The insure tech start-up 'Fedo' headed by Kottayam native Prasanth Madavana received capital investment worth Rs 7.5 crore. The capital was invested under the leadership of Unicorn India Ventures. See Fund and Max Bupa insurance company former managing director Ashish Mehrotra also were part of the round ahead of series 'A' funding.
Fedo analyses health condition of insurance policy holders using artificial intelligence and inform the life and health insurance companies. They analyse if the person is a smoker or what diseases he/she is likely to develop in future and similar information. They prepare health score of the policy holder just like CIBIL credit score. This is called Fedo score.
Those who have high Fedo score are likely to be healthier and in the low-risk category. So, they can get a fair premium rate for policy as per the criteria of the Insurance Regulatory Development Authority. The capital fund received now will be utilised for improvising this system and to enter new markets, Fedo co-founder and CEO Prasanth Madavana told Mathrubhumi.
Within 3 years of launching, Fedo became a profitable company. Its service is available for only a few companies in India at present. Soon, its service will be expanded to international level. Many families are struggling to meet the medical expense. Fedo intends to provide insurance policies at an affordable rate, Prasanth said.
Prasanth Madavana had worked with companies like Accenture, General Motors and JD Irving. He started Fedo with Andhra native Arun Mallavarappu in 2017. Fedo is part of the Accenture Fintech Innovation Lab. It was also recognised by the NASSCOM, the trading industry of IT companies.