New Delhi-based insurtech start up SafeTree has raised $1 million in its seed funding round from angel investors Shams Ahmed Parvaz and Faiz Shams. The startup aims to use the capital infusion to expand its team, strengthen product development and enhance technology interface.
SafeTree also will increase its geographical presence from two to 10 Indian states, and from 1,500 points of sale to 5,000 POS in the next six months.
“Our vision is to de-risk India through embedded and innovative insurance solutions, distributed through digital channels,” said Vikas Anand, CEO and co-founder, in a statement.
Anand said the company has recently launched an innovative insurance solution for the mass market distributed solely through digital platform and is working on an all-inclusive insurance solution for the small- and medium-sized enterprise (SME) segment. SafeTree aims to address new-age contextual demand by designing innovative products working with the insurance companies.
Anand is an insurance industry veteran with more than two decades of experience and recently a part of the senior management in a leading life insurance company.
SafeTree has launched new tools: an AI enabled Risk Janampatri and Health sum insurance calculator, which aims to simplify insurance buying for customers. Additionally, they are working on various tools which would recommend best insurance products for customers, based on their profiles and needs, using machine learning and other data driven approaches.
“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,” said Shams Ahmad Parvaz, founder of Pharma Access.
About SafeTree.in
SafeTree is a registered trademark of A2V Insurance Brokers Private Ltd., a licensed broker by IRDAI. The main objective of the firm is to protect individuals and corporate from financial risks through new, simple, and innovative insurance solutions. The company currently offers products such as commercial, corporate, heath, motor, life, home and travel insurance.
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