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[FUNDING NEWS] India-Based CoverSure Secures $4 Million in Pre-Series A Funding

Consumer-focused InsurTech CoverSure raised $4M in pre-series A investment sponsored by Enam Holdings.

Consumer-focused InsurTech CoverSure raised $4M in pre-series A investment sponsored by Enam Holdings.

It will use the funding to construct a consumer-centric insurance interaction platform combining data-intelligence and machine learning. This investment would help CoverSure expand across India and improve its InsurTech position.

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Since its founding in January 2023, the business has developed a comprehensive platform to handle all of a customer’s insurance requirements. It improves the insurance experience in the health, life, auto, and travel segments in an integrated manner, including claims help & other services, by leveraging machine learning.

It provides clear and objective policy information while swiftly creating individual and family-specific insurance portfolios. The platform evaluates users’ risk profiles and aims to launch customised insurance products in the upcoming months, with an emphasis on simpler risk management.

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CoverSure provides both new and existing policy holders with a personalised, spam-free advice service, in contrast to many insurance platforms that prioritise sales.

Saurabh Vijayvergia, Founder & CEO of CoverSure, said, “Our primary goal is to address the insurance penetration problem by empowering millions of Indians who are uncertain about their insurance coverage.  Through our platform, we aim to simplify the user’s lifetime experience towards insurance, not just the sales.  Insurance problems of a family needs an unbiased approach to solve and to that extent we have built digital-solutions with an intuitive app-first approach. At CoverSure, we are navigating people through personalized risk management dynamically, streamlined policy management, family care etc while bridging protection gaps.”

Over the next ten years, the Indian insurance market is predicted to expand at a compound annual growth rate of more than 14%. It is generally anticipated that the momentum of regulatory relaxations would continue, resulting in a far more consumer-centric approach to insurance and increased insurance adoption.

About CoverSure

CoverSure, which was established in January 2023, aims to revolutionise the way consumers interact with insurance. With the goal of creating the most adored insurance platform in India, we address real-world problems with creative, straightforward solutions. Our offerings include family-focused insurance care, democratised risk management, and a customised insurance portfolio.

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