🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Insurance Samadhan secures Rs 8.5 Cr to boost tech infrastructure

EntrackrEntrackr · 2m 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.

1

Related News

Square Insurance secures $3 Mn in pre-Series A round

EntrackrEntrackr · 11m ago
Square Insurance secures $3 Mn in pre-Series A round
Medial

Insure-tech startup Square Insurance has secured $3 million (Rs 25 crore) in a pre-Series A round co-led by BizDateUp and Negen Capital along with participation from prominent investors such as Prashant Kothari, and Yogesh Chaudhary. The fresh funds will be utilised to enhance its technology infrastructure, focus on improving AI-driven insure-tech platform and enhance the customer experience, Square Insurance said in a press release. Founded in 2016 by Rakesh Kumar, Square Insurance aims to structure insurance solutions which provide quality protection with value pricing. It plans to invest in creating customised micro-insurance products in collaboration with leading insurers and forming strategic partnerships with fintech and e-commerce companies. These efforts will expand its reach and impact, transforming insurance accessibility in underserved markets. According to the Jaipur-based company, it intends to open 25-30 new offices in tier II and tier III cities, enhancing its ability to serve a larger customer base. As per the company, the expansion will improve insurance product comparisons and post-policy services for both channel partners and customers. According to market research, the Indian insurance industry is growing at an impressive rate of 32-34% annually and the sector has attracted nearly Rs 54,000 crore ($6.5 billion) in foreign direct investment. The other notable startups in this space are Turtlemint Insurance, Riskcovry, Coverfox, Toffee Insurance, Digit Insurance and others.

Download the medial app to read full posts, comements and news.