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 Entrepreneurship Project

LUMIATA PREDICTIVE ANALYTICS PLATFORM

FOR HEALTH INSURANCE COMPANIES

Nagham Ojeil
M00850851

Module: MBS4816 - Business Transformation Project Dubai 2023

ABOUT THE PROJECT
PROPOSED BUSINESS
AIM & OBJECTIVES

• The goal is to transform healthcare in the UAE and beyond using innovative technology
• The aim is to improve patient outcomes and optimize healthcare management with their predictive
analytics platform
MARKET ANALYSIS
HEALTH INSURANCE MARKET ANALYSIS

• Healthcare insurance demand in the UAE is rising due to population growth,

post-COVID-19 awareness, and government initiatives (The World Bank,
2022).

• UAE healthcare insurance enrollment grows annually at 8% due to a

preference for comprehensive coverage (Modor Intelligence, 2022).

• Newcomers like startups, insurtech firms, and tech giants intensify

competition and spur innovation in UAE's insurance sector (Sadaqat, 2022).

• Post-COVID-19 consumer trends include a demand for personalized plans,

flexibility, broad network coverage, and added services (International Trade
Administration, 2022).

• Global health insurance demand rises due to increased healthcare costs,

disease prevalence, health awareness, and better healthcare infrastructure
(BUSINESS WIRE, 2021).
 PESTEL ANALYSIS

P E S T E L
Economic Growth and Environmental Insurance Laws &
Government Regulations Population Demographics Digital Transformation
Stability Sustainability Regulations
Healthcare Awareness & Mandatory Health
Regulatory Compliance Employment Landscape AI & ML Public Health Concerns
Education Insurance
Public-Private Healthcare Expenditure Telemedicine and Remote Data Privacy &
Cultural Considerations
Partnerships and Cost Trends Healthcare Confidentiality
Government Healthcare Perception of Digital Health Monitoring
National Health Strategy
Expenditure Health and Technology Devices and Wearables
Electronic Health Records
International Relations & Changing Lifestyles &
Workforce Transformation (EHRs) and Data
Trade Agreements Health Behaviors
Interoperability

Social Support Systems Block chain Technology

Cultural Diversity &

Expatriate Population
COMPETITORS’ ANALYSIS

Population Demographics Digital Transformation Environmental Sustainability Insurance Laws & Regulations

Healthcare Awareness & Education AI & ML Public Health Concerns Mandatory Health Insurance

Cultural Considerations Telemedicine and Remote Healthcare Data Privacy & Confidentiality

Perception of Digital Health and Health Monitoring Devices and

Technology Wearables

Electronic Health Records (EHRs) and

Changing Lifestyles & Health Behaviors
Data Interoperability
SWOT ANALYSIS

S W O T
AI & Machine Learning Data Privacy Enhancing Risk Management
Ethical Questions
at the Forefront & Security Concerns & Patient Outcomes
Challenges in Implementing Healthcare's Digital
Analyzing Big Data Healthcare Analytics Market
Lumiata's Platform Transformation Journey
Complying with Stringent
Strategic Partnerships Expanding Presence in UAE COVID-19 Effect
Regulatory Frameworks
Expert Team Cost Considerations Access to Valuable Data Shaping Predictive Analytics
UAE Government's Push
Tailored Solutions Overcoming Resistance Rapid Emerging Technologies
for Healthcare Innovation
Data Integrity Quality Insights Expanding Horizons Resistance or Limited Adoption
& Security
Enhancing Risk Management
Cost Reductions & Patient Outcomes
 PORTER’S FIVE FORCES
Bargaining Power of Suppliers
Threat of New Entrants
Moderate
Low
Lumiata relies on healthcare data sources, and
High Initial Investment in technology negotiating data access agreements may impact
and data infrastructure its costs
COMPETITIVE RIVALRY
Healthcare and data privacy regulations Moderate Suppliers of technology components may have
some bargaining power, but alternatives may
Competition from existing local & international exist
players

Differentiation ability through innovation, data quality,

and customer service

Threat of Substitutes The overall growth rate of the predictive analytics market Bargaining Power of Buyers
Low to Moderate in the UAE will influence the intensity of rivalry Moderate to High
Lumiata's specialized predictive analytics services Healthcare Providers
for healthcare may have few direct substitutes
Insurance companies may negotiate pricing and
Substitutes could include in-house analytics terms based on their purchasing volume
solutions, but they may lack Lumiata's expertise
and resources. High buyer switching costs
QUANTITATIVE & QUALITATIVE
RESEARCH
RESEARCH METHODS

A mixed-methods research provides a more comprehensive understanding of the research.

