New Delhi based InsurTech start up SafeTree has raised $1 million in its seed funding round from angel investors Shams Ahmed Parvaz and Faiz Shams.
The startup aims to use the capital infusion to expand its team, strengthen product development, and enhance technology interface. Along with this, SafeTree will increase their geographical presence from 2 to 10 States, and 1,500 POS to 5,000 in the next 6 months, the company said in its statement.
“Our vision is to de-risk India through embedded and innovative insurance solutions, distributed through digital channels,” Vikas Anand, CEO and co-founder said. Mr. Anand also mentioned that the Company has recently launched an innovative insurance solution for the mass market distributed solely through digital platform and is working on an all-inclusive insurance solution for SME segment. SafeTree aims to address new-age contextual demand by designing innovative products working with the insurance companies.
Vikas Anand is an insurance industry veteran with more than two decades of experience and recently a part of the senior management in a leading Life Insurance Company.
For the first time in India, SafeTree has launched new tools: AI enabled Risk Janampatri and Health sum insurance calculator, which simplifies the insurance buying journey of the customer. Additionally, they are working on various tools which would recommend best insurance products for the customer based on their profile and needs using Machine learning and other data driven approach, the statement said.
“We’re really happy to have partnered with SafeTree in their journey to increase the penetration in insurance sector through innovative solutions. Vikas and his team bring deep industry experience and thorough technical understanding of this sector, are the perfect team to cater to this industry,” said Shams Ahmad Parvaz, Technopreneur founder of Pharma Access.
