In a big push to insurance grievance redressal in India, Insurance Samadhan, a platform to resolve insurance related complaints, has raised INR 8.5 crore in a funding round. The investment was led by a consortium of family offices, with Innovito Ventures as the financial advisor for the deal.
This latest funding takes Insurance Samadhan’s total funding to over USD 4.58 million (~INR 38 crore) since its inception in 2018. The company has previously raised funds from marquee names in Indian startup ecosystem including Equanimity Investments, 100 Unicorns, Venture Catalysts and IIFL Finance.
Digitizing and Demystifying Insurance
Founded by Deepak Bhuvneshwari Uniyal, Shailesh Kumar, Sanjay H. Aggarwal, later joined by Shilpa Arora and Ravi Mathur, the Noida based startup has been working towards simplifying insurance processes which were bogged down by paperwork, ambiguity and slow dispute resolution mechanisms.
“We want to make insurance more transparent, efficient and accessible,” said co-founder Deepak Uniyal. “By using digital tools we want to empower consumers and stakeholders across the insurance value chain.”
The platform serves a wide range of stakeholders including policyholders, insurance advisors, hospitals and insurance companies—bringing speed and clarity to the grievance redressal process.
Solving Key Industry Pain Points
One of the biggest innovations of Insurance Samadhan is the “Know Your Policy” feature. This digital tool helps policyholders review and validate policy details—health disclosures and lifestyle data, nominee and contact information. This pre-verification is to reduce claim rejections and delays, a common problem in the insurance industry.
Also the company’s Polifyx app has optimized the grievance resolution cycle. According to company data Polifyx has reduced the average complaint resolution time by over 55%, from 60 days to under 27 days.
Use of Funds
The fresh funds will be used for:
- Scaling of flagship products including Know Your Policy and Polifyx
- Technology infrastructure upgradation
- Digital outreach to increase awareness and engagement
- Complaint resolution capabilities to improve turnaround and customer satisfaction
India’s Insurance Industry: A Space to Disrupt
India’s insurance industry is growing at 7% annually but has low penetration of just above 3%, as per market data. As more Indians look for financial security through insurance, the role of platforms like Insurance Samadhan becomes more important.
In last 6 years Insurance Samadhan has resolved over 18,000 customer complaints and recovered claims worth INR 160 crore, that’s how big is the need of such a platform and its impact.
Final Words
With a focus on using technology to demystify the insurance space, Insurance Samadhan is all set to play a key role in building consumer trust in India’s insurance ecosystem. As the industry grows such grievance redressal platforms are no longer auxiliary but essential to drive policyholder satisfaction and regulatory confidence.
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