Primary Research
Online Survey
o 60 Respondents
In-depth Interview with healthcare providers
o 4 Interviewees

In-depth Interview with health insurance companies

o 4 Interviewees

Main Limitations: Time constraints and late replies

SURVEY FINDINGS

Insurance Coverage Level of Satisfaction

Familiarity with Predictive Analytics Willingness to Share Health History

SURVEY FINDINGS

Factors Influencing Purchase Decision

INTERVIEWS INSIGHTS

Health Insurance Company Interviews

Challenges in managing chronic diseases

Lumiata's Advantages

Data Privacy and Regulatory Compliance

Collaborative Approach

Need for Further Research

INTERVIEWS INSIGHTS

Healthcare Providers Interviews

Urgent need for solutions to tackle challenges

and gaps in chronic disease management

Lumiata's Promising Features

Data Privacy and Integration

Collaboration Potential
OPERATIONAL PLAN
RESOURCE ALLOCATION

Financial Human Technological

• Research and Development • Data Scientists and AI Specialists • Cloud Infrastructure

• Marketing and Promotion • Software Developers and • Data Analytics Tools
• Training and Support Engineers • Application Development
• Technological Infrastructure • Sales and Marketing Team Platforms
TECHNOLOGY INTEGRATION

• Collaboration with the health insurance companies' IT Teams to

integrate of Lumiata's platform
• Conducting testing and quality assurance
• Implementing continuous monitoring and alert systems
• Implementing training program for health insurance company staff
RISK MANAGEMENT

Type of Risk Level of Risk

Data Security and Privacy Risks High

Integration Challenges Medium
Regulatory Compliance High
Resistance to Change Medium
Scalability and Performance Medium
Competitor Challenges Medium
Financial Risks Medium
LOGISTIC PLAN

• Operational details • User-friendly platform

• Funding for growth • Data privacy
• Strong management team • Talent acquisition
• Robust IT infrastructure • Customer satisfaction
MARKETING PLAN
 STP STRATEGY
Segmentation Targeting Positioning

A valuable asset in transforming chronic disease

• Type: healthcare insurance companies • Primary Target Market:
management and enhancing the overall
• Size: Medium to large-sized o Healthcare Insurance Companies
healthcare industry. Through the enhancement
• Location: Based in Dubai, Abu Dhabi,
of healthcare outcomes, cost reduction, and
Sharjah , and Al Ain • Secondary Target Market:
improved patient experiences, Lumiata strives
• Technology Adoption: Willingness to o Healthcare Providers & Organizations
to play a pivotal role in constructing a
embrace technological advancements and o Pharmaceutical Companies
sustainable and efficient healthcare system in
data-driven decision-making and prioritize o Healthcare Technology Companies
the UAE and beyond.
technological innovation and seek to o Government and Healthcare Regulators
improve their risk assessment and cost
management through advanced analytics.
• Data Utilization: Established data
infrastructure and significant data volumes
• Market Growth: Experiencing growth and
seeking innovative solutions to gain a
competitive edge.
 MARKETING MIX
PRODUCT FEATURES

Lumiata Predictive Scalability & Support Channels

Analytics Platform Flexibility
Featuring advanced The platform is Offering accessible
AI-driven predictive designed to support channels,
analytics for early accommodate varying including online
detection, healthcare helpdesks and
personalized organizations' sizes dedicated customer
interventions, and and complexities, service
improved chronic enabling seamless representatives, to
disease management. integration with address any queries or
existing healthcare technical issues
systems and health promptly.
records.
MARKETING MIX
PRODUCT FUNCTIONING
 MARKETING MIX

PRICE
Component Cost ($) Percentage Description

Covers the licensing of the software itself (the core

Software 30,000 49% predictive analytics algorithms, data processing
capabilities, and user interface).
Hardware 5,000 8%
Includes data integration, configuration, and
Model Installation/Implementation 8,000 13%
customization to match the client's requirements.
Maintenance and Repair Costs 7,000 11% Covers regular updates, bug fixes, and technical support.
includes both initial training during implementation and
Training 6,000 10% ongoing training to help users maximize the benefits of
the software.
Includes additional customization, data migration, or
Other Direct Costs 5,000 8%
specific integrations required by the client.
 MARKETING MIX

PLACE

Physical offices will be available to facilitate direct interactions with clients, offering:

Support Services
Demonstration Training
Training
 MARKETING MIX

PROMOTION

Webinars and Demos Press Releases and Media Coverage

Targeted Email Campaigns Hoarding

Social Media Presence Customer Testimonials

Collaborative Partnerships Client Onboarding Support

Billboards Limited-Time Offers

MARKETING MIX

PROMOTION
 MARKETING MIX

PEOPLE

• Employing a team of skilled data scientists and engineers to continuously

enhance the predictive algorithms and ensure accurate analysis.

