The round also saw involvement from prominent industry figures such as Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL. InsurancePadosi was founded in 2023 by Vaibhav Kathju, Abhay Singh, and Gaurav Gupta, and aims to simplify the insurance purchasing process for consumers.
The Indian insurance market is valued at over $20 billion in gross premiums, with 50 million new policies sold annually. However, the market remains under-explored, with a penetration rate below 4% of GDP. InsurancePadosi seeks to bridge this gap by offering an easy and transparent experience for customers, ensuring they are able to make well-informed decisions about their insurance requirements.
The startup offers an “Insurance Health Report” (IHR), an AI-powered tool which allows users to make informed decisions by providing a personalised, unbiased analysis of their insurance requirements. After answering a few simple questions, users are given a tailored analysis of their insurance needs, ensuring they receive bespoke and optimal coverage.
InsurancePadosi claims that its system can reduce the average insurance purchase time from 70 minutes to just 3-5 minutes, with a 95% accuracy rate in matching products to individual needs.
Vaibhav Kathju, CEO, commented: “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.”
The company intends to use the funds to strengthen its technological platform, expand its product offerings, and boost its sales and marketing efforts. Further, the company plans to enter into underwriting and claims management, providing a comprehensive, end-to-end customer experience.
Kathju added: “Our mission is to empower individuals with the right insurance coverage, ensuring they make informed decisions based on highly personalised recommendations. Backed by esteemed investors, we are poised to reshape the insurance landscape.”
