Covid-19 pandemic has fundamentally affected the development of many online and offline businesses and healthcare has become an area of massive interest. Experts believe that embedded finance platforms for healthcare in India are much needed given that out of pocket expense is very high and insurance penetration is among the lowest in the world. According to experts, Indian healthcare expense is estimated to be around $120 billion per annum and is growing at the rate of 15 % every year. The government has already shown its support encouraging startups to create leading-edge solutions in order to provide people with affordable high-quality medical services.

Embedded finance platforms in India are expected to be one of the largest contributors to retail payments in the country due to tremendous usage and high frequency. Today the experts from the first healthcare finance solutions in India SaveIN will share their experience of cooperation with JuicyScore, one of the leading risk management and anti-fraud solutions provider.

How embedded finance solutions work?

Embedded finance healthtech solutions allow customers to make avail healthcare products and services at clinics and pay for the same in simple zero/low cost EMIs. Basically, the customer can split the cost of treatment or service , while embedded finance player pays the healthcare partner upfront, net of commission/fee/subvention, on behalf of the customer who is borrowing money for availing such service. The customer, in turn shall return the full amount to the embedded finance company in the prescribed time period

In case of SaveIN , It caters to healthcare needs by offering financing and credit options to patients at zero-cost equated monthly instalments (EMIs) across its network of healthcare providers. The fintech startup is creating a network of healthcare providers to offer embedded finance and pay-later options at merchants and clinics in healthcare business across the country and plays a very important function of developing an innovative model of online lending in healthcare.

Cooperation with JuicyScore

The companies launched a pilot project in the first quarter of 2022. The robust and stable device ID and JuicyScore data vector informativeness has significantly strengthened the company's risk technology stack and has already proven to be effective in identifying a number of aspects related to fraud risk prevention and score models significant improvement.

The scoring model was developed on the basis of issued loan applications, which may serve as an illustration how JuicyScore data can be used to develop new predictors and score models based on data received from the client.

SaveIN intends to use JuicyScore alternate data to better understand and control fraud and credit risk at very early stage of the customer journey. The variables provided by JuicyScore will help SaveIN to filter out high risk applications in the funnel.

During the pilot, device behaviour markers were widely used - an aggregated index from JuicyScore standard output data vector, which includes risk markers, combination of user behaviour and device markers characteristics. For example, a combination of secondary risk markers and device anomalies, where each anomaly individually may indicate a possible risk that should be taken into account when verifying a borrower, and their combination, if triggered simultaneously, which highlights a high-risk area.

In addition, other IDX variables, created with deep machine learning algorithms were widely used. For example, a variable that is a combination of 50+ rare events, which show high probability of fraud through technical manipulation of the device. This variable includes the whole variety of device randomization tools, techniques of interference into "digital fingerprint" as well as determines the most dangerous markers of user high risk behaviour and network connection markers. The variable can be used both in rules and also as a component of a fraud prevention model to identify the most dangerous customer segments. The risk level raises along with the parameter value, high values may be used as filters for automatic denial.

Why JuicyScore data is so valuable for embedded finance platforms?

Due to the combination of digital risk management and antifraud solutions, as well as high information value along with fair pricing approach, our clients achieve 10x ROI on the cash flow, adding 5+ Gini points to decision engine score models. Wide data vector based on proprietary technologies of data collection, processing and engineering in combination with embedded external services help our clients to grow much faster than most of the competitors.

About JuicyScore

JuicyScore company was established in 2016. It provides technological solutions for fraud prevention in online-business and financial products risks reduction, it also provides customized score, analytics and consult on score modeling and decision making system in 17 countries all over the globe. All the solutions are customized due to the clients need providing analysis of data flow and score. The main feature of JuicyScore is that personal or sensitive data as well as direct user identifiers are not used, which has certain positive impact on the clients' reputation. The company is compliant to EU legislation on personal data (GDPR) all the device authentication technologies and data algorithms are proprietary, the company has 4 patents.

About SaveIN

SaveIN has a vision of creating India’s largest integrated healthcare ecosystem powering access, quality and affordability in private healthcare.

SaveIN is a healthcare focused financial technology platform that aims to facilitate timely and quality healthcare for Indians with enhanced affordability. The company has created class leading embedded finance solution for healthcare providers and has created a pan-India network of thousands of healthcare providers while growing rapidly since its launch in January 2022.

Globally, SaveIN mirrors the business models of US-based Sunbit, Walnut and Scratchpay.