CoverSure raises $4M to develop AI insurance platform.

June 4, 2024
1 min read

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.

Latest from Blog

Your Daily InsurTech Briefing – 2024-06-24

Let’s see what’s in the news today. Labor Insurance Supplies Market Latest Trends, Technological Advancement, Driving Factors and Forecast to 2030 The Labor Insurance Supplies Market has witnessed continuous growth in the

CRC Group boosts leadership team

TLDR: CRC Group, a leading wholesale specialty insurance distributor in North America, has appointed three new executives to its leadership team. Jessica Marshall is now the chief marketing officer, Mike Baeurle is

Your Daily InsurTech Briefing – 2024-06-23

Let’s see what’s in the news today. Why actuarial expertise is now key for insurers As the insurance sector undergoes a rapid evolution in regard to its pricing challenges, José María Castelo

Technology claims: industry adapts.

Claims Technology Adaptation in the Insurance Industry TLDR: Key Points: Rapid advancements in Insurtech and technology have disrupted the insurance industry, particularly in claims processing. The adoption of technology in claims processes,