Fedo is focussed on predicting health risks for the insurance and consumer segments.
“Fedo was born as a way to use AI and data to understand the diseases that one could be susceptible to based on their lifestyle,” Prasanth Madavana, CEO & Co-Founder at Fedo said. “It also provides insights like in the event of hospitalisation, what are the charges you will have to incur, all predictions based on a simple easy to understand score simple the Fedo score which is much like your Cibil score.”
Just as Cibil ratings get updated on timely repayments by the consumer, the Fedo score also updates itself. While this enables consumers to keep a tab on their health improvement, it enables insurance companies to fine tune their product offerings.
Leveraging deep tech and medical research to automate underwriting through facial analysis in the health and life insurance sector, the company has developed the Fedo score, its proprietary tool.
It has been developed by medical professionals and data scientists using 250 plus medical studies, 2000 plus quality controlled academic and research documents from all over the world and analysing over 50 million global health records and 1.5 million claims and helps consumers understand how healthy they are and help them better understand the lifestyle health diseases they may face.
“When we started this we wanted it to be taken to the end consumer but the challenge in India is very few people are willing to pay for the service,” he said. “So the other way was to go through insurance companies. The Fedo score enables them to improve their financial and operational efficiencies through improved TAT, better UW and product offering.”
The Fedo score provides insurers, insights, that help enhance sales, reduce costs, and enrich the quality of their portfolio, the company aims to enable early identification of potential health risks by using non-invasive methods thereby reducing out of pocket expenditures of individuals and making insurance more accessible, affordable and personalised.
The company’s current algorithm is based on data of about 50 million individuals which he claimed is the first of its kind in the industry.
The company recently raised $1 million in its pre-Series A funding round led by Unicorn India Ventures and a clutch of investors including former Max Bupa managing director & CEO Ashish Mehrotra.