InsurTech platform Vital has raised $3 million with 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,” the company said in a statement.
The subscription-based insurtech platform was founded in 2020 by former co-founder of Truly Madly and a senior management member of Expedia and MakeMyTrip, Rahul Kumar and health insurance industry expert and former head of product at Apollo Munich Health Insurance, Jayan Mathews.
Vital aims to personalize the coverage for each member based on their individual needs and going beyond hospitalization to also include essential wellness expenses in a monthly premium subscription format. It rewards its members for leading a healthier lifestyle. 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 his or her needs and queries in real-time.
It 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 the wellness benefits. It takes 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.
Rahul Kumar, co-founder and CEO of Vital, said, “Unlike traditional health insurance, which is one size fits all with expensive annual premium and numerous terms & conditions, we at Vital are leveraging technology and data science to build a more personalized experience with an integrated health and wellness approach and smarter product structuring to make the premiums much more affordable.”
“Our current average ticket size is upwards of INR 900 for individual customers but as we seek to expand to a larger product base, we will introduce health insurance products with lower monthly premium value,” added Kumar.
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 successfully driving different parts of the value chain.