It will offer a combined account that will help customers with their spending through a combination of smart savings, insurance, line of credit, all bundled into one powerful savings account that comes with a credit card. / health flow with rich features and health benefit rewards.
Fedo announced the launch of the “health savings account”, called Fedo HSA, in collaboration with Asia’s largest neo-bank, Open.
With over 55 million households at risk of bankruptcy in India, due to hospital costs, there is a very important and urgent need to simplify and close the funding gap between insurance policy coverage and insurance policies. hospital costs. This would improve the value proposition for insurers and banks, and more importantly, respond to the needs of consumers, with empathy.
Fedo HSA aims to help people prepare for tomorrow’s healthcare needs by making informed decisions about healthcare finances today. It will offer a combined account that will help customers with their spending through a combination of smart savings, insurance, line of credit, all bundled into one powerful savings account that comes with a credit card. / health flow with rich features and health benefit rewards.
Commenting on the launch, Prasanth Madavana, CEO and Co-Founder of Fedo, said: “Current healthcare spending solutions are scattered and unorganized. It is a space dominated by savings, informal loans, crowdsourcing, to some extent insurance which creates problems of delay and affordability for the vast majority of households. With the right combination of data and artificial intelligence, Fedo HSA aims to provide a systematic means of planning health needs based on predictable health risks and solving the financial crisis that affects millions of families every year due to ‘medical emergencies.
Arun Mallavarapu, CTO and Co-Founder of Fedo, said: “We see this as an end-to-end solution that deals with access to and affordability of healthcare. Our goal is not only to transform the front-end experience for customers, but also to streamline operational processes in the back-end in ways that most vendors don’t.
Anish Achuthan, CEO of OPEN, said at the launch: “There is an urgent need for transformation in the healthcare sector to address the issues related to rising healthcare costs and the consequences of the pandemic. . We are excited to be part of the Fedo HSA journey which has the potential to transform the industry by taking a personalized approach to healthcare financing coupled with incredible customer innovation through technology. “
With Fedo HSA, the company is confident that it will eliminate the hassle faced by consumers at the time of hospitalization, allowing insurers to improve their value proposition and open up new sources of revenue for banks.