Bengaluru based Health Insurance platform, Nova Benefits raised $1 million in a seed funding round led by Multiply Ventures, Better Capital and Titan Capital. As per the company release Sumit Maniyar, CEO of Rupeek Gold Loans and Ashish Goyal, co-founder of Early Salary also participated as angel investors.
Founded in 2020, Nova Benefits centres around corporate insurance is the one-stop tech platform for providing the best health and wellness benefits to the company’s employees. It is an employee benefits platform centred around corporate health insurance. It helps save HR time by eliminating manual workflows.
“Employee insurance and benefits is a deeply broken experience. We were impressed with Nova’s unique approach and it has been incredible to see them become the fastest-growing company in the category in a matter of just seven months,” stated Vaibhav Domkundwar, Founder & CEO of Better Capital.
With the help of the platform of Nova Benefits and its mobile and website applications, employees can easily access their insurance e-cards, find cashless hospitals and make claims. It aids the companies in choosing the best health insurance plans for their employees and assists in quick claims settlements and also provides concierge services. Shortly the company aims to use the capital in integrating insurance and human resource management system (HRMS) companies and create a novel category of health insurance products. The company also plans to utilize the capital in expanding its business development and engineering efforts.
“Nova has achieved an industry-leading claims CSAT of 9.6/10 by bringing transparency and tracking in the claims process. Through process improvements like doing a document deficiency check at the time of filing a claim, we’ve reduced the average claim settlement time by several days. For HRs, Nova eliminates redundant processes like monthly addition and deletion of employees by integrating with the HRMS systems like Darwin Box, Greytip, Keka, ZohoHR, and several others,” said Saransh Garg, co-founder, and chief executive officer, Nova Benefits.
“India has one of the lowest health insurance penetrations in the world and this needs to fundamentally change. Making corporate health insurance more accessible, affordable and transparent is a great way to solve the problem. Nova benefits is on a mission to do that. We at Multiply Ventures are excited to partner with the team. They are reimagining the entire value chain of health and health insurance for a company. They are empowering the employer and the employee by digitizing the entire user journey – from discovery to the unfortunate event of a claim,” added Bhushan Patil, Founder of Multiply Ventures.
Some notable clients of the company include Snapdeal, Yulu Bikes, Chumbak, Fisdom, and Dealshare among others. The company saw a highly increased demand due to the pandemic with both small and large companies showing immense interest in enhancing their coverages and selecting a viable plan for all its employees and their families.
Usually, it is seen that most of the insurance companies focus on covering only the cover in-patient hospitalization as part of health insurance and not the Outpatient consultations. This is one of the many problems that Nova Benefits plan to solve through its lucrative plans.