08 Mar, 2022 | Weekly

Weekly Insurance Round-up Tuesday, March 8, 2022

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Hey there! ✋

We're back with the latest edition of Beshak's Weekly News Round-up 🗞️ - an analysis of all Insurance News & Updates, straight from our in-house research team! 🧐

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What's Inside? 📦

✴️ Medi Assist TPA to service healthcare premiums of over ₹10,000 Crore 💰

✴️ Health-tech startup ClaimBuddy raises $3 million 🤑

Medi Assist TPA to service healthcare premiums of over ₹10,000 Crore 💰

  • Medi Assist Insurance TPA Pvt. Ltd became India’s first third-party administrator to service more than ₹10,000 Crore of active group and retail healthcare premiums.
  • This milestone of ₹10,000 Crore excludes the premiums managed by Medi Assist for government-related business, where the company supports state and central government health schemes.
  • Through superior technology and a well-trained, efficient workforce, Medi Assist has changed the claims processing and member experience.
  • Their powerful technology allows members to pre-authorize approvals for cashless hospitalization within 45 minutes on average, a substantial reduction from 1.5 hours in FY-17. 
  • The company has enabled automated claims judgment and processed over 20% of the claims through the automated channel with a processing time of less than 10 minutes. 
  • Medi Assist has also enabled key stakeholders like hospitals by providing them a digital interface to connect with the TPA for speedy transmission of claims information, thereby reducing the timeline for discharge. 

Source: LiveMint

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Health-tech startup ClaimBuddy raises $3 million 🤑

  • ClaimBuddy, a health-tech startup, raised $3 million in a funding round that was co-led by Chiratae Ventures & Rebright Partners. The round saw participation from investors like Titan Capital & Relentless Ventures, including other private investors.
  • ClaimBuddy aims to become a one-stop solution for health insurance claims assistance for both patients and hospitals. 
  • It wants to build an ecosystem for hassle-free claim processing by leveraging technology and a set of simple yet powerful processes and operations. 
  • The startup provides a digital infrastructure to hospitals for their patients’ health insurance claims. The company is currently working with 120+ hospitals, and has processed claims of over 100 crores until now.

Source: The Economic Times

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