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Insurtech platform Medi Assist acquires majority stake in UK's Mayfair

Insurtech platform Medi Assist acquires majority stake in UK's Mayfair

Insurtech platform Medi Assist acquires majority stake in UK's Mayfair
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By CNBCTV18.com Nov 17, 2022 2:53:11 PM IST (Updated)

Mayfair We CareThe partnership will allow Medi Assist to expand offerings for its customers beyond India and provide global access to medical benefits and health plan administration.

Bessemer Ventures-backed Medi Assist Healthcare Services Ltd (Medi Assist) 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.

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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, Medi Assist said in a statement.
Commenting on the acquisition, Satish Gidugu, CEO at Medi Assist said, “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.”
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 also look forward to serving Medi Assist’s customers globally through integrated solutions.”
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, the company said.
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, it said.
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