Genki, a provider of international health insurance aimed at digital nomads and long-term travellers, has completed the purchase of Wave Claims, an InsurTech startup headquartered in Cologne, alongside its Claim OS platform.
The deal marks the first time Genki has acquired another business. Through the transaction, the company gains dedicated AI capabilities and claims-handling knowhow, which will now sit internally alongside its product and engineering functions.
Claim OS is designed to handle the paperwork-intensive side of health insurance claims through automation. The software is capable of reading invoices and medical records, organising the extracted information into structured data, assigning diagnoses codes in line with international ICD standards, and identifying irregular activity that could point to fraud. People remain involved in the process at any stage where human judgment is required.
Genki intends to deploy the technology to enhance how members submit claims, ensuring that at the point of filing they are fully aware of the documents and details required. Companies already using Wave Claims will see no change to their service.
Genki develops and sells international health cover built for expats, digital nomads and others living or travelling overseas. Its range consists of two offerings: Genki Traveler, a flexible travel health policy with worldwide reach, and Genki Native, a comprehensive international health plan that can be extended with dental, vision, mental health and maternity options.
The firm, which launched in 2021, has insured over 75,000 travellers across 196 countries and aims to help people stay healthy wherever they are.
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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