InsurancePadosi offers innovative solutions that simplify the complex insurance landscape for customers looking to buy insurance
FinTech BizNews Service
Mumbai, August 27, 2024: InsurancePadosi, a pioneering Insurtech platform, today announced the successful closing of its $500K pre-seed funding round, led by global early-stage venture capital firm Antler. The round also saw participation from industry veterans such as Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL, who joined as angel investors.
InsurancePadosi offers innovative solutions that simplify the complex insurance landscape for customers looking to buy insurance. Their flagship product, the Insurance Health Report (IHR), empowers users to make informed decisions by providing a personalised, unbiased analysis of their insurance requirements. By answering a few simple questions, users receive clear, actionable insights, revolutionising the way they approach insurance and ensuring they are truly protected.
The new funds raised will enable InsurancePadosi to strengthen its technology platform, expand its product offerings, and enhance sales and marketing efforts. Furthermore, the platform plans to venture into underwriting and claims management, thereby providing a comprehensive, end-to-end customer experience.
Commenting on the fundraise, Vaibhav Kathju, CEO of InsurancePadosi, says "Our mission is to empower individuals with the right insurance coverage, ensuring they make informed decisions based on highly personalised recommendations. After surveying over 1,000 health insurance holders, we discovered that more than 85% were significantly underinsured, despite having policies in place. In response, we’ve developed a system that reduces the average insurance purchase time from 70 minutes to just 3-5 minutes, with a 95% accuracy rate in matching products to individual needs. Backed by esteemed investors, we are poised to reshape the insurance landscape, aiming to help over 1 million customers secure optimal coverage by the end of next year."
Nitin Sharma, Partner at Antler India, says "The massive Indian insurance market, with over $20 billion in gross premiums and 50 million new policies sold annually, is still an under-penetrated opportunity. We believe InsurancePadosi is well positioned to innovate in this space by offering personalised, data-driven policy recommendations, addressing the core issues of affordability and understanding. This team of seasoned founders has shown exceptional execution, and we believe they’re on track to build a trusted brand in insurance advisory and sales.
Despite the scale of the Indian insurance market, penetration remains below 4% of GDP, highlighting a significant opportunity for innovation. InsurancePadosi is actively moving away from the conventional, one-size-fits-all approach to insurance by prioritizing customer education and delivering highly tailored recommendations.
Looking ahead, InsurancePadosi is committed to broadening its services to include underwriting and claims management, ensuring comprehensive support throughout the customer journey. Having already provided valuable insights to over 5,000 users through the Insurance Health Report, the company now aims to educate more than 200,000 individuals about their insurance needs, free of charge, within the next 12 months.
