Faad Network Invests in GenAI InsurTech Startup InsurStaq.ai

• ByStartupStory     |    October 17, 2023

Faad Network, an early-stage investment fund, has recently announced its financial backing of InsurStaq.ai, a promising GenAI InsurTech startup. This strategic investment is part of the Faad Accelerator Labs’ ‘FinShastra’ program, which is dedicated to fostering innovation and growth in the financial technology sector. InsurStaq.ai is on a mission to revolutionize the insurance industry with its cutting-edge product, InsurGPT, a specialized language model tailored for insurance purposes, currently in the beta testing phase.

The funding acquired from Faad Network will be instrumental in supporting InsurStaq.ai’s growth and development.

InsurStaq.ai, established in 2022, proudly stands as India’s pioneering Personal Insurance Assistant, underpinned by the formidable capabilities of InsurGPT, a vertical Insurance-specific Language Model (LLM). Located at its headquarters in Delhi, Delhi, India, InsurStaq.ai operates with a versatile business model that caters to a diverse array of clients, including business-to-consumer (B2C), business-to-business-to-consumer (B2B2C), and direct-to-consumer (D2C) markets.

This GenAI-powered conversational Assistant simplifies the insurance journey for users, offering tailored recommendations for coverage based on their individual risk exposure. With innovation at its core, InsurStaq.ai is poised to transform the insurance landscape in India, providing users with personalized and efficient insurance solutions.

A significant portion of the investment will be allocated to expanding their team, allowing them to harness the power of GenAI solutions. Additionally, InsurStaq.ai has ambitious plans to reach over 10,000 customers by the end of the year, marking a significant milestone in their journey.

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With a strong focus on innovation, InsurStaq.ai is dedicated to creating customized solutions for a diverse range of clients, including business-to-consumer (B2C), business-to-business (B2B), and business-to-business-to-consumer (B2B2C) markets. Their visionary approach is poised to drive substantial advancements in the insurance sector, promising a bright future for the company and the industry as a whole.

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