- With this investment, Finvolve is proud to back Paramount’s vision of transforming motor insurance through AI-powered computer vision, enabling a fully digital, touchless, and real-time claims resolution journey.
Finvolve, a multi-stage VC fund, has recently invested INR 2.5 crore in Paramount Services, a digital-first AI Claims-as-a-Service (CaaS) platform transforming motor insurance claims assessment. The investment marks the company’s first institutional round, structured as a CCPS (Compulsorily Convertible Preference Shares) offering.
Paramount Services plans to leverage this funding to strengthen its proprietary software, enhance digital claims management capabilities, and expand its presence across insurance companies in India.
Commenting on the investment, Ashish Bhatia, Founder & CEO, IA & Co-Founder, Finvolve said, "Paramount is solving a real and growing problem in the insurance sector—inefficient and costly claims processing. Their technology-led AI model aligns perfectly with our vision to back scalable, impact-driven startups. With digitization and regulatory shifts accelerating in insurance, we see Paramount playing a crucial role in reshaping the motor claims ecosystem."
With motor insurance accounting for over 30% of India’s General Insurance market and the push towards ‘Insurance for All by 2047’, the demand for fast, digital and cost-efficient claims processing is soaring. Paramount is currently one of the four Digital Service Providers (DSPs) empanelled by PSU insurers under a Government of India initiative to process small-ticket claims up to INR 50,000. The company operates 58 claim hubs across 30 regional offices and is on track to scale up significantly by March 2025.
Naveen Tandon, CEO & Co-founder of Paramount Services added, "As the insurance landscape evolves, claims processing must keep pace. Our goal is to revolutionize motor claims, making them faster, more accurate, and less reliant on manual processes. With IA and Finvolve's support, we'll accelerate tech development, enhance quality control, and drive strategic growth, ultimately delivering greater efficiency and value for insurers and customers.”
Paramount, founded by seasoned insurance professionals, leverages a unique blend of industry expertise and AI-driven technology to streamline claims resolution from FNOL to settlement. With plans to attract top talent, develop proprietary AI tools, and expand into emerging markets with growing digital insurance demand, Paramount is poised to revolutionize the industry.
About Finvolve & IA
IA is India’s premier startup factory with multiple sub-brands that enable the start-up ecosystem in India - India Accelerator supports the early stage startups with funding, mentorship and other benefits; Finvolve is as a multi-theseis growth and late stage fund that empowers startups across their growth journey—from pre-seed to pre-IPO—through capital, strategic support, and ecosystem access. IA Spaces enable start-ups across 10+ cities in India with access to co-working hubs and Third Place, which acts as India’s premium Business Cafe). IA is the recipient of the "Best Accelerator of the Country" award from Start-up India in 2022. Our commitment to fostering innovation and supporting upcoming founders has consistently positioned us at the forefront of the Indian start-up ecosystem.
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