Insurance Samadhan Secures ₹8.5 Cr to Power Insurtech Growth
In a significant development for the Indian insurtech sector, Insurance Samadhan has raised ₹8.5 crore in strategic funding, led by family offices, with Innovito Ventures as the advisor. The fresh infusion of capital will enable the company to accelerate its technological advancements and expand its features to tackle mis-selling and claim rejections. Since its inception in 2018, Insurance Samadhan has successfully resolved over 18,000 cases worth ₹160 crore, making it a prominent player in the digital insurance landscape.
The funding round, which marks a significant milestone for the company, will enable Insurance Samadhan to further enhance its “Know Your Policy” feature, which aims to educate policyholders about their policies and ensure that they have a clear understanding of their coverage and benefits. This feature is particularly critical in addressing the issue of mis-selling, which has been a long-standing problem in the Indian insurance industry.
According to a report by the Insurance Regulatory and Development Authority of India (IRDAI), mis-selling has been a major concern in the Indian insurance sector, with cases of mis-selling resulting in significant financial losses for policyholders. The “Know Your Policy” feature, therefore, is designed to empower policyholders with the necessary information and tools to make informed decisions about their insurance policies.
In addition to addressing mis-selling, the funding will also enable Insurance Samadhan to expand its features to tackle claim rejections. The company’s platform uses AI-powered technology to analyze policy documents and identify potential issues that may lead to claim rejections. By providing policyholders with personalized recommendations and solutions, Insurance Samadhan aims to reduce the number of claim rejections and ensure that policyholders receive the benefits they are entitled to.
Insurance Samadhan’s platform has already shown significant traction since its launch in 2018. The company has successfully resolved over 18,000 cases worth ₹160 crore, resulting in significant financial benefits for policyholders. The company’s platform has also helped to improve the overall efficiency of the insurance claims process, reducing the time and effort required to resolve claims.
The funding will also enable Insurance Samadhan to expand its operations and reach a wider audience across India. The company’s platform is currently available in multiple languages, including English, Hindi, and Marathi, and is designed to be accessible to policyholders from all parts of the country.
Insurance Samadhan’s vision is to drive digital insurance adoption and improve access to insurance products across India. The company believes that by providing policyholders with a user-friendly platform and personalized support, it can help to increase insurance penetration and promote financial inclusion.
The company’s founder and CEO, [Founder’s Name], expressed his gratitude to the investors and advisors for their support and guidance. “We are thrilled to have secured this strategic funding, which will enable us to accelerate our growth and expand our features to tackle mis-selling and claim rejections,” he said.
The funding round was led by family offices, with Innovito Ventures serving as the advisor. Innovito Ventures is a leading venture capitalist firm that specializes in investing in early-stage startups and scale-ups in the fintech and insurtech sectors.
In conclusion, Insurance Samadhan’s strategic funding of ₹8.5 crore is a significant development for the Indian insurtech sector. The company’s platform has shown significant traction since its launch, and the funding will enable it to accelerate its growth and expand its features to tackle mis-selling and claim rejections. With its vision to drive digital insurance adoption and improve access to insurance products across India, Insurance Samadhan is poised to play a key role in shaping the future of the Indian insurance industry.
Source: https://startuptalky.com/news/insurance-samadhan-raised-strategic-funding/
