Qantev and Instanda have collaborated on an end-to-end solution for life and health insurers that aims to combine policy administration with claims optimisation.
Qantev is an artificial intelligence (AI)-driven claims management platform for health and life insurance, while Instanda is a no-code policy administration platform operating in the global insurance market.
The firms say the partnership will enable insurers globally to rapidly launch new products, automate claims processes, and improve customer satisfaction through no-code technology and advanced AI.
They added that insurers will be able to:
- Launch new products rapidly, reach new customers and increase sales through flexible distribution
- Automate operational processes across the new business, communication, reporting and post sales insurance life cycle
- Leverage AI and machine learning to automate claims processes, data acquisition, policy and coverage checks, medical coding and consistency checks, and adjudication
- Increase the quality and accuracy of claims data through specialised optical character recognition (OCR), data extraction, cleaning and enrichment features, gaining valuable insights and analytics
- Reduce claims leakage through robust fraud, waste and abuse detection and network performance optimisation
- Improve customer satisfaction through faster claims processing
Tarik Dadi, CEO and founder of Qantev, said the combination would offer insurers a comprehensive solution that addresses front-end and back-end challenges.
“A perfect storm of increased costs, medical inflation, post-Covid backlogs, chronic diseases, an ageing population, and increased demand means healthcare insurers can no longer keep up with paperwork, jeopardising their profit margins,“ he said.
“By combining our claims AI expertise with Instanda’s no-code core insurance platform, we are setting a new standard for what is possible in reducing claims leakage, improving insurer’s loss ratios and elevating customer experience.
“This partnership is a step forward in our mission to enhance the performance of health and life insurers around the globe using cutting edge AI.”
Will Wood, director of life and health insurance at Instanda, added: “Instanda is delighted to partner with Qantev.
“The life and health insurance industry is a market that is overdue a technological revamp.
“Our combined technologies will empower insurers to grow revenue, streamline operations, reduce costs, and deliver exceptional customer experiences.“