InsurancePadosi, an InsurTech platform that helps users understand their health insurance needs, has raised $500,000 in a pre-seed funding round.
The new funds 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.
The round, led by international early-stage venture capital firm Antler, has also attracted angel investors.
InsurancePadosi’s flagship product, Insurance Health Report (IHR), helps users to understand their insurance requirements. It starts with the user answering a few (3-6) simple questions about life, goals, and preferences. Then, leveraging advanced algorithms and a vast database of insurance products, the IHR provides a personalised, unbiased, analysis of the user’s insurance requirements.
Antler says that with over $20bn in gross premiums collected for Life and Health Insurance in FY23 and 50m new policies sold annually, the Indian insurance landscape is ripe for disruption. Despite its size, India's insurance penetration remains low at less than 4% of GDP, significantly behind developed countries.