New Delhi-based InsurTech SafeTree has secured $1m in seed funding from angel investors Shams Ahmed Parvaz and Faiz Shams.
SafeTree claims its objective is to help India better manage various risks and limit the exposure of losses due to these risks. The company cited issues such as climate change, poor lifestyles, pollution and increase in communicable diseases as some of the aforementioned risks.
According to SafeTree, the startup intends to use the newly raised capital to expand its team, strengthen product development and enhance its technology interface. Furthermore, the company is looking to increase its geographical presence from 2 to 10 Indian states and 1,500 points of services to 5,000 in the next six months.
SafeTree has recently launched new tools including AI-enabled Risk Janampatri and Health Sum Insurance calculator, which work to simplify the insurance-buying journey of the customer.
The start-up noted that they are also working on a range of tools that would help recommend the best insurance products for the customer based on their profile and needs through the use of machine learning and other data-driven approaches.
SafeTree CEO and co-founder Vikas Anand highlighted that the company’s vision is to de-risk India through embedded and innovative insurance solutions that are to be distributed through digital channels.
Pharma Access founder Parvaz added, “We’re really happy to have partnered with SafeTree in their journey to increase the penetration in insurance sector through innovative solutions. Vikas and his team bring deep industry experience and thorough technical understanding of this sector, are the perfect team to cater to this industry.”
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