January 20, 2020
Vitraya’s proposal for “Centrally administered Auto Adjudication system” was recently approved by the Insurance Regulatory and Development Authority of India (IRDAI). Vitraya submitted this proposal in collaboration with Star Health and Allied Insurance. IRDAI received 173 proposals under the Regulatory Sandbox and approved 33 proposals across all categories. Vitraya’s proposal is amongst the 19 that were approved in the Health category.
The approval enables Vitraya to auto adjudicate Health claims & perform real time settlement with hospitals on behalf of the Insurer. This is a step forward in establishing Vitraya’s Policy Markup Language as a standard for the Health Insurance industry and an important milestone in the realization of Vitraya’s vision for real time claim settlements.