Insurance grievance redressal platform Insurance Samadhan raises Rs 8.5 crore in funding

Insurance Samadhan, a platform that helps policyholders resolve insurance grievances, has raised Rs 8.5 crore in a strategic funding round backed by a consortium of family offices. Innovito Ventures acted as the financial advisor for the transaction.

The latest capital infusion brings the startup's total funding to more than $4.58 million since its founding in 2018.

Who are the founders?

The Noida-based startup, launched by Deepak Bhuvneshwari Uniyal, Shailesh Kumar, Sanjay H Aggarwal, Shilpa Arora, and Ravi Mathur, aims to bring clarity, transparency, and speed to a traditionally opaque and paper-heavy sector. Through its digital-first approach, the startup caters to policyholders, advisors, hospitals, and insurers, enabling faster resolution of disputes and a more informed insurance experience.

"Our goal is to make insurance more transparent, efficient, and accessible," said Uniyal. "By leveraging digital tools, we aim to empower consumers and stakeholders across the value chain."

Tackling misselling and claim rejections

Insurance Samadhan's "Know Your Policy" feature aims to assist customers in identifying mistakes or discrepancies, such as incorrect health conditions, lifestyle habits, contact information, or nominee details, within their life and health insurance policy documents. The startup said that the feature can help prevent potential claim rejections or delays in the future.

The startup plans to use the raised funds to strengthen its technology infrastructure, expand its suite of services, and scale Polifyx, which it claims has helped cut the average complaint resolution time by over 55%, from 60 days to just under 27 days.

India's insurance sector, while expanding at a 7% annual growth rate, continues to suffer from low penetration, just over 3%, according to market data. It claims to have resolved more than 18,000 customer complaints and facilitated the recovery of Rs 160 crore in claims.