The funding will be used to create a “consumer-centric” insurance interaction platform that incorporates data analytics and machine learning capabilities. The pre-series A funding round is led by Enam Holdings Pvt. Ltd. The insurtech ecosystem is predicted to reach $304 billion at a 17% CAGR by 2022, up from $87 billion or more.
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CoverSure, an insurtech platform owned by Claycove23 Insurance Tech Pvt, has raised $4 million (approximately INR 33 crore) in a pre-Series A fundraising round headed by Enam Holdings Pvt. Ltd. They intend to create a consumer-centric insurance interaction platform that incorporates data analytics and machine learning capabilities.
Coversure, an insurtech startup, raised $4 million in a pre-series A investment led by Enam Holdings. The Mumbai-based business intends to utilize the cash to develop a consumer-centric insurance interaction platform that would leverage data analytics and machine learning skills, according to a statement released on Monday.
CoverSure claims to use machine learning to provide customized and advisory insurance services in a variety of categories such as health, life, auto, and travel.
CoverSure, founded in 2023, claims to be an AI-first insurance platform that helps policyholders use their policies more successfully through its data-driven customisation capability.
According to the Economic Times, “Our primary goal is to address the insurance penetration issue by empowering millions of Indians who are unsure of their insurance coverage. Saurabh Vijayvergia, founder and CEO of CoverSure, stated that the platform aims to streamline the user’s entire insurance experience, not simply the sales process.
The company stated that it creates tailored insurance portfolios for individuals and families while giving straightforward policy information.
It examines consumers’ risk profiles and intends to launch bespoke insurance products in the coming months.
India apparently has a 4.2% insurance penetration rate, which is lower than the global norm of 7-8%. To close the gap, the sector is transitioning and increasing its reliance on technology.
For quite some time now, the space has been gaining interest among investors.
Insurtech startup BimaPay recently raised $2 million, led by LC Nueva Investment Partners LLP, to increase its presence in the insurance sector through technology. The corporation plans to improve its technical infrastructure.
According to the statement, the Indian insurance industry is expected to grow at a combined annual growth rate of more than 14% over the next ten years, with the momentum of regulatory relaxations continuing to make the industry more consumer-centric and achieving higher adoption.
