Artivatic.AI, a subsidiary of D2C Consulting Services Private Limited, is making waves in the insurance sector by pioneering remarkably swift claim settlements, completing them within an unprecedented 20-30 minutes. This transformative capability is achieved through cutting-edge technologies and dynamic underwriting strategies, effectively streamlining the entire value chain. By significantly reducing turnaround times, Artivatic.AI’s SaaS-based, AI-driven platform has ushered in a new era of efficiency and convenience in claim processing across the industry, boasting a more than 90% reduction in settlement hours according to a recent press release.
The recent Master Circular issued by the Insurance Regulatory and Development Authority of India (IRDAI) underscores the importance of rapid claim processing. It mandates insurers to authorize cashless claims within one hour of receipt and ensure 100% cashless settlement within three hours. This directive aims to empower policyholders and foster inclusive growth in health insurance by leveraging digital mediums for seamless pre-authorization.
At the forefront of this revolution is Artivatic.AI’s proprietary claim settlement platform, Alfred. Engineered to address the complexities of the Indian insurance landscape, Alfred integrates advanced technology and data analytics to optimize real-time claim adjudication. By automating end-to-end processes, conducting thorough assessments, and facilitating precise decision-making, Alfred has emerged as a crucial tool for insurers and healthcare providers alike.
Layak Singh, CEO of Artivatic.AI, highlighted the platform’s pivotal role in meeting IRDAI’s stringent guidelines: “Our product is capable of settling claims in just 20-30 minutes, aligning perfectly with the regulatory emphasis on expedited claim processing. Alfred not only reduces turnaround times by 90% but also supports the industry’s mission of ‘Insurance for All 2047.'”
Singh further elaborated on the platform’s digital interface, which enhances transparency and efficiency by facilitating seamless information exchange and digital documentation between consumers and providers. The platform ensures secure processing of medical data through a single, fully digital gateway, promoting paperless operations in hospitals and thereby elevating service standards across the insurance sector.
Beyond expediting claim settlements, Artivatic.AI has pioneered advanced underwriting processes through its AI-driven platform, AUSIS. With over 2500 rules and parameters tailored to various underwriting guidelines, AUSIS leverages consumer behavior, lifestyle data, and medical history to offer personalized insurance solutions. This innovation not only supports seamless claim adjudication but also sets the stage for future advancements in risk assessment and consumer outreach.
The integration of IRDAI’s directives and innovations like Alfred marks a significant disruption in the insurance industry, promising a paradigm shift towards automated underwriting and rapid claim settlements. This evolution is poised to drive holistic growth and enhance consumer satisfaction, underscoring Artivatic.AI’s commitment to innovation and efficiency in the insurance sector.
In conclusion, Artivatic.AI’s transformative technologies are reshaping health insurance claim settlements, setting new benchmarks for speed, efficiency, and customer-centricity in the industry.
