ClaimBuddy Raises Seed Funding From Titan Capital
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New Delhi-based Insurtech startup ClaimBuddy has raised an undisclosed amount in the seed funding round led by Titan Capital and other groups of investors like LV Angel Fund, First Cheque, and other individual angels.
With a fresh influx of capital, the company has said to focus on business expansion across India and technology investment.
"We are elated to receive this initial support and investors' belief in our vision to create an ecosystem which will help to streamline the health insurance claim processing in India," said Khet Singh, co-founder, ClaimBuddy while talking about the investment and the support received from Titan Capital, and other investors, in a statement.
The brainchild of a 24-year-old student from IIM-B committed to streamlining the healthcare insurance claim processing in India, said the statement.
"Having worked in the healthcare space before enrolling myself for an MBA at IIM-Bangalore, it has always been the space that I wanted to bring innovation in. At ClaimBuddy, we help the hospitals manage their insurance department by providing them a tech-backed end-to-end management solution for processing their claims. Over 90 per cent of the Indian hospitals are individually owned units and lack the required technology and domain expertise to manage the insurances. It ultimately results in delays/deductions and rejections of health insurance claims. This entire broken process affects the patients the most. With our solution, we are committed to bridging this gap and helping hospitals improve their financial and operational efficiency and top it up with improved patient experience,” Singh further added.
The startup strives to solve insurance claim processing hassles by leveraging technology.
"Health Insurance in India is under-penetrated. Having seen the problems in claims processing closely during my work experience of about 10 years at insurance companies and hospitals, I was convinced that this problem is worth solving and has the required scale. We started working closely with our first client hospital to understand the issues and established a working model before implementing the same in other hospitals,” remarked Ajit Patel, co-founder, ClaimBuddy.
ClaimBuddy has medical claim specialists who evaluate medical insurance to resolve queries and provide the best medical coverage assistance. Hence, the know-how and technological expertise will help to make every effort to identify challenges in the Indian healthcare insurance industry and solve them with technology.
“The pandemic has seen rapid growth to the digital shift in the industries, and by leveraging technology, ClaimBuddy has done a praiseworthy work of providing one-stop solutions for all medical insurance claims. Health insurance is an important aspect of a healthcare institution. The domain knowledge which the team has is worth appreciating ensuring hospital’s insurance claims in a much smoother way which is very patient-centric,” shared Bipin Shah, partner, Titan Capital.
The platform has so far processed claims worth more than INR 15 crore with over 50 partner hospitals to manage their health insurance claims in Delhi-NCR, Bangalore, and Mumbai.