Location

Noida, UP

Year Founded

2020

Sector

Healthcare Insurance

Seafund Entry

December 2024

SUBSector

AI based Analytics

cOINVESTORS

Equanimity

Company Overview

Consint has built a suite of products to prevent/mitigate fraudulent claims, streamline payment processes, identify and mitigate leakages in the healthcare ecosystem, offer actionable insights for SOP formulation and workflow automation using multimodal datasets, a proprietary rule engine and a ML based risk engine. The company is working with Insurance and hospitals across both India and Middle East, having processed over 20M claims.

PROBLEM STATEMENT

Insurance companies and hospitals face challenges such as claim leakage, document tampering and fraud, billing fraud, collusion in claim submission, policy non-adherence. Advancements in technology have enabled malignant agents to create complex frauds. Existing solutions are facing a challenge in handling and efficiently processing the current volumes of claims.

investment rationalE

India’s Gross Written Premiums (GWP) market crossed $130Bn last year. In 2023, the insurance fraud market in India accounted for $6- 10Bn worth of loses annually, with expected CAGR of 20%+. Consint is led by insurance industry veterans whose deep understanding of the problem and sales network/experience is enabling a healthy growing pipeline. They have secured recurring contracts with large players in India and MENA emphasizing the need for current product. The extensive database trained efficient models coupled with their multi modal forensics platform offer a IP which can set them apart from competition. Being a SaaS offering, the company has healthy financial margins.

FOUNDER BACKGROUND

Ashish Chaturvedi

CEO

Healthcare AI leader with 24 years of experience, has worked with notable companies including UnitedHealth Group (UHG), EXL, and DXC.

Swadeep Singh

CTO

Decade of experience working with large firms like United Health Group. Lead Global Analytics Team building AI and Analytical Solutions for 30+ domains, development of Enterprise Products, capability development with early adoption of Big Data, Cloud technologies and Graph Analytics at scale