HealthX will automate health insurance-related underwriting and claims processes, delivering lasting performance and productivity gains
LONDON, Jan. 23, 2024 /PRNewswire/ -- Galytix, the GenAI platform for the financial sector, and Foyer Global Health, the international health insurer for expatriates and companies, today announced a collaboration to implement HealthX, the digital health platform for insurers.
The International Private Medical Insurance (IPMI) market is built on data that changes significantly on a regular basis. HealthX uses generative AI to combine structured and unstructured data from multiple sources to produce insights, analytics and alerts that enhance business propositions, customer service, and performance. The range of services offered by HealthX will include portfolio analytics, claims alerts and processing, underwriting and repricing, and risk reporting.
Galytix recently went live with its HealthX platform with an initial focus on providing portfolio analytics and automating core claims processes for health risks. HealthX allows users to score claims within seconds, removing the need for an individual to read through each claim and make that decision. The choice of this solution is part of Foyer Global Health's long-term strategy of having a standardised data model and consolidated view on health data. The implementation with Foyer Global Health is delivering decisions at a quicker pace and reducing the amount of time spent on gathering and processing data from days to a few minutes. It is not only freeing up staff to focus on business growth, but also significantly improving the processing times and data quality.
"HealthX's powerful generative AI capabilites and easy interface, which take the form of a 'Health Agent', enable users to understand a topic faster, uncover new viewpoints and health insights, and get things done more easily," said Raj Abrol, CEO, Galytix. "Let's take a question like 'what are the high risk claims?' Normally, a user might break this question into smaller ones, sort through the vast information available, and start to piece things together. With Health Agent, users can get an answer by simply asking the question in plain English. It's like having an analyst on demand that automates routine work and increases productivity."
"It's difficult to imagine the sheer volume of data generated by health insurance policies, especially considering the various formats we receive it in," said François Jacquemin, CEO, Foyer Global Health. "This platform is fundamental to our growth as a business and will transform the way we work with health data by providing us a 'golden source of truth'. We're excited by the efficiency gains and risk insights we are already generating by leveraging AI at this early stage."
About Foyer Global Health
Foyer Global Health is the international health insurance and service provider for globally mobile people, backed by Luxembourg's number one insurer, Foyer S.A.. Foyer Global Health's plans are tailored to the needs of individuals and groups around the world and provides first-class coverage with comprehensive medical assistance and value-added health care services.
Additional information about Foyer Global Health can be found at https://www.foyerglobalhealth.com/
About Galytix
Galytix is a market-leading provider of a GenAI platform dedicated to serving financial institutions. Its GX platform provides access to the latest insights, analytics and alerts by algorithmically engineering structured and unstructured data into a connected data ecosystem. The company was founded in 2015 and has over 100 data scientists and data engineers in key markets around the world who serve leading financial companies.
For more information, visit www.galytix.com.
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