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Incubator VCats invests undisclosed amount in Insure-Tech Samadhan

Indian Insure-Tech Samadhan, owned by Fastsurance Consultants Pvt. Ltd has raised an undisclosed amount of seed capital from incubator and accelerator Venture Catalysts (VCats). The start-up plans to use the funds to enhance its technological infrastructure and scale up its operations.

Venture Catalysts (VCats) is an incubator and accelerator that invests $250K – $1.5 million in early-stage start-ups. With an increased focus on FinTech and Insure-Tech, the VCats have invested in neo-banking platform Nupay and financial-technology startup GetVantage among others.

Dr. Apoorv Ranjan Sharma, Co-Founder & President, Venture Catalysts, said, “Estimated at $112 billion, the Insure-Tech market in India shows great potential for start-ups and investors alike. While it is still at a nascent stage as compared to its western counterparts, the scope for growth is huge. Samadhan is leveraging modern technologies and the expertise of its board members to organize this fragmented market. The funding will help the company build its tech stack and realize its business targets.”

Samadhan is an online grievance redressal platform that allows users, who have been victims of miss-selling, fraud or claim rejection in life, and issues related to health or general insurance, to file a complaint. It filters the complaints on certain parameters executed by AI/ML and connects with respective insurance companies, regulators, ombudsman, courts as required. Since its inception in 2018, the start-up has resolved over 13,000 complaints so far.

The New Delhi-based online insurance platform, which was founded Deepak Bhuvneshwari Uniyal,   Shilpa Arora, Shailesh Kumar, and Sanjay Aggarwal, operates in verticals such as retail, healthcare, corporate and microfinance.

“We are very excited to have joined hands with Venture Catalysts. This fundraising would help us to develop our technological frame. Post the tech is developed, Insurance Samadhan would be ready to scale up,” said the company’s Co-founder and CEO Bhuvneshwari Uniyal in a  joint statement.

The insurance sector in India incurs heavy losses every year due to massive fraud. According to industry estimates, insurance fraud leads to losses of around INR 400 billion every year, which is about 8.5 percent of the total revenue that the industry generates.

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