Re/insurance service provider Xceedance, together with a consortium of investors, has invested a total of $4.1 million in Vitraya Technologies, an India-based technology platform that enables automated claims decision-making for insurers and real-time payouts to providers.
Arun Balakrishnan, CEO at Xceedance, commented, “The work Vitraya Technologies is doing to enable claims decisions and payments in health insurance is impressive, making the decision to fund the organization at this early stage an easy one.
“At Xceedance, we have made multiple investments in innovative insurtech organizations across global insurtech markets, but this is the first time we have targeted an India-based company.
“I look forward to being involved as Vitraya expands to serve larger segments of health insurance globally, starting with the Indian insurance and healthcare markets.”
Vitraya uses AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers.
According to Vitraya, the automation ensures easy claims documentation and filing, reduced errors, and document and information completeness, and minimises processing time for healthcare providers and insurance claims processors.
The firm states that healthcare systems utilising its solutions have reported reduced claims administration costs, better process transparency, and improved efficiency, while insurers report reduced processing costs and lower fraud losses.
Mrinal Sinha, CEO at Vitraya, said, “This strategic investment from Xceedance is an important enabler for Vitraya.
“Xceedance is a trusted name in the digital transformation of insurance. Working together with Xceedance, we look forward to making insurance claims processing efficient and fraud-proof across the world.”
