Punchin Technologies Private Limited

In their own words

What is the problem the startup is solving? (min 500 words) Insurance is centuries old and traditional business for every human-being. It has been supporting our lives and businesses for a very long time and as times are changing the insurance products, its delivery and overall experience have also evolved. Its serves a very vital and important need of every individual. It is needed to secure the risk of something going wrong in future. The need of insurance is multi-faceted. It could be life insurance or non-life insurance or health insurance. Risk of dying too early and risk of living too long are such risks because of which individual opt for life insurance coverage. Likewise individuals cover their health in case of unforeseen medical expenditure in an event of hospitalisation. Similarly individuals & corporations also opt for insurance coverages across other needs like travel, home, fire, motor, etc. In India, we have seen multi-fold digitisation & use of technology in sales & distribution of insurance products by acquiring more and more customers with ease and convenience. Insurance claims, on the other hand, has seen very less innovative solutions. We realise that every insurance intermediary is heavily focussed on distribution and marginally focused on helping customers at the times of distress and claims. All they do is direct a policyholder towards insurer and they are not skilled enough to manage claims. Though individual insurers are building their technologies to support the customers but for a customer it is very tough to tackle different insurers at different events during those troublesome times while navigating through cumbersome and complex operational workflows. Settling insurance claims has been highly technical, tedious and very time consuming process for any policyholder. All insurance companies having life, general and health insurance programs have failed to build that trust and confidence among mass when it comes to hassle-free and quicker insurance claims. Also Insurance products are highly complex products both from product understanding perspective and settling claims perspective as it involves intricate documentation and multiple follow-ups. The time taken by a customer to understand each process leg, multiple documentations and inefficient service support provides a poor claims settlements experience and hence today there is a need of a insurer agnostic single platform which will allow customers a convenient and hassle- free way to operate and manage all their insurance policies. At Punchin, we have identified this problem and we are set out to solve this by providing excellent technology stack backed by smooth user experience and assistance to make their lives easy and hassle-free. We are solving for this problem to finally change the experience of all policyholders in how they efficiently manage all their policies with ease. We are building a faster and hassle-free insurance claim settlements platform for all policyholders using API integrated AI led technology. With India witnessing digitisation change across all businesses and higher mass adoption on ground, our larger mission is to take our country away from document led claims settlements to data led claims settlements, where the whole ecosystem will eventually focus on end consumer and put all efforts to make his life filled with better and improving experiences.

Written by the company on its public Startup India profile. Not verified by us.

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