Insurtech startupClaimBuddy, the brainchild of 24-year-old Khet Singh, a second-year MBA student at IIM Bangalore, has raised an undisclosed amount in the seed funding round led by Titan Capital and other marquee groups of investors like LV angel fund, First Cheque, and some individual angels. With a fresh influx of capital, the company will focus on business expansion across India and technology investment.
Khet Singh, cofounder, ClaimBuddy, said: “The investors’ belief in our vision will help streamline health insurance claim processing in India.”
ClaimBuddy acts as a one-stop solution for health insurance claim assistance for patients and hospitals, building an ecosystem to ensure hassle-free insurance claim processing by leveraging technology, and a set of simple yet powerful processes and operations.
The start-up has so far processed claims worth more than Rs 15 crore with more than 50 partner hospitals to manage their health insurance claims, in Delhi-NCR, Bangalore and Mumbai. ClaimBuddy has medical claim specialists who evaluate medical insurance to resolve queries and provide medical coverage assistance.
Over 90% of Indian hospitals are individually owned units and lack the required technology and domain expertise to manage insurances, resulting in delays or deductions and rejections of health insurance claims, says Singh. “With our solution, we are committed to bridging this gap and helping hospitals improve their financial and operational efficiency, as well as top it up with improved patient experience,” he said.