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Faad Network invests in InsurStaq.ai, a GenAI InsurTech Startup

By Gloria Mathias

October 18, 2023

  • Accelerator Program
  • AgriManch
  • AgriTech
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Faad Network, Venture Capital, AgriManch, AgriTech, Accelerator Program, InsurStaq.ai, GenAI, FinShastra, FinTech Accelerator Program, Fintech NewsFaad Network, India’s early-stage fund has invested in InsurStaq.ai, a GenAI InsurTech startup. The primary objectives for utilising the funds include augmenting the founding team and building industry-first GenAI solutions.

This investment comes as part of Faad Accelerator Labs ‘FinShastra’ which is a FinTech-focused cohort and aims to support and nurture innovative startups in the financial technology sector.

“We’re elated to join InsurStaq on its journey through this investment. It’s a key driver for InsurStaq’s mission to revolutionise the insurance industry in India through its innovative tech-enabled solutions. It perfectly aligns with our vision of supporting groundbreaking startups like InsurStaq that are reshaping the industry landscape.” said, Aditya Arora, CEO of FAAD Network.

“We are grateful to have Faad as the first institutional believer, and supporter right from the inception of our venture. The mentorship and unwavering support we have received throughout our participation in the accelerator program have been invaluable,” said Mayan Kansal, Co-Founder and CEO of InsurStaq.ai.

“The injection of capital will be crucial in speeding up our mission to implement Generative AI solutions across the entire value chain of the insurance industry. We are committed to delivering value to all stakeholders within the insurance ecosystem.”

With the disruptive impact of Generative AI on various industries, this investment holds immense importance for InsurStaq.ai. It plans to utilize the capital to develop a comprehensive suite of B2C, B2B and B2B2C solutions tailored specifically for the insurance sector.

By leveraging this funding, InsurStaq.ai aims to create innovative and impactful offerings that address the unique needs of insurance businesses, thereby driving growth and success in the industry.

FAAD enjoys a network of investors based in India, Singapore, Dubai, the US, the UK, and Canada. The network supports early-stage technology companies.

InsurStaq.ai is an early-stage InsurTech Startup, leveraging Generative AI technology to develop solutions for the insurance sector. The company’s solutions are designed to simplify complex processes and improve the overall journey for policyholders, insurers, and other stakeholders involved in the industry.

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