Traveller Assist has launched a new insurtech platform - Payr - designed to pay medical bills abroad - faster, safer and cheaper than ever before.
Luxembourg based Payr Financial Services Inc., is now the parent company of Traveller Assist, merging traditional medical assistance services with innovative cost containment solutions.
Payr is an online platform that uses a combination of fintech, blockchain and industry expertise to facilitate payment of medical bills and travel related expenses on behalf of travel and health insurers abroad.
Traveller Assist, Managing Director, Jonathan Bancroft said: “Traveller Assist will continue to operate as an independent company, providing timely and accurate medical assistance services to our clients, while Payr will focus on cost containment strategies and innovations.”
Payr has accounts around the world, linked together by smart technology enabling the platform to pay and receive funds in 75+ currencies across 120+ countries. Insurers pay in their country, in their local currency. Providers are then paid in their country, in their local currency. No money crosses any borders.
Payr’s Interim CEO, Xavier Durand said: “In an age of digital disruption, our clients are constantly looking for new ways to increase their product offering, and reduce their fees. Payr does both. It has significantly reduced banking and currency exchange fees on both sides of the transaction. Both payers and providers benefit.”
During beta testing from May to Oct, 2018 - Payr partnered with one insurance underwriter, providing cost containment for three travel insurance brands - and successfully facilitated payments for over $1 million USD in medical bills and travel related expenses, in 14-currencies, across 21-countries.
Payr’s growth strategy moving forward is a combination of organic growth, product development and acquisitions.