With a PhD in applied economics and finance from Stanford University, Claire Tomkins carved a path in consumer finance before becoming an entrepreneur. Her inspiration for founding Future Family came from a deeply personal experience: navigating in vitro fertilization (IVF), a common journey for many Americans seeking to build their families.

Image Credit: Gina Risso. Claire Tomkins, founder and CEO of Future Family.

Addressing Financial Barriers in Fertility Treatments

Today, Tomkins is a mother of three, all conceived through IVF. As the CEO of Future Family, she leads a San Francisco-based startup focused on providing innovative solutions for financing fertility treatments. Many prospective patients face not only the emotional and physical strains of IVF but also the financial burdens; a single cycle can average between $15,000 and $20,000, with some exceeding $30,000, according to the U.S. Department of Health and Human Services.

“We clearly needed a financial product for family building for IVF,” says Tomkins.

Tomkins recognized the need for accessible financing options, stating, “You don’t typically buy your house in cash, or your car, or your education loan.” Future Family aims to change this narrative, offering payment plans for IVF that start at $300 per month and cover an array of treatment costs, from procedures to medications. They also provide egg freezing plans starting at $150 monthly, which include storage fees.

Innovative Insurance Products for Fertility

In a significant development, Future Family launched its insurance product, Orange Shield, which offers various coverage levels: $15,000 for one cycle, $30,000 for two cycles, and $50,000 for two cycles including medication. The typical cost involves a $3,000 initial payment followed by monthly payments of $999 for five months.

“Let’s try and address the financial rollercoaster so you can focus on your own emotional journey,” Tomkins emphasizes.

This insurance model comes with a “Baby or Your Money Back” guarantee: if IVF does not succeed after two attempts, patients can claim a refund. Tomkins explains that IVF’s improving success rates allowed her company to construct an actuarial model to underwrite the associated risks, despite initial skepticism from the insurance industry.

From Concept to Reality

After identifying a market gap in IVF insurance, Future Family faced challenges in defining their policy structure. Tomkins notes, “We built a multi-disbursement product in fertility financing,” which involves managing payments directly to clinics and pharmacies on behalf of patients. The entire product development phase took 18 months, culminating in securing backing from a multi-billion-dollar reinsurance firm.

A Growing Impact on Fertility Conversations

Since its inception in 2016, Future Family has successfully provided over $200 million in financing and served more than 10,000 patients. Recently, the company announced a $400 million financing initiative from Clear Haven Capital Management to enhance its lending capabilities.

“I’m very excited to see that we’re having more national conversations around IVF,” remarks Tomkins, emphasizing the growing acceptance of IVF as a mainstream option for family building. “It’s companies like ours, alongside additional support at various policy levels, that will ensure access to affordable fertility care for everyone.”

This profile is part of our ongoing Women Entrepreneur® series, which showcases the journeys and achievements of female business leaders.