Insuremile, a rural India focused financial protection marketplace, has raised pre-seed funding of $3,50,000. The funding round was led by Seeders, an early-stage angel group. Parthiv Neotia, Director, Ambuja Neotia Group and Abhishek Rungta, CEO, Indus Net Technologies from Seeders led this funding round.
The funding support will help the company take insurance services to the hinterland while empowering over 200 million gig-workforce to be part of this success story, said a press statement.
So far, the company had onboarded 2,000 associates to enable last mile insurance education, awareness and sales. The team has sold over 25,000 policies in its beta phase. It has built a strong platform to enable social selling of policies through its associates. Insuremile has tie-ups with over 20 leading insurance companies such as HDFC, Bajaj, Reliance, Tata, ICICI and New India amongst others.
Ambitious target
With this funding, Insuremile plans to hit 10 million policies and add one lakh associates over the next two years. It looks to harness artificial intelligence and machine learning to improve product recommendation, ease the buying process, and increase penetration in Tier II and Tier III cities.
According to Mallesh Reddy, Co-Founder, Insuremile, India’s gig economy comprising more than 200 million workforces generates significant traction across various industries.
“At Insuremile, our vision is to provide these gig workers with targeted insurance products aiming at financial security. We will accomplish this using our unique products, distribution model and touchpoints with partners,’’ he said in the statement.
According to Abhishek Rungta, founder Indus Net Technologies, the next wave of growth will come through deeper penetration of insurance among the underserved, especially in the rural markets. Among the new channels, social selling will be key disruptors in this segment.