Quiq Claim is a FinTech peer-to-peer settlement and investment platform, catering to the medical insurance industry, which aims to create a new streamlined financing marketplace for health claims
The total addressable market in Jordan is around 300 Million JDs with a CAGR of 11% on average.
The assumed growing market penetration is 12% over the next 5 years, and could be revised higher to 20% based on market appetite.
Following global trends as pointed out by PWC the manufacturing & consumer goods industries are the top SCF Supply chain financing to consider for factoring & reverse factoring.
Problem or Opportunity
The whole process of receiving medical claims amounts from the insuranc companies takes around 90 days which creates a cash flow problem HCPs are mainly SMEs having problems when it comes to 90 days For example Pharmacies pay Pharmaceutical factories upfront in charge of medicines and they will have to wait up to 90 days. HCP Pharmacies (SMEs).
Solution (product or service)
Creating a Marketplace bridging the liquidity Gap allowing HCPs to finance their claims at day 0 & at a fair discount Greater liquidity Regulates cash cycle Manage claim payment time Fair pricing and tax regulations All stakeholders; will be connected on one platform (QC) and payments will be through Gate-to-Pay.
HCP: bridge the liquidity gap Investor: Higher ROI on their investments Insurance: Help managing the claims in an organized timeline
Factorial Decision QC TPAs Local Lenders Claims Market Credit Decision Instantaneous 15 days 15 days 7 days Interest Rate 6-8% 18% 25-30% 7-9% Guarantees BAC Checks Promissory notes BAC Technology Full Automated N/A N/A Semi Automated Logistics Costs Minimal 3-5% 5-7% Minimal
Advantages or differentiators
The business identity of QC is the authorization of central bank of Jordan CBJ in financing medical claims, our product is being run under the sandbox test in which it is organized by CBJ. The current lending companies are on a different mandate in which they finance persons or companies at higher interest rates, while the TPAs as well has a different mandate on managing the insurance companies claims, where we are aiming to fill in the cash flow gaps of SMEs by allowing investors to early finance HCPs throughout applying both discounting & Factoring features.
Risk for investors is at its minimal considering the fact that insurance companies will ultimately pay the medical claims to the HCPs in addition to the investments agreement that has its terms and conditions.
Incubation/Acceleration programs accomplishment
Participating in Oasis500 Amman Acceleration Program.
Won the competition and other awards
JULY, 2019: 1st place in AB Accelerator Competition, Amman, Jordan.