1 min read.Updated: 23 Jun 2021, 10:59 AM ISTLivemint
BimaPe said it aims to allow working professionals to put their family’s insurance on autopilot and plans to use the funds to further develop their product, expand its team and invest in user acquisition
Bengaluru: BimaPe, a Mumbai-based insurtech startup that simplifies insurance for working professionals, on Wednesday said it has raised pre-seed capital led by venture capital firm Lightspeed.
Titan Capital, iSeed and Gemba Capital also participated in the round.
BimaPe said it aims to allow working professionals to put their family’s insurance on autopilot and plans to use the funds to further develop products, expand its team and invest in user acquisition.
Founded in October 2020 by Rahul Mathur, BimaPe said it tackles the various challenges faced by consumers while dealing with insurance policies.
The sector has struggled for a long time due to the complexities involved in various processes, which are not easily comprehensible by the majority of the consumers. To cater to this, BimaPe has developed its proprietary policy deconstruction algorithm that uses reinforcement learning technology. It converts insurance policies into a jargon-free interface that allows users to understand what their policy covers and does not cover.
BimaPe enables users to seamlessly manage their family’s insurance on a single unified platform. Users can get an overview of all their insurance policies, make one-click claims, and discover several hidden insurance benefits from their bank and provident fund details.
Rahul Mathur, founder and CEO, BimaPe said “We are honored to have the backing of reputed investors like Lightspeed, Titan Capital, iSeed & Gemba Capital. With their support we aim to simplify insurance policies for consumers all over India with the help of a user-friendly platform for all your policy management needs."
“At BimaPe, we aim to answer three fundamental questions for working professionals: what insurance does my family have, are we adequately covered, and if not, what can I do about it?" Mathur added.
Harsha Kumar, partner, Lightspeed said “Adoption of insurance products by Indian consumers is still in its infancy. India’s emerging middle class was forced to interact with online only financial services companies during the pandemic. BimaPe’s emphasis on building a product to guide users to make better insurance decisions has driven strong word of mouth in an otherwise CAC intensive market."
“At Titan Capital, we are bullish on the insurance sector in India. Our investment in BimaPe sits in line with our thesis that the Indian consumer needs better online tools to make informed financial decisions. BimaPe has uniquely positioned itself via a Product first approach to bringing transparency into insurance," said Bipin Shah, Partner at Titan Capital.
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