Unicorn India Venture announces its fifth investment in Fedo, a Bangalore – based insure tech player, which has built an AI (Artificial Intelligence and ML (Machine Learning) platform that accelerates the power of deep technology and medical research. They automate underwriting in the health and life insurance sector.
Fedo was established in 2017 by Prasanth Madavana and Arun Mallavarapu. They are engaging in next-generation Artificial Intelligence-powered health insurance insights. They work with partners around the globe spreading across three continents. They work together with their partners, gathering a unique understanding of health risks and required coverage along with a better understating of the industry.
Using 250 plus medical studies, 1.5M claims, and analyzing over 50 million global health records, medical professionals, and data scientists have created, artificial intelligence-based health scores using Fedo. They have named the health score as ‘’Fedo score’’.
Prasanth Madavana, Fedo’s Co-Founder stated that they work with the vision of offering AI-backed solutions to insurance providers and enabling early identification of potential health risks by making expenses incurred by the individual to the minimum. They aim at making insurance accessible, affordable, and personalized.
Other services by Fedo include population risk predictions, partnering with health departments of local governments in India and abroad. Video works with prominent insurance companies from both India and global level. Fedo considers the data security and privacy of the customers as their primary concern. The insurance company only shares the demographic data of their customers with which Fedo’s AI engine makes its recommendations.
Fedo has globally accepted technologies and has won many national and international awards including 10 companies selected globally by the Tokyo Metropolitan Government to introduce in Japan. Notably, they are the only Indian company to be selected in Accenture Fintech Innovation Lab APAC. Fedo continues to be a profitable start-up. Last year they had achieved their break even.
Fedo is planning to utilize the fund raised, to launch the first-ever image-based underwriting platform which would enable insurance onboarding in less than 60 seconds. They are planning to launch their operations in South East Asia and Australia this year.