CoverSure, a consumer-focussed InsurTech has raised $4M in pre-series A funding round led by Enam Holdings. The company plans to use the funds to build a consumer-centric insurance engagement platform using data-intelligence and machine learning capabilities. This investment will support CoverSure’s growth and expansion across India, strengthening its position in the InsurTech segment.
Founded in January 2023, the company has created a comprehensive platform to meet all the insurance needs of a consumer. Utilising machine learning, it enhances the insurance experience across health, life, motor, and travel segments in an integrated way including claims assistance & other services. It quickly constructs personalized insurance portfolios for individuals and families, providing clear and unbiased policy information. With a focus on simplified risk management, the platform assesses users’ risk profiles and plans to introduce tailored insurance solutions in the coming months.
Unlike many insurance platforms that focus on sales, CoverSure offers a personalized, spam-free advisory service to existing policy holders as well as new to insurance.
Saurabh Vijayvergia, Founder & CEO of CoverSure, said, “Our primary goal is to address the insurance penetration problem by empowering millions of Indians who are uncertain about their insurance coverage. Through our platform, we aim to simplify the user’s lifetime experience towards insurance, not just the sales. Insurance problems of a family needs an unbiased approach to solve and to that extent we have built digital-solutions with an intuitive app-first approach. At CoverSure, we are navigating people through personalized risk management dynamically, streamlined policy management, family care etc while bridging protection gaps.”
The Indian insurance industry is estimated to grow at a CAGR of >14% over the next 10-years. It is widely expected that the momentum of relaxations in insurance regulations would continue, making insurance a lot more consumer-centric to achieve higher insurance adoption.