Bengaluru-based insurtech and health tech company Medi Assist Healthcare Services has acquired a majority stake in Mayfair We Care. The latter is a UK-based healthcare-focused administration service provider with a global presence.
This partnership will allow Medi Assist to offer medical benefits and health plans beyond the boundaries of India. Additionally, clients of both organisations can now avail of integrated services globally through a combined healthcare network.
Commenting on the acquisition, Satish Gidugu, chief executive officer (CEO) at Medi Assist, said, “With Indian corporates expanding worldwide and international travel on the rise, demand for global health insurance is witnessing tremendous growth. We aim to provide services beyond Indian borders with this new alliance.”
For over two decades, Mayfair We Care has been delivering healthcare administration solutions globally, and its global healthcare network provides access to over 1lakh members across 150 countries. Michail Chopra, the company’s founder and CEO, said, “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 a focus on employee health benefits as Indian companies expand globally. Medi Assist has received inquiries from several international markets for access to its robust technology infrastructure.
The alliance with Mayfair We Care opens future growth opportunities for the insurtech start-up as Medi Assist will gain capabilities in providing customised corporate plans to its corporate clientele. These customers can now customise healthcare plans in line with the specific healthcare needs of their employees rather than opting for the conventional ‘one-size-fits-all’ health coverage plans.
Additionally, the company will try to bolster its presence in new domains like seafarers, the international education market and sports teams.