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who we are
Kirontech is a machine learning company aiming to digitalize the field of health insurance. Our virtual insurance platform will help insurers boost their efficiency – and their bottom line – by providing state of the art AI-based technology for automatizing key aspects of the business, including detection of fraud waste and abuse, pricing of adherent risk and evaluating healthcare providers.
Kirontech has developed, based on its proprietary machine learning technology, a virtual insurance platform for health insurance companies. The platform provides a wide spectrum of tools for insurance companies and third party administrators (TPA) to strengthen and modernise their operations while cutting costs. The key features of the platform include:
- Underwriting – risk analysis and prediction of possible losses
- Policy pricing
- Data enrichment
- FWA detection – detection of potential cases of fraud, waste or abuse
- Provider network selection – analysis of cost/performance and best-value-for-money of different healthcare professionals/providers/networks.
The platform is offered as a cloud-based service available through a user-friendly interface and it works on the basis of anonymized data.
Different from other, rule-based solutions, our system automatically detects patterns in the data for the attention of insurers. The system continuously evolves through reinforcement learning. It also takes into account differing demographics and geographies, e.g. risk profiles and FWA schemes differ by country and even by state. Our system adapts to such variability by analysing “local data”: data from Texas is not used to understand FWA or price risk in Hong Kong!
Health insurers benefit through:
- Lower administrative costs
- Better underwriting and hence lower loss ratio
- Better reporting and business intelligence for management
- Better selection of provider networks
- Significantly superior data acquisition and retrieval.
- Better detection of cases of FWA (In the US alone, healthcare fraud, waste and abuse cost insurers $84 billion per year.)
Consumers benefit through better recommendations on healthcare providers, taking both price and quality into account.
what we are looking for
We are looking for investors and healthcare providers interested in using health data to transform the way they work.