Onsurity: Expanding product offerings with insurtech platform.

January 8, 2024
1 min read

TLDR:

Insurtech platform Onsurity Technologies plans to expand its product offerings and target the small and medium-sized enterprises (SME) market in India. The company aims to introduce a liability product line that includes various insurance products such as Director and Officer indemnity, commercial general liability, and public liability insurance. These products are essential for businesses, including restaurants, to protect against potential lawsuits and cover legal costs. Onsurity raised $24 million in Series B funding last year and plans to use the funding to develop technology that efficiently serves SMEs and enhance its platform.

Key Elements:

  • Onsurity Technologies plans to expand its product offerings and target the SME market in India.
  • The company aims to introduce a liability product line including Director and Officer indemnity, commercial general liability, and public liability insurance.
  • These insurance products are essential for businesses, including restaurants, to protect against potential lawsuits and cover legal costs.
  • Onsurity raised $24 million in Series B funding last year and plans to use the funding to develop technology that efficiently serves SMEs and enhance its platform.
  • Currently, Onsurity works with over 5,000 companies and aims to increase the number of businesses on its platform to over 50,000 in the next two years.

Insurtech platform Onsurity Technologies is planning to expand its product offerings and target the small and medium-sized enterprises (SME) market in India. The company aims to introduce a liability product line, including Director and Officer indemnity, commercial general liability, and public liability insurance. These products are essential for businesses, including restaurants, to protect against potential lawsuits and cover legal costs. Onsurity raised $24 million in Series B funding last year, led by the World Bank’s International Finance Corporation, and plans to use the funding to develop technology that efficiently serves SMEs and enhance its platform. Currently, Onsurity works with over 5,000 companies and plans to increase the number of businesses on its platform to over 50,000 in the next two years. The platform currently has one million customers, and Onsurity aims to have five million customers. The demand for these insurance products is increasing in the SME sector in India due to organization growth, changes in taxation, and the need for accessing capital, according to Yogesh Agarwal, Founder and CEO of Onsurity Technologies.

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