Insurance Samadhan raises Rs 5.5 cr in pre-Series A round

The start-up will use the funds to upgrade from offering just claim redressal services to an app providing claim management, insurance portfolio analysis and policy servicing features

Insurtech platform Insurance Samadhan has raised Rs 5.5 crore in a pre-Series A round. The funding was led by Equanimity Investments and saw participation from 9 Unicorns, Venture Catalysts, ZNL and angel investors.

Insurance Samadhan was founded in 2018 with the aim to resolve insurance grievances like mis-selling, fraud and claim rejections in Life, Health and General insurance. Following a success fee-based revenue model, the firm has been a pioneer in helping aggrieved policyholders. They have resolved more than 14,500 grievances since inception.

Deepak Bhuvenshwari Uniyal, fo-founder of Insurance Samadhan, said, “We are in a very niche space right now, operating as an industry leader. As we have mastered the most complex part of the entire insurance life cycle, we now plan to serve a larger universe. We are upgrading our platform to an app offering claim management, insurance portfolio analysis, and policy servicing from just claim resolution.”

Apoorva Ranjan Sharma, MD, Venture Catalysts, said, “InsurTech in India is a $100 billion opportunity despite a low penetration of 4 per cent. Lack of awareness and more paperwork with less transparency are the major bottlenecks in this sector that tech companies like Insurance Samadhan are trying to solve. The startup has grown exponentially in a short period and we wish them success in their journey.”