Fedo has designed a synthetic intelligence/machine studying engine that helps insurance coverage suppliers automate underwriting within the health and life insurance sector. It assesses insurance coverage seekers’ profiles and offers them a ‘Fedo Rating,’ a proprietary well being rating developed by medical professionals and information scientists, the corporate says.
The corporate, which counts Sachin Bansal-backed CoCo General Insurance amongst its purchasers, mentioned it’s launching an image-based underwriting platform this 12 months, which might allow insurance coverage onboarding in lower than 60 seconds. It can utilise the funds for getting into Australia and Southeast Asia this 12 months.
“With the usage of our tech, we may also help insurance coverage firms recommend higher and extra appropriate merchandise to candidates which is able to profit each the stakeholders relating to processing claims. The thought is to deal with all of the gaps that at the moment exist within the insurance coverage journey of a person and the businesses and use tech to automate the lacking hyperlinks,” Prasanth Madavana, cofounder and CEO of Fedo, mentioned.
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