22 January, 2021, New Delhi: Insurtech start-up ClaimBuddy, 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.
Describing the investment and support received from Titan Capital and other investors, Khet Singh, Co-founder, ClaimBuddy, said: “We are elated to receive this initial support. The investors’ belief in our vision to create an ecosystem 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 INR 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 the best medical coverage assistance. Hence, the know-how and technological expertise will help make every effort to identify challenges in the Indian healthcare insurance industry and solve them with technology.
Sensing an opportunity
“Having worked in the healthcare space before enrolling myself for an MBA at IIM Bangalore, it has always been this 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% of Indian hospitals are individually owned units and lack the required technology and domain expertise to manage insurances. It ultimately results in delays or 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, as well as top it up with improved patient experience,” Khet Singh added.
Ajit Patel Co-founder, ClaimBuddy, said: “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.”
Bipin Shah, partner at Titan Capital, said: “The pandemic has seen rapid growth to the digital shift in the industries, and by leveraging technology, ClaimBuddy has done the 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, which is aimed at ensuring processing of hospitals’ insurance claims in a much smoother way which is very patient-centric.”