Shares of Star Health rose on June 25 after the health insurer announced partnership with Medi Assists to "transform claims through AI and innovation".
"Star Health has entered into a strategic partnership with Medi Assist to adopt MAtrix, an advanced AI-powered claims platform. This collaboration is a significant step in Star Health’s ongoing claims transformation journey, focused on delivering faster settlements, better customer engagement, and technology-led service excellence. The partnership will help in identification and elimination of fraud and reduction in waste and abuse through AI tools," said the company in a stock exchange filing.
At 10:35 am on June 25, Star Health shares were trading 1% higher at Rs 432.5 apiece.
"The platform will help the Company strengthen its ability to manage rising claim volumes while maintaining speed, consistency, and transparency in its operations. As part of this transformation, Star Health Insurance is scaling up its digital capabilities to meet growing service expectations from hospitals, policyholders and regulators. The use of the platform introduces intelligent automation, reduces manual steps, and streamlines workflows, enabling stronger turnaround performance across the network," added the company.
Anand Roy, MD & CEO, Star Health and Allied Insurance said: “This marks a major step forward in strengthening our in-house claim management capabilities. This partnership is a key milestone in our journey to build a more agile and technology-driven claims ecosystem. Claims are at the heart of the insurance experience, and with Medi Assist’s platform, we are enhancing speed, accuracy, and consistency, while keeping a keen eye on fraud, waste and abuse. By reducing manual interventions and standardising processes, we aim to strengthen efficiency and reinforce trust with our policyholders. This along with other initiatives being undertaken at Star Health Insurance will ensure our focus remains on delivering transparent, reliable, and customer-first claims service that meets the evolving needs of the health insurance and healthcare landscape.”
Echoing this sentiment, Satish Gidugu, CEO, Medi Assist said, “We are excited to collaborate on this transformative journey. This partnership is set to redefine industry standards in technology-driven insurance operations, ensuring an exceptional Policyholder experience.”
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