Kerala: 'Fedo' an insure tech start-up founded by Keralite Prasanth Madavana gets a capital investment of Rs 7.5crore in the investment made by Unicorn India Ventures. Ashish Malhotra ,former MD of See fund and Max Bupa Insurance was also part of the series 'A' funding.
Fedo monitors the health conditions of insurance policy holders using Artificial intelligence and inform the same to health insurance companies. They analyse if the person is a smoker and future health consequences using their data. Based on the analysis, they prepare health score of the person,called the 'Fedo score'.
Those with a higher Fedo score are likely to be more healthy and fall in the low risk category. So based on the criteria of Insurance Regulatory Development Authority of India, they can get a fair rate of policy.
"The fund received will be utilised improving the system and enter new markets", said Prasanth Madavana, CEO of Fedo.
Fedo became a profitable company within three years of establishment. Though its services are presently only in India, it will be soon expanded to other countries.
Start-ups like Fedo can bring significant changes to low insurance density countries like India. Prasanth Madavana who has also worked in Accenture, General Motors and J.D. Irwing started Fedo in 2017 with Andhra native Arun Mallavarappu. Fedo is a part of Accenture Fintech Innovation lab and is NASSCOM approved.