Insurance Samadhan raises seed funding from Venture Catalysts
The startup offers a tech platform for reporting of grievances of insurance customers
March 30, 2020 / 12:40 PM IST
Insurance Samadhan, a technology-enabled insurance grievance redressal platform, has raised its seed funding round from incubator and accelerator Venture Catalysts.
The startup allows the filing of complaints of miss-selling, fraud or claim rejection across life, health and general insurance. It filters the complaint and connects the customer with the court, insurance ombudsman or companies accordingly.
The startup would primarily use the funds to scale up the technology stack and the product, chief executive officer and co-founder Deepak Bhuvneshwari Uniyal said.
Founded by legal and insurance industry professionals Uniyal, Shilpa Arora, Shailesh Kumar and Sanjay Aggarwal, the startup operates across three verticals. Firstly retail, second through hospital, microfinance and the corporate sector and finally through insurance advisors. Since its inception in 2018, Insurance Samadhan has successfully resolved more than 13,000 complaints.
The insurance technology market is estimated to be a $112 billion opportunity, which is currently at a nascent stage that is a driving force for the interest of investors in this space.
“Insurance Samadhan is leveraging modern technologies and the expertise of its board members to organize this fragmented market. The funding will help the company build its tech stack and realize its business targets,” said Apoorv Ranjan Sharma, co-founder, Venture Catalysts.