Finsall is a startup that provides access to funds to finance insurance premium for all. There is currently no loan product for Insurance Premium Financing (IPF) in the country and surrogates like credit cards, personal loans and working capital loans do not work. They have partnered with leading insurance providers and financial partners, to provide a financing facilitation and end to end recovery management solution.
High healthcare costs and limited distribution, continue to limit the insurance sector in India. Indian insurance penetration of 3.7% is much lower than the global average of 7%. While there is an increase in awareness, and products, the existing financing solutions do not work.
A growing middle class, greater healthcare awareness following the pandemic, and supportive regulations have paved the path for insurance companies growth. The GWPs have seen a steady growth of 11% CAGR, reaching $130Bn in 2023. Finsall’s end-to-end product offering is unmatched, which has enabled them to signup with leading players in the insurance space. This creates a defensible advantage. Lastly, the founding team has a strong experience of over 60 years across insurance, consulting and business domains.