Insurance Samadhan
A platform for resolving
insurance-claim related
Issues In India
The Challenge
A huge number of people every year become victims of scruples agents/intermediaries selling them insurance policies without giving the right information. Post facto customers file complaint against such fraudulent practises with the insurers. Most of these issues usually range from getting your claim rejected to unnecessary delay in your claim approval.
Annex I : 25%+ Life insurance complaints pertains to claim related issues
Classfication of Life Insurance
Annex II : 68%+ General insurance complaints pertains to claim related issues
Classfication of General Insurance Complaints
Market
The Indian Insurance market is expected to reach $200 BN by 2027. The country is 9th largest Life Insurance Market nd also 14th largest Non-Life Insurance market globally
Annex I : Increasing Insurance Penetration in India
Insurance Penetration in India
Annex II : Insurance Density on rise in India
Insurance Density in India
The Solution
Insurance Samadhan (InSa) was founded in 2018 with the aim to resolve insurance grievances like mis-selling, fraud and claim rejections in Life, Health, and General insurance. Their proprietary and industry-first algorithm auto selects the genuine complaints/claims based on 80-100 parameters currently for life insurance which is constantly increasing due to machine learning being implemented.
IIFL’s Impact
IIFL’s funding has brought a significant impact on Insurance Samadhan. The infusion of funds has enabled cutting-edge technology development and streamlining of services of the Polifyx app, which has benefited policyholders a lot. Secondly, the funding has accelerated Insurance Samadhan’s marketing initiatives, expanding the reach and awareness within the country. Overall, the funding has greatly helped the company by giving them the resources to improve its services and reach more people. The regular mentorship is an added advantage, IIFL has a very well-established distribution platform pan-India, which would further help Insurance Samadhan leverage the bandwidth and deep reach.
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Insurance Samadhan launches Polifyx, a one-stop solution for customers facing policy related issues
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IIFL Fintech Fund Acquires 16% Stake In Insurance Samadhan
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Insurtech platform Insurance Samadhan crosses insurance claim settlements amounting to over Rs 800 million
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Technology-Driven Redressal Platform Insurance Samadhan Transforms The Insurance Claims Ecosystem In India
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