Xceedance, a global provider of virtual transformation answers, technology, and analytical services to the insurance enterprise, these days introduced a series A fairness investment in Vitraya technology, an India-based totally technology platform that permits computerized claims decision-making for insurers and real-time payouts to vendors. Xceedance, together with a consortium of traders, invested a total of $4.1 million into Vitraya at this level.
founded in India, Vitraya technologies is revolutionizing claims decision-making and settlements in medical insurance. Its holistic solution addresses the pain points of both medical institution administrators and insurance corporations. The platform makes use of AI and blockchain technologies to automate price integrity, clinical coding, and blessings management for insurers. The automation guarantees smooth claims documentation and filing, decreased errors, file and statistics completeness, and minimum processing time for healthcare providers and coverage claims processors. Healthcare systems utilizing solutions from Vitraya technologies report reduced claims management prices, higher technique transparency, and progressed performance. Insurers document reduced processing costs and lower fraud losses.
“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,” said Arun Balakrishnan, chief executive officer at Xceedance. “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.”
“This strategic investment from Xceedance is an important enabler for Vitraya,” said Mrinal Sinha, chief executive officer at 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.”