Insurance Samadhan is a New Delhi-based insurance technology start-up that is a developer of grievance redressal platform which is designed for all insurance policyholders to file a complaint and solve their issues in the Indian insurance sector. Recently, the start-up has announced to be raising funds worth USD 1.5 million especially to address the issues of the Indian insurance policyholders in India.
Founded back in 2017 by Shailesh Kumar, Shilpa Arora and Sanjay Aggarwal and Deepak, Insurance Samadhan enables insurance policyholders in India to file complaints on issues such as general well-being, miss-selling, declare rejection in life, frauds and normal insurance coverage merchandise, as mentioned in a report by YourStory. The company profile also says that the platform is designed to filter the complaints from insurance policyholders in India on the basis of parameters that are executed by leveraging Machine Learning and Artificial Intelligence technologies or once can call them studying and analysis instruments. These instruments are said to be quite efficient in filtering the complaints only to real claims and complaints.
Insurance Samadhan is said to have a massive potential today and for the future to come, according to market and industry experts. The insurance technology platform represents aggrieved insurance policyholders from an individual level to a micro-finance firm to a hospital or any XYZ company.
Co-founder Deepak mentioned in a statement that the Indian insurance industry is growing at a very rapid speed and so are consumer-related issues. He further says that leveraging Machine Learning and Artificial Intelligence technologies in this industry could solve many issues faced by insurance companies as well as Insurance policyholders in India. The overall insurance technology sector in India is estimated to be worth more than USD 100 billion in today’s date and is continuously growing on a month-on-month basis.
According to a report by YourStory, Deepak also mentions that the company is also in advanced talks to raise INR 10 crore in a Pre-Series A financing round by the month of May 2021. Furthermore, he added that these freshly infused funds could be utilised in increasing the company’s operations, taking actions in favour of brand building, realising the company’s enterprise targets and constructing its technology stack.
The company also claims that the scope of Insurance Samadhan is massive in the insurance industry. IRDAI has recently reported that for each complaint that is registered in India, at least there are other 10 cases that go unreported. The main reason for this to happen is a lack of awareness. The regulatory body says that it works very actively to protect the interests of its Indian insurance policyholders.