Wellx.ai, an insuretech based in the UAE, in partnership with INSTANDA, the leading customer and policy management platform for the insurance industry, have successfully launched a seamless, frictionless, fully digital health insurance experience that caters to individuals, families and SMEs.
The cutting-edge technological solutions provided by INSTANDA enabled rapid testing and product development, meaning Wellx.ai could build and take a complex product to market at speed. The INSTANDA platform also allows for changes and enhancements, all without writing a single line of code.
Tim Hardcastle, CEO & Founder of INSTANDA, comments: “Partnering with Wellx.ai has enabled us to modernize medical insurance and play an integral role in supporting the digital transformation of the insurance sector in the region. Together, our goal is to go beyond the typical traditional insurance solutions, combining the power of data, quick deployment and seamless integration to offer a new type of insurance experience that enables entities to digitally transform their insurance journeys instantly.”
Wellx.ai seeks to change how medical insurance is underwritten and consumed by bridging the gap between wellness and medical insurance. By utilising real-time activity and wellness data, Wellx.ai incentivises healthy behaviour and personalizes insurance premiums. Wellx.ai believes that in the future, companies will compete on the illness they are able to prevent, rather than cover, thus pioneering a new age of health insurance.
Vaibhav Kashyap, CoFounder & CEO of Wellx.ai: “The mandatory nature of medical insurance in the UAE and state of overall health of citizens and residents called for a new type of insurance. Wellx.ai exists to enable insurers to embrace their responsibility as a care partner. We must focus on preventing our customers from falling ill in the first place, instead of just picking up the cheque, by prioritizing prevention over financial indemnification”
“At Wellx.ai, we’re firm believers in the power INSTANDA affords underwriters and product owners. Allowing subject matter experts to build and augment their own insurance products at pace creates an environment that fosters innovation, flexibility and growth.”
This is second product distributed in the Middle East via the INSTANDA. The launch of Wellx.ai and INSTANDA’s continued focus on the region signals the growing importance of digital transformation in the UAE and demonstrates INSTANDA’s continued global expansion.
INSTANDA works with the leading carriers, MGAs and brokers in UK, Europe, North America, LATAM, Africa, Middle East and Australia. INSTANDA is the Insurance Industry’s first no-code business platform and allows insurers to break into new markets as well as overcome the drawbacks of legacy IT systems and embrace the benefits of digital transformation.
Converting the lethargic back office to an agile middle and front office with low upfront costs. Using INSTANDA, organisations can now think and act at the same speed, where rates, questions, documents, customer journeys can be amended in minutes and new products can be launched in days and weeks via the INSTANDA no code interface. ROI is delivered in months via dramatically reduced product manufacturing, underwriting and distribution costs with unrivalled customer experience.
Visit https://instanda.com/ for more information and follow us @instandaF2X on Twitter and INSTANDA on LinkedIn.
Headquartered in the UAE, Wellx.ai is the Middle East’s first wellness-backed InsureTech. Founded by Vaibhav Kashyap and Javed Akberali, Wellx.ai aims to disrupt the insurance landscape in the region by offering individuals, families, corporates and SMEs health insurance that incentivize engagement in various wellness activities such as gym visits, healthy eating, focusing on mental wellness, utilizing wearable tech, and much more. The company also uses cutting-edge data analytics tools to hyper personalize the insurance & wellness experience. Wellx.ai is a digital-first brand, where users can complete their insurance journeys online.
Visit https://wellxai.com/ for more information.