Paramount Raises Rs 2.5 Crore for AI-Powered Claims Management
Finvolve, a multi-stage venture capital fund, has invested Rs 2.5 crorein Paramount Services, an innovative AI Claims-as-a-Service (CaaS) platform that is revolutionizing the assessment of motor insurance claims. This funding represents the startup's inaugural institutional investment, structured as a Compulsorily Convertible Preference Shares (CCPS) offering.
Purpose of the Fundraising
Paramount Services intends to utilize the funds to enhance its proprietary software, improve digital claims management capabilities, and broaden its reach among insurance companies in India.
Ashish Bhatia, Founder & CEO of IA and Co-Founder of Finvolve, commented on the investment, stating, "Paramount is addressing a significant and growing challenge in the insurance industry—inefficient and expensive claims processing. Their technology-driven AI model aligns seamlessly with our mission to support scalable, impact-oriented startups. With the ongoing digitization and regulatory changes in the insurance sector, we believe Paramount will play a pivotal role in transforming the motor claims landscape."
Market Presence
Motor insurance constitutes over 30% of India's General Insurance market, and with the goal of achieving ‘Insurance for All by 2047’, the demand for rapid, digital, and cost-effective claims processing is on the rise. Paramount is currently one of four Digital Service Providers (DSPs) approved by public sector insurers under a Government of India initiative to handle small-ticket claims up to Rs 50,000.
The startup operates 58 claim hubs across 30 regional offices and is poised for significant growth by March 2025.
"As the insurance industry evolves, claims processing must adapt accordingly. Our aim is to transform motor claims, making them quicker, more precise, and less dependent on manual intervention. With the backing of IA and Finvolve, we will expedite technology development, improve quality control, and pursue strategic growth, ultimately providing enhanced efficiency and value for both insurers and customers," stated Naveen Tandon, CEO & Co-founder of Paramount Services.
Founded by experienced insurance professionals, Paramount combines industry knowledge with AI-driven technology to streamline the claims resolution process from First Notice of Loss (FNOL) to settlement. The startup aims to attract top talent, develop proprietary AI tools, and expand into emerging markets with increasing demand for digital insurance solutions.
Purpose of the Fundraising
Paramount Services intends to utilize the funds to enhance its proprietary software, improve digital claims management capabilities, and broaden its reach among insurance companies in India.
Ashish Bhatia, Founder & CEO of IA and Co-Founder of Finvolve, commented on the investment, stating, "Paramount is addressing a significant and growing challenge in the insurance industry—inefficient and expensive claims processing. Their technology-driven AI model aligns seamlessly with our mission to support scalable, impact-oriented startups. With the ongoing digitization and regulatory changes in the insurance sector, we believe Paramount will play a pivotal role in transforming the motor claims landscape."
Market Presence
Motor insurance constitutes over 30% of India's General Insurance market, and with the goal of achieving ‘Insurance for All by 2047’, the demand for rapid, digital, and cost-effective claims processing is on the rise. Paramount is currently one of four Digital Service Providers (DSPs) approved by public sector insurers under a Government of India initiative to handle small-ticket claims up to Rs 50,000.
The startup operates 58 claim hubs across 30 regional offices and is poised for significant growth by March 2025.
"As the insurance industry evolves, claims processing must adapt accordingly. Our aim is to transform motor claims, making them quicker, more precise, and less dependent on manual intervention. With the backing of IA and Finvolve, we will expedite technology development, improve quality control, and pursue strategic growth, ultimately providing enhanced efficiency and value for both insurers and customers," stated Naveen Tandon, CEO & Co-founder of Paramount Services.
Founded by experienced insurance professionals, Paramount combines industry knowledge with AI-driven technology to streamline the claims resolution process from First Notice of Loss (FNOL) to settlement. The startup aims to attract top talent, develop proprietary AI tools, and expand into emerging markets with increasing demand for digital insurance solutions.
