Genki, a provider of international health insurance for digital nomads and long-term travellers, has purchased Wave Claims, an InsurTech startup headquartered in Cologne, along with its Claim OS platform.
The deal marks the first time Genki has acquired another company. Through the transaction, the insurer gains dedicated AI capabilities and claims-handling knowledge, which will now sit internally alongside its product and engineering teams.
Claim OS is designed to handle the paperwork-intensive side of health insurance claims automatically. The software is capable of reading medical paperwork and invoices, organising the information into structured data, mapping diagnoses against international ICD coding standards, and highlighting irregular patterns that could indicate fraud. People remain involved in the process at any point where human judgement is required.
Genki plans to deploy the technology to enhance how members submit claims, ensuring that at the point of filing they are told precisely which documents and details are required. Companies already using Wave Claims will see no change to their service.
Genki develops and sells international health insurance aimed at digital nomads, expats and others living or travelling overseas. Its range consists of two offerings: Genki Traveler, a flexible worldwide travel health policy, and Genki Native, a comprehensive international health plan that can include dental, vision, mental health and maternity cover.
The firm, which launched in 2021, has insured over 75,000 travellers from 196 countries and states its mission is to help people stay healthy everywhere.
Genki co-founder and managing director Marc Knaup said, “Claims are the moment of truth in health insurance. Bringing this technology and expertise into Genki means we understand our members’ healthcare needs better, and everything we learn flows into building better products for them.”
Wave Claims co-founder Antonio Agudo said, “We built Claim OS to do one thing well: take the friction out of insurance claims with AI-assisted document handling. Genki is exactly the right home for it to grow.”
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