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As the world becomes more connected, travel and healthcare have become increasingly global. This presents a challenge for insurance companies who are tasked with paying for medical expenses that can crop up unexpectedly while traveling abroad. Payr, a London-based startup, has come up with an innovative solution to address this problem. In this Startup Showcase, we’ll take a closer look at how Payr is using blockchain and artificial intelligence to create a faster, safer, easier, and cheaper way for travel and health insurers to pay medical bills abroad.
A Fintech Disruptor in the Making
Payr is at the forefront of insurtech – the intersection between insurance and technology. By embracing disruptive technologies such as blockchain and artificial intelligence, Payr has created a fully integrated solution for the medical assistance and cost containment industry. Payr’s platform is designed to provide a seamless experience for both insurers and their clients. It enables insurers to save money on high fees charged by assistance providers, while also providing a faster and more transparent way to pay medical bills abroad. Underwriters and travel insurers can leverage this technology to assure they are providing the best possible service to their customers.
Providing a Global Network
Payr’s network of ground-agents in over 50 countries, and partnerships with over 5,000 hospitals worldwide, means that their solution is truly global. By holding funds in every country in their network, Payr can facilitate bill payments in more than 75 currencies across 120 countries. This means that insurers have access to a much larger network of medical providers around the world, while also ensuring that payments are made quickly and efficiently. This network is also set up to benefit providers and hospitals, who can receive payments directly in their local currency, without any exchange rate fees.
Successfully Tested in Beta
During beta testing from May to October 2018, Payr partnered with one insurance underwriter and provided cost containment for three travel insurance brands. The beta test proved to be a huge success with Payr processing over $1 million USD in medical bills and travel-related expenses, in 14 currencies, across 21 countries. This represents a significant milestone for the company, and sets a strong foundation for its future success.
The Future Looks Bright for Payr
As the world continues to become more connected, the demand for a more efficient and cost-effective way for travel and health insurers to pay medical bills abroad is only going to increase. Payr has come up with a solution that is not only innovative but also highly scalable. Their use of blockchain and artificial intelligence provides a level of transparency and security that has never been seen before in this industry. Payr’s early success during beta testing is a testament to the potential that their platform has, and we can expect to see more great things from this London-based startup in the future.
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