Innovito Ventures served as the financial advisor for Insurance Samadhan, an insurance grievance redressal platform, which raised Rs. 8.5 crore in a strategic fundraising round from a number of important family offices.
Through several investment rounds led by investors such as Equanimity Investments, 100 Unicorns, Venture Catalysts, and IIFL Finance, the integrated platform has raised approximately $4.58 million since its launch.
According to a press statement from Insurance Samadhan, the new funding will be used to improve its technological infrastructure and broaden its range of products, including its well-known "Know Your Policy" function.
Insurance Samadhan, which was co-founded in 2018 by Sanjay H. Aggarwal, Shailesh Kumar, and Deepak Bhuvneshwari Uniyal, streamlines and digitizes insurance procedures that have historically relied heavily on paper, allowing for smooth digital interactions. The platform intends to assist hospitals, insurance firms, policyholders, and insurance consultants in order to progressively aid India in raising its penetration rate.
Market data indicates that the insurance sector in India is expanding at a rate of roughly 7 percent per year, although the insurance penetration rate is still low at only 3 percent.
According to the company, it has assisted policyholders in recovering claims of Rs. 160 crore and handled more than 18,000 insurance disputes. The insurance grievance settlement turnaround time has also been shortened by 55 percent, from the previous 60 days, thanks to the startup's flagship Polifyx software.
The "Know Your Policy" service from Insurance Samadhan aims to address important problems including misselling and claim denial. It intends to increase the accessibility and reach of insurance products by bolstering digital capabilities.
