Insurance Samadhan, a leading InsurTech platform dedicated to resolving insurance grievances, has secured ₹8.5 crore in a strategic funding round. The round saw participation from a consortium of family offices, with Innovito Ventures acting as the financial advisor.
This latest capital infusion brings the platform’s total funding to over $4.58 million. Previous rounds included investments from renowned backers such as Equanimity Investments, 100 Unicorns, Venture Catalysts, and IIFL Finance.
Enhancing Technology and Product Portfolio
Insurance Samadhan plans to channel the fresh funds toward enhancing its technology stack and expanding its suite of offerings. Among its key focus areas is the scaling of its flagship feature, “Know Your Policy,” which aims to increase transparency in insurance policy details and reduce the risks of mis-selling and claim rejection.
Revolutionizing the Insurance Landscape
Founded in 2018 by industry veterans Deepak Bhuvneshwari Uniyal, Shailesh Kumar, and Sanjay H. Aggarwal, Insurance Samadhan is streamlining the complex and paper-heavy insurance processes through technology. The platform supports a wide range of stakeholders including policyholders, insurance advisors, hospitals, and insurers — all with the goal of improving India’s insurance penetration, currently at just 3%.
Impressive Milestones and Impact
The platform claims to have successfully resolved more than 18,000 insurance-related complaints and helped customers recover claims worth over ₹160 crore. Its mobile application, Polifyx, has also cut down the average turnaround time for grievance resolution by 55%, significantly enhancing customer satisfaction and operational efficiency.
India’s Growing Insurance Sector: A Timely Opportunity
With India’s insurance sector growing at a compound annual rate of 7%, and penetration still low compared to global standards, the timing is opportune for platforms like Insurance Samadhan to drive meaningful change. By leveraging digital innovation, the company aims to bridge the gap in insurance awareness and access across the country.
About Insurance Samadhan
Insurance Samadhan is a tech-enabled grievance redressal platform focused on solving disputes related to insurance claims, mis-selling, policy lapses, and more. The company continues to empower consumers and institutions alike by offering faster, more reliable, and transparent solutions in the insurance ecosystem.