New Delhi Fintech Startup Fincase Aims to Fund 10 Lakh Health Insurance Buyers by 2025

In a bid to make health insurance more accessible, recently established Fintech startup Fincase, based in New Delhi, is on a mission to finance health insurance premiums for 10 lakh individuals by March 2025. Founded by Atul Garg just a couple of months ago, Fincase has partnered with Non-Banking Financial Companies (NBFCs) to enable customers to spread the cost of their annual health policies over convenient monthly payments.

Alok Bhatnagar, a seasoned digital insurance professional, has been appointed to lead Fincase’s operations. Industry data suggests that approximately 51.4 crore Indians are covered by health insurance. However, experts reveal that only 10 percent of these are retail health policies, with the majority being covered by government, corporate, or employer-led group health covers like Jan Arogya and Rashtriya Swasthya Bima Yojana.

Atul Garg, the Founder and CEO of Fincase, highlighted the importance of their tech platform, which allows customers to select comprehensive coverage and encourages them to opt for long-term policies, especially beneficial for older policyholders facing increasing premiums with age.

Fincase aims to fill the gap for lakhs of customers underserved by traditional insurance models. Garg stated, “Our company targets covering 10 lakh new and existing health insurance buyers by the end of fiscal 2024-25, primarily working with insurance and financial intermediaries across India.”

Garg emphasized that insurance premium financing is a crucial step in making health insurance affordable for everyone. Through partnerships with external financiers and NBFCs, Fincase ensures that insurance companies receive upfront premium payments, enhancing their operational efficiency and cash flow.