Equanimity invests in AI-based fraud and risk management platform for healthcare and insurance providers
We are thrilled to announce an investment in Consint.ai, it is a revolutionizing platform for fraud and risk management, in the rapidly growing healthcare and insurance sector across emerging markets. It has been founded by Ashish Chaturvedi who has deep experience in the healthcare analytics space having worked at organizations such as United Health Group in the US, he is joined by Rajat Shah who comes form a deep domain experience of building analytic products.
Consint stands out with its comprehensive Risk.ai platform, leveraging cutting-edge AI technologies to address the critical issue of fraud, waste, and abuse in healthcare claims processing. As healthcare insurance adoption surges, so does the financial burden of claims leakage on insurers and providers. Consint's AI engine tackles this challenge through an end-to-end transaction assessment solution encompassing digitization, natural language processing, image analysis, network analysis, geospatial analysis, AI anomaly detection, and rules-based engines.
In addition to its core fraud and risk management solution, Consint has built CIPHR.ai leveraging generative AI for patient health record summarization and AutoClaim.ai for automating claims document submission and processing. CIPHR.ai is transforming information availability and insights at point of care for doctors and medical professionals. It enables patient journey management by enabling early detection and progression management of disease. AutoClaim.ai is transforming health transaction management across providers and insurers using generative AI.
The healthcare market across the Middle East, Africa, India and Southeast Asia is expected to reach $400 billion by 2030. However, fraud, waste and abuse currently accounts for 10-15% losses to insurers. Consint.AI's solutions directly addresses this massive financial drain at the same time automating core claims process to reduce administrative burden and drive efficiency.
The company's interoperable health AI platform seamlessly integrates with existing insurer claim processing systems and hospital billing systems. It provides ready solutions for the Ayushman Bharat Digital Mission (ABDM) in India, aligning with the nation's digital health initiatives.
Consint.AI has already demonstrated its value, processing over 20 million claims and delivering savings of more than ₹250 crores since 2022 for its clients. The platform has been adopted by leading insurance providers and hospitals, streamlining document management, fraud detection, claim processing, and patient record management.
Consint’s founder Ashish Chaturvedi said, “This seed funding round is a testament to the hard work and dedication of our entire team and a validation of the potential of our products to drive wide-scale impact. We are excited about the future and are well-positioned to accelerate our growth, drive innovation, and make a lasting impact in the healthcare space through our AI-driven solutions for insurers, hospitals and governments”
This investment from Equanimity Ventures is expected to fuel Consint’s growth plans not only in India but also in regions of MENA and SEA, enabling further product development, market expansion, and talent acquisition. “Consint’s platform addresses critical pain points for the entire continuum of healthcare providers – right from the hospitals to the insurers, whilst also aligning with larger digital health initiatives and protocols. We look forward to partner with Ashish and the team as they build scalable solutions leveraging the true power of AI." said Rajesh Sehgal, Managing Partner at Equanimity Ventures.