Kolkata-based insurance broking firm Ideal Insurance raised an undisclosed amount of funds through the help of Xelpmoc for its upcoming online insurance platform portal 121Policy.com. The investing firm Xelpmoc is run by former Chief Technical Officer of Just Dial, Sandipan Chattopadhyay.
In the recently held fundraising event, Ideal Insurance will further boost it to launch its online portal by end of January 2017 as currently it is in the beta testing phase. The analysis was reportedly stated by Founder and Director of Ideal Insurance Rahul Agarwal where he termed the fundraising event as the ideal solution for the company expansion and growth. The broadening of the spectrum of health and medical insurance through the online portal would help attract thousands of users to verify and rectify their insurance in an appropriate way via the broking firm.
According to Rahul Aggarwal, Health is the space where we want to create our niche. There is a huge requirement and demand for health insurance. We are a very strong player offline, our claim settlement is fantastic and we want to capitalise our offline experience and expertise online.
He further added as that the plan to launch 121 Policy.com was from very beginning eventually thinking of developing the required technology infrastructure in-house. However, realising that it’s always good to have an external partner who is an expert in technology, which is not our forte. That’s when the firm connected with Xelpmoc and it led to a strong strategic relationship. Mr Aggarwal stated this during an interview exclusive given to VCCircle.
The following deal will help build an infrastructure in terms of technology, stake, cash, etc thus making it a structured partnership along with maintaining it in the long-run. Although the amount remains undisclosed but the investment was made on the basis of Rs. 100 crore valuation of Ideal Insurance. Primarily focusing on health insurance, the firm’s soon-to-be-launched 121Policy.com will include areas like maternity cover, family health insurance, senior citizen health cover, corporate health insurance, diabetic cover, overseas health insurance, health quotes and so on.
Headed by Rahul Mohata, Chief Operating Officer at Ideal Insurance, 121Policy.com comes with motto of selling over 1,000 health policies per month for the first 3 to 6 months till November 2017 as it later on would try to focus on business expansion through other segments. Ideal Insurance at present focusing on health, fire, marine, credit and infrastructure insurance would explore the respective areas via several online portals in the near future.