A heavyweight duo of ex-unicorn leaders have joined forces to launch a new venture offering custom health and wealth products to people aged over 60.
Laura Ashforth, former managing director at InsurTech unicorn Zego, is the CEO of Lateral, which has raised £2.5 million seed funding.
Her co-founder is Steven Mendel, co-founder and ex-CEO of pet health unicorn ManyPets.
The UK is entering a demographic and healthcare crunch, with more than 14.5m people now over 60 – and this number is set to rise to over 17m by 2040.
The result is a structural shift in behaviour: over-60s are quietly driving a £1.6 billion self-pay healthcare market, having previously self-funded their care with little guidance or support.
Lateral says it will target this gap in the market with a product that plays into the strengths of the NHS where relevant, while giving the option of private care where appropriate.
“We’re on a mission to empower over-60s to live well for longer, helping them navigate the complicated world of retirement by offering them an affordable range of products expertly created just for them,” said Ashforth.
“Many people find the health system increasingly hard to navigate as they get older. Lateral is designed to help members understand their options and make informed choices about care, while also embedding evidence-based preventative approaches, such as an annual health check, to support proactive engagement with their health.”
The £2.5m investment, led by Augmentum with support from Triple Point and TinyVC, will support the rollout of Lateral’s first product — the Lateral Health Plan — launching this month.
Designed specifically for those in their 60s and 70s with no intention of stopping, the Lateral Health Plan combines financial cover for private healthcare, care navigation and stay-healthy benefits in one affordable policy.
At the heart of the plan is a nurse-led navigation service designed to help members make informed decisions and get the most from their healthcare. Run by qualified case-management nurses, the service is designed to wrap around NHS and private care, and offers personalised support to help members understand their diagnosis and explore the best treatment pathways.
Mendel added: “People are living longer and with more active lives, yet the systems designed to support them haven’t kept up.
“For far too long, insurers have viewed people over 60 as old, immobile, and liable to injury. The reality is that many people in their 60s and 70s are fitter and more active than ever.
“For them, retirement is a chance to do more, not less.”
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