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Indian insurance technology startup ClaimBuddy has reportedly raised an undisclosed amount in a seed funding round which was led by Titan Capital and involved participation from other marquee investor groups including First Cheque as well as LV Angel Fund.
The fresh investment will allow ClaimBuddy to not only invest in technologies but also expand its presence in India, cited sources with knowledge of the matter. In this context, Khet Singh Co-founder of ClaimBuddy reportedly stated that the investors’ belief in ClaimBuddy’s vision will help in streamlining the process of claiming health insurance in India.
For those unaware, ClaimBuddy specializes in offering a one-stop-solution by assisting patients and hospitals while claiming health insurance. The company also focuses on streamlining the insurance claiming process by using advanced technologies, and several simple yet powerful processes as well as operations.
According to Khet Singh, more than 90% of the hospitals in India are owned by individuals and lack the required technology as well as the expertise in managing insurances, which leads to delays or deductions and rejections of health insurance claims. He added that the solution provided by ClaimBuddy is committed to filling this gap and supporting the hospitals in improving their financial and operational efficiency, as well as offer a better patient experience.
Ajit Patel, another Co-founder of ClaimBuddy was quoted saying that health insurance is significantly underrated in India. He further mentioned that ClaimBuddy had started working closely with the first client hospital in order to understand the problems and create a working model before implementing it in other hospitals.
Until now, ClaimBuddy has reportedly processed insurance claims worth more than USD 2.5 million in over 50 hospitals in cities including Bangalore, Delhi-NCR, and Mumbai.
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