Delhi-headquartered insure-tech startup Insurance Samadhan has raised an undisclosed sum of funding in a seed round from early-stage accelerator Venture Catalysts, a statement said.
Founded in 2018 by Deepak Uniyal, Shilpa Arora, Shailesh Kumar and Sanjay Aggarwal, the platform provides dispute resolution services for insurance customers including mis-selling, fraud or claim rejection. It filters the complaints by using artificial intelligence and machine learning. The company also mediates on behalf of its clients with insurance firms, Insurance Regulatory Authority of India (IRDAI), insurance ombudsman and courts.
Insurance Samadhan claims that it has resolved more than 13,000 complaints through its platform. The startup was incubated as part of the second cohort of India Accelerator.
“This fundraise would help us to develop our technological frame. Post the tech is developed, Insurance Samadhan would be ready to scale up,” Deepak Uniyal, co-founder of Insurance Samadhan said in the statement.
“Estimated at $112 billion, the Insurtech market in India shows great potential for startups and investors alike. Insurance Samadhan is leveraging modern technologies and the expertise of its board members to organise this fragmented market,” Apoorv Ranjan Sharma, Co-founder of Venture Catalysts said.
Although there are several insurance aggregators in the fintech space such as Policybazaar Acko, Digit Insurance and Turtlemint, Insurance Samadhan provides legal services dedicated to the insurance sector.
Last month, cricketer Virat Kohli and actor and producer Anushka Sharma invested in cloud-based general insurance company Digit Insurance. It is backed by Fairfax Holdings, A91 Partners, TVS Capital and Faering Capital.
In November last year, Chinese technology conglomerate Tencent acquired a 10% stake in EtechAces Marketing-owned insurance platform PolicyBazaar.