Genki has acquired Cologne-based insurtech startup Wave Claims and its Claim OS software. The transaction represents Genki’s first acquisition and brings specialized artificial intelligence and insurance claims expertise directly into the company.
Financial terms of the deal were not disclosed. Genki plans to integrate the acquired technology and team more closely with its insurance products and engineering operations.
Genki provides international health insurance for digital nomads, expatriates and people traveling or living abroad. The company believes greater control over claims technology will help it better understand members’ healthcare needs and use those insights to improve its products.
Claim OS automates document-intensive tasks involved in processing health insurance claims. The software reads invoices and medical records, organizes the information and converts diagnoses into standardized international medical codes.
The platform uses International Classification of Diseases, or ICD, standards to structure diagnostic information consistently. This can help insurers evaluate claims more efficiently across different countries, providers and languages.
Claim OS also identifies unusual patterns that may indicate potential fraud. Human reviewers remain involved when a claim requires judgment, interpretation or additional investigation.
Genki plans to use the technology to improve the claim submission process for members. The company wants users to know at the time of filing which documents and information are required, potentially reducing delays caused by incomplete submissions.
Bringing claims technology in-house could also provide Genki with more direct feedback about how customers use healthcare services. The company expects those insights to support product design, customer service and future insurance coverage decisions.
Wave Claims’ existing customers will continue receiving service without changes following the acquisition. Genki did not provide details about the timing of the technology integration or whether Claim OS will continue to be offered as a standalone product.
Genki currently offers two insurance products. Genki Traveler provides flexible worldwide travel health insurance, while Genki Native offers broader international health insurance with optional dental, vision, mental health and maternity coverage.
Since launching in 2021, Genki has covered more than 75,000 travelers from 196 countries. The acquisition gives the company additional technology for handling one of the most important customer interactions in health insurance.
KEY QUOTES:
“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.”
Marc Knaup, Co-Founder and Managing Director of Genki
“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.”
Antonio Agudo, Co-Founder of Wave Claims
