Insurtech Startup MetaMorphoSys Raises Funding To Help Businesses Launch Insurance Products

Insurtech startup MetaMorphoSys has secured $3 Mn in its Pre-Series A funding round led by Capital 2B along with angel investors–Pavitar Singh and Dhruv Dhanraj Behl. 

MetaMorphoSys will use the fresh capital to develop and scale its platform, expand product offerings and grow the sales team across geographies. It will also invest in building legacy integrations.

Including the current fundraising, MetaMorphoSys has raised a total investment of $4 Mn to date. 

“Insurance companies across the globe are using the MetaMorphoSys to launch their products, empower their sales force, settle claims, identify fraud and optimize the entire value chain from customer acquisition to customer engagement including embedded insurance,” said Amit Naik, CEO and cofounder of MetaMorphoSys Technologies. 

Founded in 2016 by Naik and Kewal Vargante, the Pune-based startup is a business-to-business (B2B) SaaS insurance platform. It helps insurance companies to launch several insurance products for travel, motor vehicles, property, life and business. 

In essence, MetaMorphoSys’ platform integrates with legacy systems of insurance companies while its APIs streamline their customers’ experience right from onboarding to servicing to processing claims.

“MetaMorphoSys has been architected to handle multiline insurance products across geographies including retail and group business with connectors to legacy and SaaS platforms” said Vargante. 

MetaMorphoSys’ offerings include product configurator, customer engagement and acquisition, sales analytics and recommendation engine, among others.

MetaMorphoSys claims to be providing services to insurance companies based in Hong Kong, Singapore, Indonesia, Vietnam and India. 

In 2020, the insurtech startup secured seed funding from Rohan Malhotra and Arjun Malhotra from Good Capital VC and Rahul Khanna from Trifecta Capital.

In India’s insurtech segment, it faces competition from the likes of Vital, SecureNow and Digit Insurance, which recently filed its DRHP. 

According to an Inc42 report, the country’s fintech market is projected to touch $1.3 Tn by 2025, growing at a CAGR of 31%. Of this, insurtech is a sub-sector that will account for 26% ($339 Bn) by 2025. 

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