Finhaat runs an online distribution platform through which insurance products are sold to consumers in rural and semi-urban India.
The Mumbai-based startup works with over 60 institutions like banks, credit societies, non-governmental organisations and self-help groups to distribute insurance to the last mile.
“With the fresh funds we will scale up our operations with the target of onboarding one crore customers every year by the end of the next year. We will also be launching basic wellness services, doctor-on-call and the like,” said Vinod Singh, chief executive officer, Finhaat.
The startup, which obtained its broking licence last year, intends to scale up its technology platform, invest in business development and set up internal processes and controls with the fresh funds.
Finhaat distributes life, health and general insurance products, working with almost every large insurance company in the country. Since inception it has served around 40 lakh customers. Most of its products are sold as embedded insurance, clubbed with credit products sold by its partner organisations.
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“We have built a digital platform which is not meant for only sales and distribution, but also for servicing of claims. Currently, we are processing around 2,500-3,000 claims every month,” said Singh.In terms of processing premium payments, the company is nearing a monthly run rate of around Rs 20 crore, he added.
Finhaat was incorporated in 2021, but formally started operations in June 2022. It was founded by ex-ICICI Bank executive Sandeep Katiyar, Navneet Shrivastava, who has spent time in insurance working with Birla Sun Life, Future Generali and Aditya Birla Health, and Vinod Singh, who was at HSBC Bank.
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