Weekly Insurance Round-up Tuesday, March 8, 2022
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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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- 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.
- 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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