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Insurance Samadhan secures Rs 8.5 Cr to boost tech infrastructure

EntrackrEntrackr · 3m ago
Insurance Samadhan secures Rs 8.5 Cr to boost tech infrastructure
Medial

Insurance Samadhan, an insurance grievance redressal platform, has raised Rs 8.5 crore in a strategic funding round from a group of strategic family offices, with Innovito Ventures as the financial advisor. Since its inception, the integrated platform has raised over $4.58 million through multiple funding rounds led by investors like Equanimity Investments, 100 Unicorns, Venture Catalysts, and IIFL Finance. The fresh funds will be utilized to strengthen its technology infrastructure and expand product offerings, including its flagship “Know Your Policy” feature, Insurance Samadhan said in a press release. Co-founded in 2018 by Deepak Bhuvneshwari Uniyal, Shailesh Kumar, and Sanjay H Aggarwal, Insurance Samadhan simplifies and digitizes traditionally paper-heavy insurance processes, enabling seamless digital experiences. The platform aims to support policyholders, insurance advisors, hospitals, and insurance companies, and gradually help India increase its penetration rate. According to market research, India's insurance industry is growing at about 7% annually and the insurance penetration rate remains low at just 3%. The company claims to have resolved over 18,000 insurance complaints and helped policyholders recover claims worth Rs 160 crore. The startup’s flagship Polifyx app has also helped reduce the turnaround time for insurance grievance resolution by 55%, down from the earlier 60 days. Insurance Samadhan’s “Know Your Policy" feature which aspires to address critical issues like misselling and claim rejection. By strengthening digital capabilities, it plans to improve the reach and accessibility of insurance products.

Silicon Valley Needs to Accept That Insurance Is Boring

LivemintLivemint · 1y ago
Silicon Valley Needs to Accept That Insurance Is Boring
Medial

Silicon Valley's enthusiasm for technology and artificial intelligence (AI) has not translated into success for companies in the insurance industry. Insurtech companies, such as Lemonade and Root, have seen their stock prices remain stagnant. Additionally, global insurtech funding has decreased by 44% in 2023. The insurance industry is in need of innovation as premiums rise and coverage gaps persist. While some insurtech startups have found success, the sector as a whole struggles to meet investor demands for exponential growth. The industry is a challenging environment, and incumbents have the advantage of more data to price risks accurately. However, the rise of insurtech has pushed traditional insurers to adapt and invest in technology. Moving forward, the focus should be on technology and leveraging AI to improve insurance processes and generate more accurate risk estimates.

Insurtech startup Bharatsure raises Rs 6 Cr led by IPV

EntrackrEntrackr · 17d ago
Insurtech startup Bharatsure raises Rs 6 Cr led by IPV
Medial

Bharatsure, an insurtech startup offering infrastructure-as-a-service (IaaS) solutions, has raised Rs 6 crore in a funding round led by Inflection Point Ventures (IPV) with participation from Capital A and Atrium Angels. The proceeds will be used to scale its insurance infrastructure and expand embedded and group insurance offerings across India. Founded by Anuj Parekh and Sanil Basutkar, Bharatsure operates as an Infrastructure-as-a-Service (IaaS) platform that enables businesses, SMEs, and partner-led ecosystems to embed group and modular insurance products directly into their offerings. Its business model revolves around partnering with organizations to provide scalable insurance infrastructure, employee benefits, and wellness solutions, earning revenue through policy distribution, premium commissions, and value-added insurance technology services. With over 1,500 stations and 70,000 drivers in 50 cities, the startup claims to have covered over 2,00,000 lives and processed 10,000 with a 4.9/5 Google rating. It also claims to have doubled revenues in FY25, broken even at CM3, and is targeting Rs 100 crore revenue by FY28. It competes with other Insurtech players like SecureNow, BimaKavach, and Pazcare. Recently, Bharatsure announced a partnership with Battery Smart, a battery-swapping network for EVs, to launch natural calamity insurance for station partners covering fires, floods, earthquakes, and personal accidents.

Growth, Innovation, And Challenges: A Glimpse Into India’s InsurTech Landscape

Inc42Inc42 · 1y ago
Growth, Innovation, And Challenges: A Glimpse Into India’s InsurTech Landscape
Medial

The insurance industry in India is undergoing transformative changes and is expected to grow significantly in the coming years. Insurance penetration in the country is low, but new avenues for sales are emerging alongside traditional channels. InsurTech, or the use of technology in insurance, is playing a crucial role in this transformation. Innovative distribution channels such as contextual insurance, embedded insurance, and bancassurance are reshaping how insurance reaches consumers. There is also a growing focus on sustainability and ESG aspects in the insurance industry. Overall, the future looks promising for the Indian insurance sector, with increased financial security and economic growth anticipated.

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