Indian insurtech startup Insuarance Samadhan has received an undisclosed funding from Venture Catalysts, an integrated incubator and accelerator platform.
As a tech-enabled insurance grievance redressal platform, the insurtech startup enables filings for miss-selling, fraud or claim rejection in life, health and general insurance.
It then filter complaints and connects with respective insurance companies, regulators, Ombudsman, and Courts as required.
Venture Catalysts co-founder and CEO Apoorv Sharma said: “Estimated at $112bn, the insurtech market in India shows great potential for startups and investors alike. While it is still at a nascent stage as compared to its Western counterparts, the scope for growth is huge.
“Insurance Samadhan is leveraging modern technologies and the expertise of its board members to organize this fragmented market.”
The investment is deemed to enable the startup to scale up its tech stack and realise its business targets.
Founded in 2018, it is claimed to have resolved over 13,000 complaints.
Insurance Samadhan spokesperson Deepak Bhuvneshwari Uniyal said: “We are very excited to have joined hands with Venture Catalysts. This fundraise would help us to develop our technological frame. Post the tech is developed, Insurance Samadhan would be ready to scale up.”
Insurance Samadhan, registered with start-up India, currently operates across three verticals.