Galytix, the generative artificial intelligence (gen AI) platform for the financial sector, and Foyer Global Health (FGH), 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 gen 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 each claim and make that decision. The choice of this solution is part of FGH’s long-term strategy of having a standardised data model and consolidated view on health data. The implementation with FGH is delivering decisions at a quicker pace and reducing the amount of time spent on gathering and processing data. It is also improving data quality.
Galytix CEO Raj Abrol said: “HealthX’s powerful generative AI capabilities 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.”
“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 of FGH. “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 are excited by the efficiency gains and risk insights we are already generating by leveraging AI at this early stage.”
This news comes after the recent prediction that the digital health market will be worth $549.7 billion by 2028.