New Delhi-based technology-enabled insurance grievance redressal platform, Insurance Samadhan has recently raised an undisclosed amount of seed funding from incubator and accelerator Venture Catalysts.
It is understood that the company will use these funds to develop the technology stack and the product to scale operations.
“This fundraiser would help us to develop our technological frame. Post the tech is developed, Insurance Samadhan would be ready to scale up,” said Deepak Bhuvneshwari Uniyal, Founder and CEO of Insurance Samadhan.
Talking about the investment, 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.”
He further added, “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.”
Insurance Samadhan was founded in 2018 by Deepak Bhuvneshwari Uniyal, Shilpa Arora, Shailesh Kumar, and Sanjay Aggarwal. The startup operates across three verticals, retail, microfinance, and insurance advisors. Since its inception in 2018, Insurance Samadhan has successfully resolved more than 13,000 complaints.
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.
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