What we do: Essential Med (Pty) Ltd offers affordable medical insurance products in South Africa and specialises in healthcare cover ranging from day-to-day benefits and hospital plans to comprehensive cover. Essential Med’s strategic partners have been carefully selected to ensure the seamless delivery of quality products and services. The company offers value-for-money healthcare insurance that does not compromise on quality and is easily managed based on the unique needs of each family. Essential Med was established in 2005 and continues to grow year on year due to its agility and competitive pricing.
Ownership & Management: Essential Med was founded by a group of entrepreneurs and supported by Montegray Capital a private equity company formed by the former CEO of FNB, Michael Jordaan. The investment amount by Montegray Capital is undisclosed. Essential Med is a registered service provider and the company is managed by a strong management team that attracted funding from a private equity player in South Africa.
Key financial indicators: Not provided. Essential Med offers hospital plans as well as day-to-day plans for its customers for as low as R359 per month. The company has a good network of hospitals and health practitioners who can assist customers at their convenient times. The company is in the lower middle class segment and this population includes approximately 23 million South Africans. The healthcare sector in South Africa is complex with high barriers to entry, strict regulations and regulatory bodies.
Track record: The business model is built off the core vision of providing affordable medical insurance to the lower to middle income groups in South Africa. Essential Med allows its customers to choose the benefits they want and leave out the cover that is unwanted so as to not pay extra for unwanted services.
Contact details: Tel: (+27) 861 707 070 Email: firstname.lastname@example.org Address: Essential Group Building 2, Old Paardevlei Road, Somerset West, Cape Town, South Africa Website: www.essentialmed.co.za
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