BodyLabs offers a comprehensive health check in just 15 minutes. The results are evaluated in real time and explained to participants in the BodyLabs app. In an interview with us, co-founder Michael Theodossiou explains the business idea, why he and his team chose the InsurTech Hub Munich as an innovation platform and what it will take to ensure medical care for patients in a digital world in the future.
1. what exactly does your start-up do and what is special about your business idea?
Bodylabs offers a comprehensive health check in just 15 minutes. The results are evaluated in real time and explained to participants in the Bodylabs app. Our software, a certified Class I medical device, creates a personalized prevention program based on the risk profile collected. Doctors advise the participants in a subsequent video consultation and optimize the prevention programs. The app learns which measures are well received by specific customer profiles. We currently offer the screening to employers. The check-up achieves outstanding satisfaction rates (100%). Serious health problems are identified in around 5 - 10% of employees. The reduction in risks can be quantified in monetary terms for a collective after the second check-up.
2. why did you choose the InsurTech Europe powered by Plug and Play Accelerator Program of the InsurTech Hub Munich ?
The connection to the insurance industry is obvious. Insurers have to assess and manage risks over the course of a policy's life. In health insurance in particular, rising benefit costs lead to ongoing premium adjustments. We help with the recording and assessment of risk profiles and match these with suitable prevention offers. For example, for company health insurance, an employer-financed supplementary health insurance, we offer preventive services that come into the company. A win-win-win situation for employees, employers and insurers. The accelerator program enables us to explore such business models and collaborations in targeted discussions. Thanks to Plug and Play, also internationally. We also benefit from access to the investor network.
3. what opportunities does the Munich location offer you for your startup?
Greater Munich is home to a large number of companies from a wide range of industries. The best conditions for a B2B start-up. Short distances and a series of events enable us to get in touch with decision-makers in the companies. The Munich start-up ecosystem also offers more and more opportunities when it comes to acquiring financing. You can get in touch with many investors in a very short space of time. The universities in the region also give us good access to highly qualified employees.
4. where are we heading - where do you see yourselves and your startup in 5 years?
Bodylabs will play a fundamental role in the age of telemedicine. When a suitable doctor is available at the click of a button for every medical question, Bodylabs will provide the digital and local medical technology infrastructure. Doctors and patients will have access to up-to-date data. In 2023, we will have over half a million users in Germany and Europe. With the help of our data, we will have validated which preventive measure suits whom and which promises the best results.
5. what advice would you give other founders?
On days when things aren't going so well: go home to take your mind off things. Founding is a long-distance run and the mood can fluctuate between elation and depression within a short space of time. If founders always keep their business model in mind and pursue a concept to validate their model, a clear picture will eventually emerge from these short-term moods. It's a great feeling, but it can take a while for it to materialize.
6. what surprised you the most when you founded the company?
How much there is to learn before you really become an entrepreneur. Being a founder and entrepreneur is also a long education, which unfortunately no university can provide. After a few years, you're left scratching your head when you look back at your own start-up.
7. what do you want from politics/the location Germany and the framework conditions?
In order to ensure that its citizens receive medical care, the state must create many framework conditions. At the same time, it must provide sufficient space for new, innovative business ideas in the healthcare sector. They improve the health of citizens in the long term and ensure the competitiveness of the German healthcare industry. We hope that Germany can achieve this balance.
