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CoverSure raises USD 4 million in pre-series A funding

Tuesday 28 May 2024 14:10 CET | News

India-based insurtech startup CoverSure has raised USD 4 million in a pre-series A funding round led by Enam Holdings.

 

The funding will be used to develop a consumer-centric insurance platform that leverages data intelligence and machine learning. This investment aims to facilitate CoverSure's growth and expansion throughout India, enhancing its position in the insurtech sector. 

Established in January 2023, CoverSure has developed a platform designed to meet diverse insurance needs, encompassing health, life, motor, and travel insurance. The platform integrates machine learning to improve user experience, including claims assistance and other services. It creates personalised insurance portfolios for individuals and families, providing clear and unbiased policy information according to ibsintelligence.com. The platform also assesses users' risk profiles to offer customised insurance solutions. 

In essence, CoverSure aims to stand out in the insurtech sector by focusing on providing personalised advisory services, free from spam, to both existing policyholders and new customers, rather than prioritising sales.

 

India-based insurtech startup CoverSure has raised USD 4 million in a pre-series A funding round led by Enam Holdings.

 

The Insurtech landscape of India

Ibsintelligence.com reports that the Indian insurance industry is projected to grow at a compound annual growth rate (CAGR) of over 14% in the next decade. It is anticipated that ongoing regulatory relaxations will continue, making insurance more consumer-centric and boosting adoption rates. 

Moreover, according to inc24.com, The country is moving towards a transformative shift and witnessing a heightened awareness of financial security, with increasing acceptance of insurance products, supported by regulators and government schemes, leading to a surge in new entrants and contributing to economic growth.  

Focusing on automation to improve profitability is a very efficient way to attract new partnerships with InsurTechs. Technology plays a pivotal role in this transformation, with customised products improving financial literacy and driving increased insurance penetration.


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Keywords: insurtech, funding, investment, startup
Categories: Banking & Fintech
Companies: CoverSure
Countries: India
This article is part of category

Banking & Fintech

CoverSure

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