BimaPe, a Mumbai-based insurtech start-up that simplifies insurance for working professionals, has announced its pre-seed capital fundraise led by Lightspeed. It also had the participation of Titan Capital, iSeed and Gema Capital. BimaPe plans to use the funds to further develop their product, expand its team and invest in user experience.
Rahul Mathur, Founder & CEO of BimaPe, said they 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,” he said. “At BimaPe, we aim to answer three fundamental questions for working professionals – what insurance does my family have, are we adequately covered, if not, what can I do about it?”
Harsha Kumar, Partner at Lightspeed, said adoption of insurance products by Indian consumers is still in its infancy. “India’s emerging middleclass 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.”
Bipin Shah, Partner at Titan Capital, said they 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 bring transparency into insurance.”
Moreover, BimaPe has partnered with MeitY by integrating with DigiLocker. They will soon integrate with Account Aggregator, Health Stack and various insurance companies in order to fetch policy documents on behalf of users and provide them with a personalized purchase experience.
Established in October 2020 by Rahul Mathur, BimaPe aims to tackle the various challenges faced by consumers in India 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 consumers. To cater this, the platform has developed its proprietary policy deconstruction algorithm that uses reinforcement learning technology. It converts complex 50+ page insurance policies into a jargon-free interface that allows users to understand what their policy covers and does not cover.
It also 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. And since the launch of its beta product seven months ago, BimaPe has onboarded more than 12,000 users without paid acquisition.