Koltin as a brand that speaks differently to this population?

[50:16] - Talent

Carmen’s partner, Eduardo, mentioned that when she is “in a meeting room, the rest of the people feel more comfortable and take up more space.”

How does Carmen inspire people so that they feel empowered and more capable?

Something unique about Koltin is that they use mental models to represent their values. One of those mental models they mention a lot is the “hedgehog” mindset.

What is a mental model, which are the most important ones at Koltin, and what value have they found in operating the company under these models?