Is a 30-minute health insurance claim settlement possible? Artivatic.AI says yes

Artivatic.AI (Part of D2C Consulting Services Private Limited) is not just revolutionising, but reshaping the insurance industry with its pioneering rapid claim settlements within 20-30 minutes. By leveraging advanced technologies and dynamic underwriting, the company’s streamlined value chain has not just accelerated processes, but also significantly reduced turnaround times for claim settlements. Artivatic.AI’s SaaS-based, AI-driven platform has been simplifying and automating claim processing requirements across the industry, leading to a more than 90% reduction in claim settlement hours, per the press release.
 
The recent Master Circular by IRDAI which signifies the requirement for insurers to decide on cashless claim authorisation within one hour of receiving a request, and to ensure 100% cashless claim settlement within three hours (as one of its key components), is a masterstroke towards empowering policyholders and bringing in inclusive health insurance growth. Insurers also have to provide pre-authorization to the policyholder using digital mediums.
 
Artivatic.AI’s claim settlement platform, Alfred, is a game-changer in the industry. It has been specifically designed to tackle the claim settlement challenges in the country, creating a comprehensive 360-degree health ecosystem by leveraging technology and data to revolutionize real-time claim processes. Alfred ensures faster settlements through end-to-end claim automation, thorough assessment, and precise decision-making, making it a vital tool for insurers and healthcare providers.
 
Layak Singh, CEO, Artivatic said, “We had developed a product capable of settling claims within just 20-30 minutes. This now aligns perfectly with the new Master Circular of IRDAI, emphasising on the need for faster claim processing within the industry. Artivatic.AI’s claim settlement engine, Alfred, has been specifically designed to tackle the complexities of claim settlement within the insurance industry. This innovative product is already successfully reducing the turnaround time for claim settlements by 90%; and we view this as a significant step towards helping the government and the industry achieve its- Insurance for All 2047 vision.”
 
“Our platform utilizes a digital interface to simplify, accelerate, and standardise the claim settlement process by enabling seamless information and digital document exchange between consumers and providers. Claim settlements are processed through a single, fully digital gateway, ensuring all medical information is encrypted and secure. Additionally, our electronic medical records initiative is encouraging hospitals to go paperless, thereby enhancing service quality across the insurance sector,” Singh further added.
 
Artivatic.AI has also been enabling advanced underwriting processes. Through its AI driven platform, AUSIS, Artivatic.AI has created over 2500 rules, sub-rules and parameters to adhere to the multiple underwriting guidelines and offer the most suitable insurance product, based on consumer behaviour, their lifestyle, past medical history, insurance risk scores. The implementation of advanced underwriting has laid the groundwork for a seamless claim settlement process, per the press release.
 
Over time, patients and their families have suffered due to delayed claim settlements, facing financial strain and delayed treatments. With IRDAI's guidelines and innovations like Alfred, there will be massive disruption in the industry. Beyond regular transactions and insurance solutions, the industry will quickly move towards automating risk underwriting and claim settlements, which will pave the next wave of holistic growth and consumer outreach, per the press release.