Medi Assist Insurance TPA Pvt Ltd has achieved a significant milestone by becoming the first third-party administrator (TPA) in India to manage more than INR 10,000 crore of active group and retail healthcare premiums. This milestone excludes the premiums overseen by Medi Assist for government-related business, where the company supports state and central government health schemes, managing over about 7 crore lives separately, as per the company’s statement.
Over the years, Medi Assist has been dedicated to innovation, transforming claims processing and member experience through advanced technology and a proficient workforce. The company’s web portal and mobile application streamline health benefits lifecycle management for both members and corporate stakeholders. Claims submission, processing, tracking, and settlement are seamlessly executed through the web portal and mobile app. The robust technology allows members to preauthorize approvals for cashless hospitalization in under 45 minutes on average—an impressive reduction from 1.5 hours in FY 2017. Medi Assist has significantly invested in Artificial Intelligence and Machine Learning, achieving over 20% of all claims being processed through the automated channel with a processing time of less than 10 minutes.
Crucially, the company has facilitated digital interfaces for key stakeholders like hospitals, enabling the swift transmission of claims information and reducing the discharge timeline. Over the years, Medi Assist has seen remarkable growth, servicing over 19 times more lives in group and retail segments since FY 2015. With a workforce of 4,600+ employees and 29 insurer partners, Medi Assist caters to over 8,500+ corporates across various industry segments in the country.
Commenting on this achievement, Mr. Satish Gidugu, CEO of Medi Assist, expressed pride in how the company has positioned itself as an industry-leading partner. Despite the challenges of transitioning to remote work, the company maintained high standards of customer service and achieved strong results for the full year.
Medi Assist has played a vital role in settling health insurance claims for millions of Indian residents. The total number of policyholders benefiting from health insurance premiums has grown significantly, from 1.24 crores to an impressive figure of 4.5 crores (2.6 times) since FY-15. As of January 2022, Medi Assist has settled around 41 lakh claims, including domiciliary and COVID claims, crossing the figure of 30+ lakh claims in the previous financial year.
The company attributes this achievement to the dedication and commitment of its employees, support from health insurance partners, group and retail policyholders, and other intermediaries, according to the press release.
