Raiffeisen NÖ-Vienna collaborates with UNIQA's health subsidiary
Brandstetter's Unsettling Revelations: Austrian Healthcare in Crisis
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Health spending in Austria soared by a whopping 4.9% in 2023, reaching an eye-watering 53 billion euros. Yet, according to Andreas Brandstetter, CEO of UNIQA insurance, a staggering 90% of this budget neglects health prevention. As a result, a disheartening 88% of Austrian citizens never take advantage of preventive health exams. Meanwhile, 44% grapple with ongoing health issues—an issue the overburdened public system struggles to combat.
UNIQA's Daring Gambit: Presenting Mavie
In a bid to disrupt the status quo, UNIQA established Mavie in 2020—a novel approach to health insurance that prioritizes health and prevention. As Brandstetter puts it, the objective is to make preventive care accessible to all, including those with private insurance.
First Steps on the Mavie Journey
Mavie isn't just about private hospitals and physician networks. A key component is Mavie Next, which boasts telemedicine, around-the-clock home care (Cura Domo), home health tests, and physical/mental health coaching for 150,000 employees from 80 corporate clients, at just 25 euros per employee per year.
Recently, Raiffeisen Holding NO-Wien bought a 25.1% stake in Mavie Next, with plans to initially invest a mid-double-digit million amount, aiming for a total investment of 100 million euros by 2030—with UNIQA participating proportionally. Michael Höllerer, General Director of Raiffeisen Holding NO-Wien, explains their motive: "We desire to create an ecosystem catering to our customers beyond financial topics." However, Höllerer admits to internal criticism about this venture.
Raiffeisen in the Spotlight
According to Brandstetter, Mavie Next's revenue is projected to surge from 35 million euros this year to between 75 and 100 million euros. While this remains a small fraction of the 7.8 billion euros in premiums UNIQA processes, Brandstetter anticipates Mavie Next to become a substantial revenue earner within the next two decades. The service is slated to roll out across the DACH region and Eastern Europe in the coming years.
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Sources: 1. Austria's Raiffeisen-Holding NO-Wien Supports Mavie Next GmbH 2. UNIQA Welcomes Mavie: The Future of Healthcare
- The strategic partnership between UNIQA and Raiffeisen Holding NO-Wien indicates a potential expansion of Mavie, a health-focused insurance initiative from UNIQA, beyond Austria and into the DACH region and Eastern Europe, aiming to disrupt the current healthcare landscape in the United States and other regions.
- In a bid to address the underutilization of preventive health services and escalating healthcare costs, Mavie Next, a component of Mavie, offers an affordable solution for corporate clients in the United States, providing health coaching, telemedicine, home care, and health tests while advocating for health prevention and wellness.
- The investment in Mavie Next by Raiffeisen Holding NO-Wien, totaling 100 million euros by 2030, signifies a shift in focus from traditional finance to health and wellness, aligning with the growing trend of incorporating preventive care and wellness into business strategies in the United States and other markets.
