Insurtech startup Coversure secures $4 million from Enam Holdings.

June 3, 2024
1 min read


TLDR:

Insurtech startup Coversure raised $4 million in pre-series A funding from Enam Holdings to build a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities.

Key points:

  • Coversure raised $4 million in pre-series A funding from Enam Holdings.
  • They plan to build a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities.

Article:

Insurtech startup Coversure has raised $4 million in a pre-series A funding round led by Enam Holdings. The Mumbai-based company plans to build a consumer-centric insurance engagement platform leveraging data intelligence and machine learning capabilities.

Founded in January 2023, Coversure offers integrated insurance services across various segments and also provides advisory services to both existing policy holders and newcomers. This marks the first institutional fundraise for Coversure. The company holds a corporate agent insurance license from IRDAI and has partnerships with leading insurance companies in India.

Discussing the company’s expansion strategy, founder and CEO Saurabh Vijayvergia mentioned that they will analyze digital metrics before establishing business in various cities. The Indian insurance industry is expected to grow at a rate of over 14% annually in the next decade.

Coversure aims to address core insurance problems faced by consumers in India and build personalized insurance products at scale. They are focused on building a sustainable business model that goes beyond traditional sales approaches and aims to bring higher adoption rates to the industry.

Overall, the funding from Enam Holdings will enable Coversure to strengthen its technology capabilities and expand its consumer-centric insurance platform across India.


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