CoverSure, a consumer-focussed insur-tech start-up has raised $4 million 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 insur-tech segment.
Founded in January 2023, the company has created a 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 and other services.
It constructs personalised 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, said the company.
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 per cent 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, the startup noted.