[Funding alert] Insurtech platform MetaMorphoSys raises pre-Series A round led by Good Capital
MetaMorphoSys Technologies, a SaaS-based digital insurance platform, has raised undisclosed pre-Series A funding led by Good Capital. The round also saw participation in a personal capacity from Rahul Khanna, Co-founder and Managing Director, Trifecta Capital.
The capital will be used to further innovate the platform across the entire insurance value chain. It also plans to use the funds primarily for product development and investing in sales teams to grow its footprint further in India, Hong Kong, Singapore, Indonesia, Vietnam, Philippines, and Thailand.
“Our product team keeps track of the latest technological developments and constantly innovates and translates business requirements into revolutionary products,” said Amit Naik, Co-Founder and CEO, MetaMorphoSys Technologies.
The company was founded in 2016 by Amit Naik and Kewal Vargante, who are veterans in the insurance industry and previously worked together at Majesco (previously Mastek) and C2LBIZ. The platform focuses on building innovative enterprise products that address the business and technology challenges of the global insurance industry.
MetaMorphoSys' is an end-to-end platform that takes care of the entire value chain, from customer acquisition to engagement, and provides a suite of products, including an underwriting engine, claims engine, customer engagement platform, AI/ML sales analytics engine, and others. The platform also supports innovative motor, travel, personal accident, property/home, life, health, low ticket, and episodic insurance products.
Rohan Malhotra, Partner at Good Capital, said: “Technology has disrupted every aspect of the insurance value chain. The two biggest threats to traditional insurers are not being able to meet the expectations of digital natives and compete with new-age digital insurance companies, who do not carry the burden of legacy policy admin platforms. Insurers have realised that startups like MetaMorphoSys can help them compete with new-age insurance companies and leverage the huge investments already made in existing legacy platforms.”
MetaMorphoSys’ on-demand digital insurance platform is a cloud-based product that chances the way insurance products can be distributed and serviced.
It addresses the key challenges of insurance companies like improving the sales effectiveness of agents, reducing the turnaround time, reduction in new business acquisition cost, targeted products based on profile, enhanced claims experience, pay-as-you-go insurance capability, and the ability to retain existing customers during the renewal cycle.
Rahul Khanna, Co-founder, and Managing Director, Trifecta Capital, said: “MetaMorphoSys is solving a unique problem set in the insurance industry and its product stack allows for legacy insurance businesses to plug into critical products that take time, effort and capital to build. In Amit and Kewal, we saw a team that carries decades of experience with an outlook to understand what legacy insurers and new startups in this space require.”
(Edited by Teja Lele Desai)