[Funding alert] Insurtech startup Vital raises $3M in pre-Series A round led by BLinC Invest
Vital, a next-generation insurtech platform offering tailor-made, comprehensive and pocket-friendly health plans designed specifically for every member’s individual needs, has raised $3 million in a pre-Series A round led by venture capital company BLinC Invest.
Venture Catalyst, Survam Partners, and several other angel investors also participated in the round.
Rahul Kumar, Co-founder and CEO of Vital, said,
“Unlike traditional health insurance, which is one-size-fits-all with an expensive annual premium and numerous terms and conditions, we at Vital are leveraging technology and data science to build a more personalised experience with an integrated health and wellness approach and smarter product structuring to make the premiums much more affordable.”
Rahul Kumar, Co-founder and CEO of Vital
“Our goal is to not only stand by our members when they are sick but also manage their health with holistic wellness offerings and timely interventions to keep them from falling sick, which means lower claim costs hence lower overall premiums,” Rahul added.
Established in 2020 by Rahul Kumar and Jayan Mathews, Vital intends to reimagine health insurance by personalising the coverage for each member, based on their individual needs and going beyond hospitalisation to also include essential wellness expenses. All this comes in a monthly subscription with premiums that are up to 70 percent lower by introducing the concept of small deductibles. Vital rewards its members for leading a healthier lifestyle, as they can earn points for using their benefits, which can eventually be used for paying the subscriptions. The app assigns a dedicated care manager to every member for comprehending their needs and queries in real-time.
The D2C health insurance platform has co-developed the insurance cover with Care Health Insurance and integrated with Mfine, Healthians, Thyrocare, 1Mg, BeatO, Fitterfly, Fitternity, Cult fit, and Betterlyf, for wellness benefits. It claims to take less than 60 seconds for a member to buy the plan and less than two minutes to intimate a claim or book an appointment through the Vital website and app.
Amit Ratanpal, Founder and MD,added,
“Our co-founder approach to investing in the edtech and fintech sectors is backed by detailed internal research. In our recent insurtech report, we identified significant gaps in the overall Indian insurance market, and discovered a huge market opportunity in the health insurance segment. Making healthcare cover 100 percent digital, inclusive and affordable is a great way to solve the problem and Vital is on a mission to do that.”
As per the recent insurtech report by BLinC Invest, the Indian insurance industry has a market size of $106 billion, and life insurance accounts for 75 percent of that after private players entered the industry in 1999 and contributed to its exponential growth. While globally, the industry has been attracting a lot of interest from the investor community, the Indian market is also producing insurtech startups like Vital that are driving different parts of the value chain.