InsurTech TrackActive collaborates with Gen Re to ‘reinvent’ healthcare insurance
TrackActive, a UK-based InsurTech startup, said it is on target to raise the £300k it needs in seed funding after it partnered with Gen Re, lead investor HR Tech Partnership, and other angel investors through Seedrs.
When all seed funding is in place, the company plans to further develop its AI-enabled TrackActive Me product, which will use digital technologies to “reinvent” the way healthcare insurers interact with their members and health care providers. This means mobile and web apps, online portals, connected devices, sensors, and AI-based technologies that help to expand the value chain of a payor organisation into health care delivery.
Ultimately, it aims to reduce global healthcare and productivity costs related to musculoskeletal conditions. The company said it could save health insurers billions of pounds sterling each year.
As a result of its partnership with Gen Re and its client base, TrackActive has recently started closed beta testing with Insurance Australia Group (IAG).
Co-founder Michael Levens said: “There is a massive opportunity for insurers to embrace our AI tech and significantly reduce their claims costs, as back pain and other musculoskeletal conditions are a huge problem for them, as well as for economies and healthcare systems. “This seed funding, with backing from specialist VC the HR Tech Partnership and others, will enable us to bring TrackActive Me to market. The opportunity to invest is still open, but we will be closing soon, so anyone interested should go to crowdfunding website Seedrs to take part.”
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