Star Health to use AI for faster claim approvals
Star Health and Allied Insurance is aiming big: they want artificial intelligence to handle over 50% of their cashless insurance claims in the next two years (up from 20% now).
That's out of about 5,800 claims they deal with every day.
Most of these are already cashless, and even with the high numbers, they're sticking to approval deadlines.
AI to help in spotting fraud, keeping data safe
Star Health is set to nearly double its AI spending, going from ₹120 crore this year to ₹200 crore by FY27.
This isn't just for faster claim approvals; it's also about catching fraud and keeping data safe.
Their AI crunches two decades' worth of information and helps spot fraud; the director said industry fraud is estimated at around 7-8%.
The company's seeing solid growth in places like Andhra Pradesh
The company's seeing solid growth in places like Andhra Pradesh and Telangana, covering 24 lakh people with a premium collection of ₹1,990 crore so far this year (that's a 19% jump).
Plus, their claim settlement ratio has averaged a strong 85% over three years, showing they're expanding without letting service slip.