Next-generation insurtech startup, Vital has announced that it has secured $3 million in a pre-Series A funding round. The round was led by BLinC Invest, a venture capital company and saw participation from Survam Partners, Venture Catalyst, as well as other angel investors.
Rahul Kumar, Co-founder and CEO, Vital, stated, “Unlike traditional health insurance, which is one-size-fits-all with an expensive annual premium and numerous terms and conditions, we at Vital are leveraging technology and data science to build a more personalised experience with an integrated health and wellness approach and smarter product structuring to make the premiums much more affordable.”
Rahul further said, “Our goal is to not only stand by our members when they are sick but also manage their health with holistic wellness offerings and timely interventions to keep them from falling sick, which means lower claim costs hence lower overall premiums.”
Founder and MD of BlinC Invest – Amit Ratanpal added, “Our co-founder approach to investing in the edtech and fintech sectors is backed by detailed internal research. In our recent insurtech report, we identified significant gaps in the overall Indian insurance market, and discovered a huge market opportunity in the health insurance segment. Making healthcare cover 100 percent digital, inclusive and affordable is a great way to solve the problem and Vital is on a mission to do that.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.