Dr Apoorv Ranjan Sharma, Co-founder and President, Venture Catalysts, said,
“Estimated at $112 billion, the Insurtech market in India shows great potential for startups and investors alike. While it is still at a nascent stage as compared to its Western counterparts, the scope for growth is huge.”
“Insurance Samadhan is leveraging modern technologies and the expertise of its board members to organise this fragmented market. The funding will help the company build its tech stack and realize its business targets,” he added.
Catering to customers from diverse backgrounds, Insurance Samadhan allows anyone who has experienced mis-selling, fraud or claim rejection in life, health, and general insurance to file a complaint. It then filters the complaints on certain parameters executed by AI/ML and connects with respective insurance companies, Regulator, Ombudsman, Courts as required.
Since its inception in 2018, Insurance Samadhan claims it has resolved more than 13,000 complaints.
Founded by industry stalwarts Deepak Bhuvneshwari Uniyal (Co-founder and CEO), Shilpa Arora (Co-founder and COO), Shailesh Kumar (Co-founder and Insurance Head), and Sanjay Aggarwal (Co-founder and Legal Head), the startup currently operates across three verticals – Retail, Hospital/Microfinance/Corporate and Case through insurance advisors, and is registered with Startup India.
“This fund raise would help us to develop our technological frame. Post the tech is developed, Insurance Samadhan would be ready to scale up,” added Deepak Bhuvneshwari Uniyal, the spokesperson of Insurance Samadhan.
This month, Venture Catalysts also backed OM Bhakti, a puja cotton-wicks manufacturing startup. It invests $250,000 – $1.5 million in early stage startups that have potential to create enduring value for over a long period of time.