A seed round managed by Capital2B and including angel investors like Pavitar Singh and Dhruv Dhanraj Behl netted $3 million (Rs 23 crore) for the insurtech business Metamorphosys.
The business had previously received money from Trifecta Capital and Good Capital VC.
According to Metamorphosys, the funding will be used to develop its SaaS-based digital insurance platform further, expand the product and sales team to new regions, and make investments in out-of-the-box legacy integrations.
The digital insurance platform from Metamorphosys, founded by Amit Naik and Kewal Vargante in 2016, is a SaaS-based low-code platform that changes how insurance products may be distributed, embedded, and serviced. The platform has pre-configured benefits, coverages, regulations, and vocabularies to enable insurance companies to introduce cutting-edge products across the auto, travel, property, life, and health lines of business.
The available APIs on the Metamorphosys middleware platform ensures that the digital customer journey may be sped up for onboarding, servicing, and processing claims. It also connects with legacy systems of insurers. According to Metamorphosys, this platform is being used by international insurance companies to improve time to market and quickly provide new insurance products.