PriyaPatel
TLDR:
- Mumbai-based insurtech startup CoverSure secures $4 million in funding
- Startup plans to build an AI-driven customized insurance platform
Mumbai-based insurtech startup CoverSure has raised $4 million in a pre-Series A funding round led by private equity firm Enam Holdings. Founded in 2023, CoverSure operates an insurance technology platform that leverages artificial intelligence and data analytics to offer tailored insurance solutions to customers.
CoverSure will use the newly infused capital to develop a consumer-centric engagement platform for insurance holders. The platform aims to simplify customers’ insurance needs and experiences throughout their lifetime with the help of advanced technologies like machine learning. CoverSure claims its data-driven approach helps analyze user behaviors and risks to provide personalized recommendations and services across sectors such as health, motor, travel, and life insurance.
India’s insurance penetration currently stands at 4.2%, which is significantly lower than the global average of 7-8%. A massive untapped market provides a big opportunity for insurtech players to foster insurance adoption through technology innovations. Recognizing the potential, investors have been displaying strong interest in the insurance technology space.
In a similar deal recently, BimaPay raised $2 million to enhance its tech capabilities and expand its footprint in the Indian insurtech ecosystem. CoverSure founder and CEO Saurabh Vijayvergia commented that the startup looks to simplify customers’ overall experience with insurance through the iterative use of its customization facility. The fresh capital will aid CoverSure’s efforts to build an AI-powered platform facilitating convenient insurance services tailored to users’ individual needs.
This aligns with CoverSure’s goal of putting customer interests at the core of insurance offerings.
