• Xceedance, a global provider of digital transformation solutions and technology, has made a Series A equity investment in Vitraya Technologies.
• Vitraya 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 in Vitraya
Xceedance, a global provider of digital transformation solutions, technology, and analytical services to the insurance industry recently announced a Series A equity investment in Vitraya Technologies. Founded in India, Vitraya Technologies is revolutionizing claims decision-making and settlements in health insurance by utilizing AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers.
Xceedance together with a consortium of investors invested a total of $4.1 million into Vitraya at this stage. This strategic investment from Xceedance is an important enabler for Vitraya as they look forward to making insurance claims processing efficient and fraud-proof across the world.
Benefits of Utilizing Solutions from Vitraya Technologies
Healthcare systems utilizing solutions from Vitraya Technologies report reduced claims administration costs, better process transparency, and improved efficiency. Insurers report reduced processing costs and lower fraud losses.
Statement from Arun Balakrishnan
Arun Balakrishnan (CEO at Xceedence) commented on the investment saying “The work Vitraya Technologies is doing to enable claims decisioning and payments in health insurance is impressive” expressing his excitement about being involved as the organization expands to serve larger segments of health insurance globally starting with the Indian Insurance industry firstly.
Xceedance provides strategic operations support, technology platforms & analytics services that help insurers become more agile & competitive by streamlining processes & increasing efficiency while also driving profitable growth & improving customer experience