• Assembling a dedicated customer support team to provide personalized

assistance to healthcare providers and insurance companies.
MARKETING MIX

PROCESS
 MARKETING MIX

PHYSICAL
PHYSICALEVIDENCE
EVIDENCE
• Platform Interface
• Data Visualization
• Case Studies and Success Stories
• Training Materials
• Office and Physical Spaces
• Branding Materials
• Awards and Recognitions
UNIQUE SELLING PREPOSITION

Personalized
Medicine
Solutions
Comprehensi
Advanced
ve Chronic
Predictive
Disease
Analytics
Management

USP
Seamless
Real-Time
Integration
Monitoring &
with Existing
Intervention
Systems
Cost-
Effectiveness
FINANCIAL PLAN
PROFIT & LOSS STATEMENT
Lumiata Predictive Analytics Profit & Loss Statement (AED)
Description Y1 Y2 Y3 Y4 Y5
Revenue 895,480 1,790,960 3,358,050 4,477,400 5,596,750
Cost of Goods Sold

Model Installation/Implementation 73,400 146,800 275,250 367,000 275,250

Maintenance and Repair Costs 58,720 117,440 220,200 293,600 220,200
Training 7,340 29,360 58,720 110,100 146,800
Other Direct Costs 3,670 14,680 29,360 55,050 73,400
Total COGS 143,130 308,280 583,530 825,750 715,650
Gross Profit 752,350 1,482,680 2,774,520 3,651,650 4,881,100
Operating Expenses
Administrative Expenses 134,322 268,644 503,708 671,610 839,513
Employee Salaries 420,000 428,610 437,397 446,363 455,514
Marketing and Advertising Expenses 463,400 472,900 482,594 492,487 502,583
Training and Development 40,000 10,000 10,000 10,000 10,000
Other Expenses 35,000 44,485 56,540 71,863 91,338
Total Operating Expenses 1,092,722 1,224,639 1,490,239 1,692,323 1,898,947
EBIT -340,372 258,041 1,284,281 1,959,327 2,982,153
Taxes (9%) -30,633 23,224 115,585 176,339 268,394
Net Profit -309,739 234,818 1,168,696 1,782,987 2,713,759
CASHFLOW STATEMENT

Lumiata Predictive Analytics Cash Flow (AED)

Description Y1 Y2 Y3 Y4 Y5
Opening Cash -1,539,779 -420,771 -281,450 1,586,361 4,371,438
Inflow
Cash Invested by Owner and Repaid 100,000 0 0 0 0
Cash Repaid to Owner 100,000 0 0 0 0
Cash Received from Customers 895,480 1,790,960 3,358,050 4,477,400 5,596,750
Cash Received from Bank Loan (4.5%) 719,890 0 0 0 0
Cash Raised from Venture Capital 719,890
Total Inflow 2,335,259 1,790,960 3,358,050 4,477,400 5,596,750
Outflow
Operating Costs 1,092,722 1,224,639 1,490,239 1,692,323 1,898,947
Cash Loan Payment (4.5%) 32,390 32,390 32,390 32,390 32,390
Tax -30,633 23,224 115,585 176,339 268,394
Total Outflow 1,094,479 1,280,253 1,638,214 1,901,053 2,199,731
Net Balance for Year 1,240,780 510,707 1,719,836 2,576,347 3,397,019
Cash Balance Carried Forward -298,999 89,936 1,438,386 4,162,708 7,768,457
BREAKEVEN POINT
Lumiata Predictive Analytics Breakeven Point (AED)
Description Y1 Y2 Y3 Y4 Y5

Fixed Costs 1,092,722 1,224,639 1,490,239 1,692,323 1,898,947

Gross Margin % 84% 83% 83% 82% 87%

Breakeven Point 1,300,606 1,479,267 1,803,662 2,075,010 2,177,364

BREAKEVEN POINT
2,500,000

2,000,000

1,500,000

1,000,000

500,000

0
1 2 3 4 5
CONCLUSION
ACTION PLAN

Platform
Project Initiation Implementation
Month 1 - 2 Month 5 - 12

Detailed Planning
Month 3 - 4
CONCLUSION

• The strategic approach and financial outlook indicate a promising future

in transforming healthcare through data-driven solutions and AI.
• The company is poised to have a significant impact on patient care and
healthcare operations in the UAE and beyond as it continues to
innovate and expand.
RECOMMENDATIONS
• Expanding into international markets
• Sustaining its commendable commitment to research and
development, investing in the enhancement of AI algorithms and
predictive models
• Maintaining customer-centric approach
• Proactively cultivating strategic alliances with key industry
stakeholders
• Maintaining a dedication to data security and privacy by regularly
updating encryption protocols, access controls, and staying vigilant
about changes in data protection laws to ensure strict compliance.
THANK YOU