Artivatic.AI, a player in the insurtech sector, has recently launched a full-stack, unified AI- and analytics-based platform called ALFRED in a bid to simplify tariff, risk and fraud management and to bring in automation into these arenas.
With this inclusion in their portfolio, Artivatic aims to provide end-to-end self-operating, and seamless access to health financing and claims pay-out process by leveraging analytics, the company said. The firm claims that this platform has a unique design with the foremost thought of not only reducing the burden on insurance industry incumbents but also health insurance buyers.
The COVID-19 pandemic and its impact made people realise the importance of health insurance coverage. While this has also led to an accelerated pace of digitalisation in the financial sector across the entire Asia-Pacific region, its impact can also be felt on the health insurance sector. There has been an apparent change in the overview of the need for health insurance as 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 $61 billion out of $91 billion was spent as out-of-pocket expenses.
The aim of the ALFRED platform is to build a cutting-edge personalised, digital, and automated platform that takes care of the entire gamut of claims pay-out pipeline, starting with claims filing, tracking, to final settlement using AI and ML, all in a bid to give users a future-ready experience. As a bonus, the carriers, TPAs, corporates, etc. too get to build better customer relationships and expand their base, while being in a better position to offer insightful analysis and recommendations by leveraging new-age analytics, the company said in a statement.
"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," said Layak Singh, co-Founder of Bengaluru-based Artivatic.
"If making the health claims' payment and settlement process simple and prompt is what your company is worried about, we say, leave it all to ALFRED. All you need to do is install this platform and forget all your worries pertaining to claims," he added.
This platform is the fourth unique AI-based future-ready solution unveiled by the Artivatic within a year. The first was a smart 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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