Insurance Samadhan Secures Rs 8.5 Crore in Funding

Insurance Samadhan, a prominent platform for resolving insurance grievances, has successfully secured Rs 8.5 crore in a strategic funding round. This investment comes from a consortium of family offices, with Innovito Ventures facilitating the financial advisory process.

Since its launch, the platform has accumulated over $4.58 million through various funding rounds, with key investors including Equanimity Investments, 100 Unicorns, Venture Catalysts, and IIFL Finance.

The newly acquired funds are aimed at enhancing the technological framework and expanding product offerings. This includes improvements to their key feature, “Know Your Policy,” as detailed in a press release from Insurance Samadhan.

About Insurance Samadhan

Founded in 2018 by Deepak Bhuvneshwari Uniyal, Shailesh Kumar, and Sanjay H Aggarwal, Insurance Samadhan focuses on simplifying and digitising cumbersome, paper-based insurance processes. The platform is dedicated to providing seamless digital experiences for policyholders, insurance advisors, hospitals, and insurance companies, while also contributing to the growth of insurance penetration across India.

Industry Insights

Market research indicates that the insurance sector in India is evolving at an annual rate of approximately 7%. However, the current insurance penetration rate remains low at just 3%.

Insurance Samadhan claims to have successfully addressed over 18,000 insurance complaints, assisting policyholders in recovering claims totalling Rs 160 crore. The startup’s primary application, Polifyx, has significantly reduced the turnaround time for resolving insurance grievances, cutting it by 55% from the previous 60-day period.

Innovative Features

The “Know Your Policy” feature of Insurance Samadhan aims to tackle significant issues such as misselling and claim rejections. By bolstering its digital capabilities, the platform intends to enhance the accessibility and reach of insurance products across the country.