- The UAE’s healthcare insurance market is expected to reach $19.6 billion by 2030
- The global insurtech sector is projected to achieve revenue of $152 billion by 2030
- Perceptiviti’s Sherlock processes 5 million claims yearly and saves insurers over $100 million
- Global insurtech start-ups have nearly doubled from 1,500 to over 3,400 in the past 5 years
Dubai, UAE: Perceptiviti, an Abu Dhabi-based deep technology company that was established in 2017, is leveraging Artificial Intelligence (AI) to strengthen the UAE’s healthcare insurance landscape. With the country’s healthcare insurance market projected to grow from $10.13 billion in 2022 to $19.6 billion by the decade’s end, Perceptiviti is enabling seamless convenience for patients and insurers through its innovative solution Sherlock while also contributing to a revenue forecast of $152 billion by 2030 for the global insurtech sector.
Only 1,500 insurtech start-ups existed worldwide in 2018 and this number has reached more than 3,400 today; Perceptiviti, a homegrown entity, has been at the forefront of this industry for over half a decade. The forward-thinking company is transforming healthcare analytics with state-of-the-art platforms, pre-built dashboards, and AI algorithms to effectively combat claim leakages, fraud, and abuse. At the same time, Perceptiviti is enabling significant industry cost savings and collaborating with some of the world’s largest insurance companies.
While complex systems and the large amounts of data that insurance companies work with make their applications prone to human error, Perceptiviti’s flagship product offering, Sherlock, is transforming healthcare analytics by boasting an impressive 99% accuracy rate to surpass human-based reviews. It has accordingly been sought out by major insurers in the US, Asia Pacific, and the Middle East with a notable regional name including Abu Dhabi National Insurance Company (ADNIC). This level of precision is setting a new standard of excellence and revolutionizing the space not just country-wide but also across the globe.
Sandeep Khurana, Founder and CEO of Perceptiviti stated: “Our mission is to empower insurance companies with data-driven insights, helping you make informed decisions and adapt to evolving market dynamics. In a rapidly changing healthcare landscape and with advancements in technology, we stay agile and adaptive to industry insights, ensuring your business stays ahead. Our solutions are tailored to meet the unique demands of payers and providers, offering customization and flexibility. We are ultimately eliminating human error, with Perceptiviti boasting nearly 99% accuracy and offering a remarkable return on investment – you give us one dirham, we give 10 back.”
Emerging from extensive research that fused years of experience in fraud detection across the medical insurance industry worldwide, Sherlock processes five million claims annually and has saved hundreds of millions of dollars for insurers worldwide. This has helped Perceptiviti garner recognition as one of the top AI companies in Google’s Launchpad program, solidify its standing as a member of Abu Dhabi’s Hub71, and further its mission of reshaping the future of insurance claim processing and fraud control in the UAE and beyond.