Indian insurtech startup InsurancePadosi has raised $500,000 (or around Rs 4.19 crore) in a pre-seed round funds round led by global early-stage venture capital firm Horn.
The round also saw participation from leading industry figures including Hemant Kaul, former CEO and MD, Bajaj Allianz, and Satish Pillai, former MD and MD, TransUnion CIBIL.
Focusing on bridging the gap in India’s insurance market
Founded in 2023 by Vaibhav Kathju, Abhay Singh and Gaurav Gupta, InsurancePadosi aims to simplify the insurance purchasing process for consumers.
India’s insurance market, which is valued at over $20 billion in gross premiums and with 50 million new policies sold annually, remains underpenetrated, with a penetration rate of less than 4% of GDP.
The startup aims to address this gap by offering a seamless and transparent experience for customers, ensuring they can make well-informed decisions about their insurance needs.
Padosi Insurance Offers
InsurancePadosi offers the Insurance Health Report (IHR), an AI-powered tool that empowers users to make informed decisions by providing a personalized and unbiased analysis of their insurance needs.
By answering a few simple questions, users receive a personalized analysis of their insurance needs, allowing them to obtain optimal coverage.
The startup claims its system can reduce the average insurance purchasing time from 70 minutes to just 3-5 minutes, with a 95% accuracy rate by tailoring products to individual needs.
“After surveying over 1,000 health insurance policyholders, we found that over 85% were significantly underinsured, despite having policies in place. In response, we have developed a system that reduces the average insurance shopping time from 70 minutes to just 3-5 minutes, with a 95% accuracy rate in matching products to individual needs,” said CEO Vaibhav Kathju.
Improving the technological platform
The startup plans to use the capital raised to strengthen its technology platform, expand its product offering, and enhance its sales and marketing efforts.
Additionally, it plans to venture into underwriting and claims management, providing a comprehensive end-to-end customer experience.
“Our mission is to provide people with the right insurance cover, ensuring they make informed decisions based on highly personalized recommendations. Backed by prestigious investors, we are poised to transform the insurance landscape,” Kathju added.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.