Medi Assist Healthcare Services Ltd (Medi Assist), India’s leading insurtech/healthtech and one of the largest health benefits administrators, has announced its acquisition of a majority stake in Mayfair We Care (Mayfair), a UK based healthcare focused administration service provider with presence across the world. The partnership will allow Medi Assist to expand offerings for its customers beyond India and provide global access to medical benefits and health plan administration. Additionally, customers of both organizations can now avail integrated services globally through a combined platform, with one of the largest global healthcare networks.
Commenting on the acquisition, Mr. Satish Gidugu, CEO at Medi Assist said,”With our capabilities across technology, operations and a strong track record of customer growth over several years, we are uniquely positioned to make an impact in the benefits administration space globally. With Indian corporates expanding internationally and international travel on the rise, demand for international health insurance is witnessing tremendous growth. With this new alliance, we aim to provide services beyond Indian borders. The synergies and opportunities from this partnership are immense, and we will continue to be at the forefront of providing integrated benefits administration solutions to Indian and global insurers, as well as to our corporate customers.”
Mayfair We Care has been delivering healthcare administration solutions globally for over two decades and has built a strong reputation through its dedicated focus on health and wellness for its customers. Their comprehensive services and large global healthcare network provides access to over 100k members across 150 countries.
Mr. Michail Chopra, Founder and CEO of Mayfair said, “Medi Assist’s technological capabilities have enabled them to deliver seamless administration services at scale, and achieve leadership in the Indian market. We are excited that with this partnership, Mayfair will gain access to a state-of-the-art benefits platform and innovative offerings by Medi Assist to serve insurance partners and corporate customers across the globe. We also look forward to serving Medi Assist’s customers globally through integrated solutions.”
The pandemic has led to a greater emphasis on comprehensive health-based products, with a rise in group premiums and focus on employee health benefits as Indian companies expand globally. Medi Assist has been receiving enquiries from several international markets for access to its robust technology infrastructure and this alliance opens up future growth opportunities for the Company.
With this acquisition, Medi Assist also gains capabilities in providing customized corporate plans that offer corporates the flexibility to customize healthcare plans in line with specific health care needs of their employees, rather than opting for the conventional “one-size-fits-all” health coverage plans.
Additionally Medi Assist will now have a presence in niche domains like seafarers, international education market, and international sports teams.
This acquisition is an important milestone not only for Medi Assist but also for the Indian health insurance industry as it opens up a world of opportunities for all stakeholders.