Foyer Global Health Partners Galytix to Implement Digital Health Platform ‘HealthX’

As per the collaboration, Foyer Global Health has already started leveraging the AI platform to establish a uniform data model and consolidated view of health data.

International health insurers for expatriates and companies, Foyer Global Health and the GenAI platform for the financial sector, Galytix have joined hands to implement Galytix’s digital health platform, HealthX for insurers.

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.

As per the collaboration, Foyer Global Health has already started leveraging the AI platform to establish a uniform data model and consolidated view of health data.

This approach enables the company to expedite decision-making processes and enhance the quality of data processing. Simultaneously, Galytix stands to benefit by expanding its customer base and increasing its revenue.

François Jacquemin, CEO, Foyer Global Health, said, “It’s difficult to imagine the sheer volume of data generated by health insurance policies, especially considering the various formats we receive it in. This platform is fundamental to our growth as a business and will transform the way we work with health data by providing us with a ‘golden source of truth’.”

HealthX Transforming Health Insurance Solution

The International Private Medical Insurance (IPMI) market is built on data that changes significantly on a regular basis. Galytix recently went live with its HealthX platform with an initial focus on providing portfolio analytics and automating core claims processes for health risks.

Currently, the AI platform automates health insurance-related underwriting, portfolio analytics, claims alerts, repricing, and risk reporting, delivering lasting performance and productivity gains.

Moreover, HealthX allows users to score claims within seconds, removing the need for an individual to read through each claim and make that decision.

The strategic move is a part of Foyer Global Health’s long-term strategy of expanding its business along with significantly improving the processing times and data quality.

Emphasing the benefits of the AI platform, Raj Abrol, CEO, Galytix, 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.”

Founded in 2015, 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 has over 100 data scientists and data engineers in key markets around the world who serve leading financial companies.

Foyer Global Health, on the other hand, is the international health insurance and service provider for globally mobile people. Foyer Global Health’s plans are tailored to the needs of individuals and groups around the world and provide first-class coverage with comprehensive medical assistance and value-added healthcare services.

Efforts to Streamline Insurance Claims

In October, NHA announced the launch of the National Health Claims Exchange (NHCX) to streamline the often cumbersome process of health insurance claims. With the NHCX, a single streamlined gateway replaces multiple software platforms. This digital platform aims to significantly reduce the time and expenses involved in insurance claim processing.

The impending launch of NHCX is expected to potentially transform India's insurance landscape, facilitating a surge in insurance penetration and simplifying the claims process for the benefit of patients, hospitals, and insurance companies.

Days back, ClaimBuddy partnered 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.

Moreover, ClaimBuddy's expertise in health insurance assists to expedite claim approvals, reduce administrative overheads, and ensure a hassle-free experience for patients navigating the complexities of health insurance reimbursement.