PriyaPatel
TLDR:
- CoverSure, an insurtech platform, has secured $4 Mn in Pre-Series A funding.
- The company aims to build a consumer-centric insurance engagement platform using data intelligence and machine learning.
The Mumbai-based company, CoverSure, owned by Claycove23 Insurance Tech Pvt, has secured $4 Mn (around INR 33 Cr) in its Pre-Series A funding round from Enam Holdings Pvt Ltd. The company plans to build a consumer-centric insurance engagement platform while leveraging data intelligence and machine learning capabilities. CoverSure offers personalized and advisory insurance services through machine learning across various segments, such as health, life, motor, and travel.
Founded in 2023, CoverSure claims to be an AI-first insurance platform that assists insurance holders in effectively utilizing their policies with the help of its data-led customization facility. The insurtech ecosystem is expected to cross the market size of $304 Bn at a 17% CAGR by 2030 from $87 Bn+ in 2022. Insurtech startups like BimaPay are also raising funds to enhance their technology infrastructure and expand their footprint in the insurance ecosystem.
India currently stands at an insurance penetration level of 4.2%, lower than the global average of 7-8%. To bridge this gap, the industry is increasingly relying on technology. CoverSure aims to simplify the user’s experience towards insurance, focusing on long-term engagement rather than just sales. With the growing interest and investment in the insurtech space, CoverSure’s funding round reflects the potential for tech-driven innovations in the insurance industry.
