Gurugram-Based ClaimBuddy Partners Apollo Hospitals to Offer Efficient Insurance Claim Processing

Patients can navigate the complexities of health insurance reimbursement with ease with ClaimBuddy's expertise in health insurance.

ClaimBuddy, a Gurugram-based startup specialising in health insurance, has forged a partnership with Apollo Hospitals to streamline insurance claims processing and enhance insurance desk management.

This collaboration aims to deliver a seamless experience for healthcare providers and policyholders alike. ClaimBuddy's expertise in health insurance is set to expedite claim approvals, reduce administrative overheads, and ensure a hassle-free experience for patients navigating the complexities of health insurance reimbursement.

Sharing thoughts, Khet Singh, cofounder, ClaimBuddy, said, "We are dedicated to delivering a more efficient and transparent claim processing and healthcare financing ecosystem.” The partnership signifies a shared commitment to improving the overall healthcare ecosystem by leveraging advanced solutions.

Shared Commitment to Healthcare Excellence

Asserting the commitment to superior healthcare, Srinivas, senior manager of revenue assurance at Apollo Hospitals, noted that the collaboration complements Apollo Hospitals' commitment to excellence, reinforcing the importance of this partnership.

"Our commitment is unwavering in delivering an exceptional healthcare experience with a primary focus on providing high-quality patient care. This collaboration seamlessly aligns with our vision to enhance the overall standard of healthcare services," he added.

Founded in 2020 by Khet Singh and Ajit Patel, ClaimBuddy aspires to be a one-stop solution for health insurance claim assistance. Their approach involves leveraging technology and straightforward processes to ensure hassle-free insurance claim processing for patients and hospitals.

Previously, in 2022, the startup raised $3 million (INR 21Cr) in a Pre-Series A investment round. The round was co-led by Chiratae Ventures & Rebright Partners. Existing investors such as Titan Capital & Relentless Ventures, including other private investors, also participated in the round. The funding injection was expected to further propel the startup's initiatives, particularly with regard to seamless claim assistance.

India’s Lucrative Health Coverage Landscape

In a related development, PayNearby, a prominent branchless banking and digital network, teamed up with Star Health and Allied Insurance to bolster health coverage in India. This collaboration focuses on providing accessible and affordable health insurance to the semi-urban and rural population.

This strategic alliance utilises PayNearby's extensive Distribution-as-a-Service (DaaS) network, covering over 22,000 pin codes. Customers can now purchase tailored insurance products from Star Health at local retail stores, facilitated by trusted retailers. The collaboration also offers innovative health insurance options, including Group Personal Accident and HospiCash policies.

Meanwhile, Narayana Health, a leading hospital chain, has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to establish its wholly-owned subsidiary, Narayana Health Insurance Limited. This move allows the healthcare provider to diversify its operations into the health insurance sector, contributing to India's growing landscape of health insurers.

In a broader context, last year, India announced the National Health Claims Exchange (NHCX). Spearheaded by the National Health Authority (NHA), this digital platform is expected to significantly reduce the time and expenses involved in insurance claim processing, streamlining the often cumbersome process.

Additionally, in December 2023, Indira IVF, the largest network of infertility treatment hospitals in India, also entered the insurance domain by partnering with SafeTree, a leading insurtech player.

Together, they have launched India's first insurance to support couples with infertility. This innovative insurance offers proactive support for the first 24 months with medical, dietary, and psychological consultations, aiming to help couples under the age of 35 conceive naturally.