Weekly Insurance Round-up Tuesday, February 22, 2022
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We're back with the latest edition of Beshak's Weekly News Round-up 🗞️ - an analysis of all Insurance News & Updates, straight from our in-house research team! 🧐
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✴️ LIC has over ₹21,500 Cr. unclaimed funds 😲
✴️ Start-up firm Automovill launches accidental claims app 📱
✴️ Artivatic AI launches ‘Alfred’ to automate the health insurance claim process 🤑
✴️ Kenko Health raises $12 mn in Series A funding led by Sequoia Capital 💰
✴️ Insuremile raises $350K in pre-seed funding 💸
✴️ Insurtech start-up HealthySure raises $1.2 million 🤑
✴️ Healthcare platform GOQii raises $50 mn led by Sumeru Ventures 💰
- According to a draft prospectus filed for IPO with SEBI, LIC has ₹21,539 Cr. unclaimed funds as of September 2021. These funds include interest earned over the outstanding unclaimed amount.
- According to the Draft Red Herring Prospectus (DRHP) filed by LIC, the unclaimed amount was at ₹18,495 Cr. at the end of March 2021 and ₹16,052.65 Cr. at the end of March 2020. The total unclaimed amount stood at ₹13,843.70 Cr. at the end of March 2019.
- Insurers are supposed to disclose their unclaimed amount on their respective website and also let the policyholders or the beneficiaries verify the unclaimed amounts due to them.
- IRDAI has also regulated the insurance companies to transfer any unclaimed fund of more than 10 years to Senior Citizen Welfare Funds (SCWF) on or before March 1 every year.
Source: New Indian Express
- Automovil, a mobility startup, launched a mobile app to register and process accidental claims for all motor insurance agents and brokers across the country.
- The app is launched with the intention to provide a more efficient system for all the stakeholders including insurance companies and customers and reduce claim costs.
- Agents will be able to lodge a claim by just signing up on the app. Once the claim is registered, the details are submitted to Automovill and an estimate is generated. After this, the concerned insurer processes the claim.
- Founded in 2016, Automovill has partnered with over 500+ Muktibrand Workshops - it handles motor claims across India and has a presence in over 20 cities.
Source: Financial Express
- Insurtech company Artivatic recently introduced ‘Alfred’, a unified AI and analytics-based health claim automation platform.
- With this, the company aims to provide end-to-end self-operating access to health financing and claims-paying processes - starting with claims filing, tracking to final settlement using AI, ML & Learning.
- Alfred will take care of the entire claim process from beginning to end and the company believes it will reduce the burden on insurance industry incumbents as well as health insurance buyers.
- Kenko Health raised $12 mn from Sequoia Capital in Series A round. Beenext, Orios, 9Unicorns, and Waveform also participated in the round as existing investors.
- Kenko will use these funds to develop new products, acquire customers, and build a stellar team. It is also looking to add various categories such as dental, mental health, at-home care, sexual health, etc. to its OPD coverage.
- Founded in 2019, Kenko is a Bangalore-based health tech startup. It offers a subscription-based service that covers health expenses across OPD and hospitalization in collaboration with insurance companies.
Source: Business Standard
- Insurtech startup Insuremile raised $350k in a pre-seed funding round that was led by Seeders - an early-stage angel group.
- Insuremile plans to use these funds to hit 1 million policies, add 1 lakh associates over the next two years, and harness artificial intelligence and machine learning to improve the product recommendations.
- Founded in 2017 by Mallesh Reddy and Vijay Krishnamurthy, Insuremile’s primary aim is to boost the user experience by enabling customers to compare multiple policies at the same time to decide on a policy as per their individual needs.
- Since 2017, Insuremile has on-boarded 2,000 associates and sold over 25,000 policies in its beta phase. It has tie-ups with over 20 leading insurance companies, including HDFC, Bajaj, Reliance, Tata, ICICI, and New India.
Source: The Freepress Journal
- Insurtech start-up HealthySure recently announced that it raised $1.2 million in a Pre-Series A round led by Inflection Point Ventures. We Founder Circle, Dexter Angels, Campus Fund, HEM Angels, and other private investors also participated in the round.
- With these funds, HealthySure wants to build its teams, technology, and operations as well as provide innovative and affordable group health insurance-led solutions to members of the Indian workforce and their families.
- HealthySure was founded in April 2021. It provides management solutions to Indian organizations and tech-enabled employee health care protection.
- GOQii, a healthcare platform, raised $50 million in a Series C funding round led by Sumeru Ventures. The round saw participation from existing investors like Mitsui, funds advised by MegaDelta, DSG Consumer Partners, Galaxy Digital, Denlow Investment Trust, Edelweiss, Cheetah Mobile, GWC, Ratan Tata, Vijay Shekhar Sharma.
- GOQii will use these funds to scale up the insurance and digital therapeutics vertical in India. It also aims to target therapeutic areas across diabetes, women's health, and radiology through its digital therapeutics offerings.
- In November 2018, Mitsui invested in GOQii, and in 2019, actor Akshay Kumar had invested an undisclosed amount as part of the Series C funding round.
- GOQii was founded in 2014 by Vishal Gondal, former CEO and founder of Indiagames. It is headquartered in California and offers wearable fitness bands, personal coaching, and diagnostic services to customers.
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