A first for the Asian market, addressing the health spends needs of over 200 million households.
Fedo, an AI driven Health- tech company, today announced the launch of India’s first-of-its kind ‘Health Savings Account’, called Fedo HSA, in collaboration with Asia’s largest neo bank Open.
With over 55 million households facing bankruptcy in India, due to hospitalization expenses, there is a very large and urgent need to simplify and bridge the financing gap between insurance policy coverage and hospitalization expenses. This would enhance the value proposition for insurers and banks alike, and more importantly addressing the needs of consumers, with empathy.
Fedo HSA aims to help people to prepare for the healthcare needs of tomorrow by making smart decisions about health care finances today. It will be offering a combined account that helps customers meet their required spends through a combination of smart savings, insurance, line of credit all bundled in a powerful savings account that comes with a health Credit/ Debit cards with rich health benefit features and rewards.
Commenting on the launch, Prasanth Madavana, CEO & Co-Founder at Fedo said, “The current healthcare spend solutions are scattered and unorganised. It’s a space dominated by savings, informal lending, crowdsourcing, to some extent insurance which creates delay and affordability issues for the vast majority of households. With the right mix of data and machine intelligence, Fedo HSA aims to provide a systematic way of planning for health needs based on predictable health risks and solve the financial crisis which impacts millions of families each year due to medical emergencies.’
Developed by a team having rich operational expertise in data science, lending and insurance, Fedo.ai has partnered with a wide spectrum of insurers, card issuers and banks to expand the network of Fedo HSA service. This development comes after the company successfully developed the proprietary Fedo score which helps insurance companies successfully underwrite its users and helps Fedo consumers understand how healthy they are.
Arun Mallavarapu, CTO& Co-Founder at Fedo said “We’re looking at this as an end-to-end solution that addresses healthcare access and affordability. Our goal is to not only transform the experience on the front-end for the customers, but also to streamline operational processes in the back end in ways that most providers aren’t thinking”
Anish Achuthan , CEO, OPEN, on the launch said that, “There is a dire need of transformation on the healthcare sector to address the issues with the rising healthcare costs and the aftermath of the pandemic. We are happy to be a part of Fedo HSA journey that has the potential to transform the industry by taking a personalised approach towards healthcare finance clubbed with incredible customer innovation by technology”
Through Fedo HSA, the company is confident of eliminating the hassles faced by consumers at the time of hospitalization, enabling insurers to enhance their value proposition and opening up new revenue streams for banks.