Venture Catalysts, India’s integrated incubator and accelerator platform, recently invested in Insurance Samadhan, a tech-enabled insurance grievance redressal platform, in the seed-funding round.
Catering to customers from diverse backgrounds, Insurance Samadhan allows anyone who has experienced miss-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 has successfully resolved more than 13,000 complaints. Founded by industry stalwarts Deepak Bhuvneshwari Uniyal (Co-founder & CEO), Shilpa Arora (Co-founder & COO), Shailesh Kumar (Co-founder & Insurance Head), and Sanjay Aggarwal (Co-founder & Legal Head), the startup brings to the table total experience of 45 years in Insurance and 25 years in the legal space. It currently operates across three verticals – Retail, Hospital/Micro Finance/Corporate and Case through insurance advisors andis registered with start-up INDIA.
Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-Founder & President, Venture Catalysts, said, “Estimated at USD 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 organize this fragmented market. The funding will help the company build its tech stack and realize its business targets.
“We are very excited to have joined hands with Venture Catalysts. 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 by Deepak Bhuvneshwari Uniyal, the spokesperson of Insurance Samadhan.