WORCESTER, Mass.–(BUSINESS WIRE)–Xceedance, a global provider of digital transformation solutions, technology, and analytical services to the insurance industry, today announced a Series A equity investment in Vitraya Technologies, an India-based technology platform that enables automated claims decision making for insurers and real-time payouts to providers. Xceedance, together with a consortium of investors, invested a total of $4.1 million into Vitraya at this stage.
Founded in India, Vitraya Technologies is revolutionizing claims decision-making and settlements 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 administration for insurers. The automation ensures easy claims documentation and filing, reduced errors, document and information completeness, and minimal processing time for healthcare providers and insurance claims processors. Healthcare systems utilizing solutions from Vitraya Technologies report reduced claims administration costs, better process transparency, and improved efficiency. Insurers report reduced processing costs and lower fraud losses.
“The work Vitraya Technologies is doing to enable claims decisioning 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.”
Xceedance provides strategic operations support, technology, and data services to drive efficiencies for insurance organizations worldwide. The company helps insurers launch products, implement intelligent technology, deploy advanced analytics, and achieve business process optimization. For more information, please visit www.xceedance.com.
Vitraya Technologies is building out a tech platform to enable automated, real-time payouts and claims settlements between hospitals/healthcare providers and insurers who offer health insurance products to consumers and businesses. The company was incorporated in Mohali, Punjab on 18th February 2019. For more information, please visit www.vitrayatech.com.
The William Mills Agency