Bangalore-based insurtech startup - Medicircle

You shouldn’t let one failure define you. Learn how Layak Singh didn't let the failure of his first startup seter him from starting

You shouldn’t let one failure define you. After completing his graduation from IIT Kharagpur, Layak Singh started his entrepreneurial journey by creating a hyperlocal networking and discovery platform. The startup, Cogxio, worked with FMGC and e-Commerce companies for app integration and consumer segmentation. After struggling with generating revenues, Cogxio had to shut its operations in 2016. 

Instead of letting the failure at Cogxio burden him, Layak Singh took the valuable learning. His stint with his first venture helped him learn more and helped him meet Puneet Tandon. Together, the duo started another venture named in 2017. Initially, the venture worked in customer personalisation, segmentation and profiling for B2B companies like Zomato and Cleartrip. then ventured into providing risk-based personalised solutions for underwriting, claims, risk and fraud intelligence and sales intelligence in insurance operations. It helps build tailor-made risk profiles of customers and track and evaluate their financial behaviour. The startup has built a human-like technology that they claim performs insurance business with 50% more efficiency and reduces turnaround time by a whopping 90%. It identifies fraud cases with 80% accuracy.

The patent-pending technology has attracted investments from Spark10Accelerator, SenseAI Ventures and Scale Ventures. This year, KFin Technologies has purchased 17% stakes in for an undisclosed amount. KFin is the market leader in the financial sector with over 180 branches in the country some more in Bahrain and Malaysia. It helps with financial services management and offers registry service in asset classes like Mutual Funds, Pensions and more.

This transaction helps KFin to enter the insurtech market. The deal helps with funds to expand its footprints and widen its product portfolio. It also gives the startup access to a broader clientele. Will the collaboration between the two entities be helpful to to achieve better market penetration?

Tags : #Artivaticai #LayakSingh #PuneetTandon #KFin #KFinTechnologies #Spark10Accelerator #SenseAIVentures #ScaleVentures #insurance #insurtech #AI #startup #medtech #medtechstartup #MediSpeak #smitakumar #medicircle

About the Author

Priyal Shah

Priyal Shah is a graduate of Media from Mithibai College, Mumbai. She is a writer, researcher and avid reader.

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