Medi Assist becomes India’s first TPA to service healthcare premiums over Rs 10,000 Cr
The company has served over 4.5 crore policyholders across group and retail policies as of January 2022
Medi Assist Insurance TPA (Medi Assist) becomes India’s first Third Party Administrator (TPA) to service more than Rs 10,000 crores of the active group and retail healthcare premiums. The Rs 10,000 crore milestone excludes the premiums managed by Medi Assist for the government business where the company supports states and central government health schemes, managing over about seven crore lives separately.
Over the years, Medi Assist has relentlessly innovated to transform claims processing and member experience through superior technology and a well-trained and efficient workforce. The company’s web portal and mobile application simplify health benefits lifecycle management for members and corporate stakeholders. Claims submission, processing, tracking, and settlement are made via the web portal and mobile app.
The robust technology allows members to preauthorise approvals for cashless hospitalisation in under 45 minutes on average – a substantial reduction from 1.5 hours in FY-17. The company has invested significantly in Artificial Intelligence and Machine Learning to enable automated claims adjudication a reality and today boasts of having over 20 per cent of all claims being processed through the automated channel with a processing time of fewer than 10 minutes. Importantly, Medi Assist has also enabled key stakeholders like hospitals by providing them with a digital interface to connect with the TPA for speedy transmission of claims information thereby reducing the timeline for discharge.
The company has grown over 19 times in the number of lives they service in group and retail segments since FY-15. Additionally, Medi Assist with its strong fleet of 4,600+ employees & 29 insurer partners services over 8,500 + corporates across various industry segments in the country.
Commenting on the milestone, Satish Gidugu, CEO, Medi Assist said, “It gives me immense pride on how Medi Assist has positioned itself as an industry-leading partner in the manner we conduct our business whilst maintaining an elevated standard of customer service, despite transitioning to remote working for our employees. Given these challenging times, we’re all in, I am deeply impressed with the professionalism of our colleagues and the sustained focus on our partners, members, and customers, who in turn enabled us to deliver strong results for the full year.”
Medi Assist has been settling the health insurance claims of millions of Indian residents. The total number of policyholders benefiting from the health insurance premiums has grown from 1.24 crores to a whopping figure of 4.5 crores (2.6 times) since FY-15. As of January 2022, Medi Assist has settled around 41 lakh claims, crossing the figure of 30+ Lakh claims in 12 months of the previous financial year, these include domiciliary and COVID claims.
