• Xceedance, a global provider of digital transformation solutions, technology, and analytical services to the insurance industry, announced a Series A equity investment in Vitraya Technologies.
• Vitraya Technologies is an India-based technology platform that enables automated claims decision making for insurers and real-time payouts to providers.
• The platform uses AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers.
Xceedance Makes Series A Investment
Xceedance, a global provider of digital transformation solutions, technology, and analytical services to the insurance industry has made a Series A equity investment in Vitraya Technologies. This India-based technology platform is revolutionizing claims decision-making and settlements in health insurance.
Vitraya’s Holistic Solution
Vitraya’s holistic solution addresses the pain points of both hospital administrators and insurance companies by using AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers. This automation ensures easy claims documentation and filing with reduced errors as well as document & information completeness with minimal processing time for healthcare providers & insurance claims processors.
Benefits For Insurers & Providers
Healthcare systems utilizing solutions from Vitraya Technologies report reduced claims administration costs along with better process transparency & improved efficiency while insurers report reduced processing costs & lower fraud losses.
Investment Enabler For Vitraya
This strategic investment from Xceedance is an important enabler for Vitraya as it looks forward to making insurance claims processing efficient & fraud-proof across the world with Xceedance’s help.
Xceedance CEO Statement
Arun Balakrishnan (CEO at Xceedance) said “the work Vitraya Technologies is doing to enable claims decisioning & payments in health insurance is impressive” which made the decision to fund this organization at this stage an easy one. He also looks forward to being involved as Vitraya expands their services globally starting with Indian markets.