Xceedance, a global provider of digital transformation solutions, technology and analytical services to the insurance industryannounced today a series A share investment in Vitraya Technologies, an India-based technology platform that enables automated claims adjudication for insurers and real-time payments to providers. Xceedance, along with a consortium of investors, invested a total of $4.1 million in Vitraya at this stage.
Founded in India, Vitraya Technologies is revolutionizing decision making and settlement in health insurance. Its holistic solution addresses the pain points of both hospital administrators and insurance companies. The platform uses AI and blockchain technologies to automate payment integrity, medical coding and benefits management for insurance companies. The automation ensures simple claims documentation and submission, reduced errors, document and information completeness and minimal processing time for healthcare personnel and insurance claims adjusters. Healthcare systems using solutions from Vitraya Technologies report reduced claims management costs, better process transparency and improved efficiency. The insurance companies report reduced processing costs and lower fraud losses.
“The work Vitraya Technologies is doing to enable claims adjudication and payments in health insurance is impressive, making the decision to fund the organization at this early stage an easy one,” said Arun Balakrishnan, CEO of Xceedance. “At Xceedance, we have made several 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 sector.”
“This strategic investment by Xceedance is an important enabler for Vitraya,” said Mrinal Sinha, CEO of Vitraya, “Xceedance is a trusted name in the digital transformation of insurance. Working with Xceedance, we look forward to making insurance claims processing efficient and fraud-proof worldwide.”
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About Xceedance
Xceedance provides strategic operational support, technology and data services to increase efficiency for insurance organizations worldwide. The company helps insurance companies launch products, implement intelligent technology, deploy advanced analytics and achieve business process optimization. For more information, please visit www.xceedance.com.
About Vitraya
Vitraya Technologies is building out a technology platform to enable real-time automated payments and claim settlements between hospitals/healthcare services and insurance companies that offer health insurance products to consumers and businesses. The company was incorporated in Mohali, Punjab on 18 February 2019. For more information, please visit www.vitrayatech.com.
