Qantev and INSTANDA Partner to Drive Digital Transformation

AI is redefining the insurance industry by enhancing fraud detection, reducing operational costs, automating claims processing and improving risk assessment. 

Now, Qantev and INSTANDA have announced a strategic partnership that will utilise advanced AI and no-code technology to support the health and life insurance industries.

The collaboration will set a new benchmark for digital transformation and help insurers adapt to the growing demand for digital experiences, aging populations and rising medical costs.  

Tarik Dadi, CEO & Founder of Qantev, explains: "By combining INSTANDA's agile product development, distribution and policy administration capabilities with Qantev's AI claims management features, we're offering insurers a comprehensive solution that addresses both front-end and back-end challenges.

“A perfect storm of increased costs, medical inflation, post-COVID backlogs, chronic diseases, an aging population, and increased demand means healthcare insurers can no longer keep up with paperwork, jeopardising their profit margins.

"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.”

The collaboration

The partnership between Qantev and INSTANDA will enhance innovation, efficiency and automation in the health and life insurance industry by providing insurers with an end-to-end solution that features claims optimisation and flexible policy administration.

As a result of this collaboration, insurers will access a wealth of abilities, such as:

• Automate operational processes across the insurance life cycle
• Use AI and ML to automate data acquisition, claims processes, medical coding & consistency checks, policy & coverage checks and adjudication
• Launch new products rapidly through flexible distribution 
• Minimise claims leakage through secure abuse & waste detection
• Faster claims processing to improve customer satisfaction
• Enhance the accuracy and quality of claims data through data extraction, OCR and enrichment features

How will AI transform insurance?

AI is redefining the boundaries of innovation in the health and life insurance industry by accelerating approvals, automating claims processing and minimising paperwork. 

Fraud detection algorithms help identify suspicious patterns to reduce financial losses and predictive analytics enhance risk assessment to enable more personalised pricing and coverage options.

Not only does OCR automate data extraction from medical records to improve accuracy and efficiency but AI-driven medical data analysis supports proactive health management solutions to reduce long-term costs. 

Organisations can craft a more seamless and efficient insurance experience by utilising the benefits of AI and end-to-end digital transformation to streamline claims filing, customer communications and policy management. 

The partnership between Qantev and INSTANDA will integrate AI-driven claims management with a no-code policy administration platform to allow insurers to optimise network performance, streamline operations and deliver more personalised customer experiences.

Will Wood, Director, Life and Health Insurance, INSTANDA, states, "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."

The impact on the health and life insurance industry

Qantev and INSTANDA’s partnership will drive automation, efficient and innovation and deliver several benefits to the health and insurance industry, including:

Faster Product Development & Market Expansion

• Insurers can develop and launch new insurance products, allowing them to respond to evolving customer needs and tap into new markets

Enhanced Claims Processing & Automation

• Qantav’s AI-powered claims management will automate medical coding & fraud detection, data acquisition & policy validation and claims adjudication & analytics to speed up claims approvals 

Reduced Claims Leakage & Fraud Prevention

• AI-driven fraud detection will help insurers optimise network performance and identify and mitigate fraud to prevent financial losses

Increased Profitability & Efficiency

• Insurers can reduce operational costs and enhance profitability by automating key processes and reducing administrative burdens 

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