Artivatic.AI launches ‘Alfred’ to automate health insurance claim process – Mint
Artivatic, an insurance tech firm, recently launched an unified AI- and analytics-based health claims automation platform called Alfred.
The company claims that it provides end-to-end self-operating access to health financing and claims pay-out process by leveraging analytics. The company believes that this platform was designed with the thought of lightening the burden on insurance industry incumbents and also health insurance buyers.
As per the press release, the COVID-19 pandemic and its overall effects has ensured that we will never underestimate the need for health insurance coverage ever again. It’s finally being considered a fundamental need as against the earlier thought that it’s just one kind of financial cover. However, the chief concern in health insurance continues to be how to process claims in a smooth, seamless and digital manner. Hence, in 2019, over USD 61 bn out of USD 91 bn was spent as out-of-pocket expenses, the note said.
The firm aims to build an automated platform that takes care of the entire gamut of claims pay-out pipeline—starting with claims filing, tracking to final settlement using AI, ML & Learning.
Layak Singh, Co-Founder of Artivatic said, “The health insurance sector is on a fast-track to an overall transformation; to ensure that this transformation is the rightful upgrade that the sector needs, we have created this analytics-based unified end-to-end, automated analytics and AI-led, health insurance tariff, fraud and risk management platform—ALFRED. With this singular platform, we have been able to simplify health insurance to the point that once the carriers’ and users’ profiles get activated on the provider network all steps flow seamlessly going forward.”
According to the press release, Artivatic is commited to transforming the entire bancassurance space, in India and everywhere, and has been making available offerings almost every month; Alfred is fourth. The first was an underwriting platform for better risk and fraud analysis called Ausis and then there’s the data analytics-led Employee Benefit and Group Health System called Aspire Health and the three-layered sales, marketing, agent, customer, and lead management platform called MiO.
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