Samavesh, which is a platform for life, health, and general insurance products. Through its wholly owned subsidiary, Samavesh Insurance Brokers Private Limited, the firm has secured an insurance brokerage license from the Insurance Regulatory and Development Authority of India (IRDAI), allowing it to provide all types of insurance products from all insurance companies.
Nivesh will be able to access over 3000 pin codes using Samavesh, and partners with roughly 200 of them. Hira Jaiswal, a former LIC employee who has 30 years work experience in United India Insurance, has been named as the company’s chief officer. According to the firm, the site will allow clients to choose the best insurance plan by comparing quotations from numerous insurance companies.
Anurag Garg, Founder and CEO, Nivesh.com, spoke about the importance of choosing the right insurance coverage. He said, “Indians have very low insurance coverage right now, leading to significant wealth destruction for businesses / households whenever a calamity strikes. Taking the right insurance coverage is an integral part of any wealth journey, and we aim to solve this problem with Samavesh”.
The insurance platform would serve both urban and rural clients and will be a pan-India project, providing a wide range of insurance products now available in the market. In the beginning of 2021, Nivesh secured $1.6 million in a Pre-series A fundraising headed by IAN Fund.
Founding Partner of IAN Fund, Padmaja Ruparel, expressed confidence over the launch of Samavesh. He also listed the benefits of the scheme. He said, “Over the last decade, the life insurance sector has transformed drastically. It has become crucial for insurers to get aligned to the modern day needs of their customers and offer more products. As a digital-first platform, Nivesh solves the problem of low penetration of financial products in India. With the introduction of Samavesh, the company has adopted a unique tech-human approach that enables customers to choose from a plethora of options and obtain the right insurance plan that aligns with their financial goals”.