InsurTech Startup Ensuredit has raised $4.2 million in Pre-Series A funding round from Cover Genius, with participation from other investors including 9Unicorns, NexStep Discovery Pte, CP Ventures, Venture Catalysts & IPV.
The round also saw participation from existing investors and new investors.
The company plans to use the funds to grow the product offering and expand the technology team. It will deploy more context-relevant Artificial Intelligence (AI)/Machine Learning (ML) and computer vision-based products that will simplify the customer journey, as well as optimize onboarding to sales teams and customers, provide in-depth business analytics, and preventing leakage in financial reconciliation.
Gurgaon and Bengaluru-based Ensuredit was founded in 2019 by Amit Boni, Rohit Sadhu, and Vikas Ranga, It is a Platform as a Service (PaaS) model that facilitates brokers, corporate agents, insurance marketing firms and insurers to enhance their revenue generation.
The company’s offerings include digital onboarding, end-to-end sales suite, various payment mechanisms, policy issuance and post sales management.
The firm offers a range of insurance policies on its platform including general insurance, life insurance and commercial or SME insurance.
“We are passionate about delivering innovative technology and digitization solutions to the Insurance industry, with a special focus on Insurance intermediaries and distributors. We believe that empowering them with this technology is critical to the industry’s goal of making insurance available to every Indian”, said, Amit Boni, founder and CEO of Ensuredit.
Currently, it is working closely with existing insurance distributors (brokers, NBFCs and banks, etc.) and aims to offer over 1 million insurance policies by the end of the financial year 2022-23, according to the statement.
“As Cover Genius deepens its global capabilities, especially in the Indian market which is highly underinsured, we are eager to help Ensuredit use its technology to bring relevancy to the traditional insurance market. Having successfully partnered with some of India’s largest digital companies, such as Flipkart and Pepperfry, we believe this region is poised to adopt an embedded protection model”, said, Angus McDonald, co-founder and CEO, Cover Genius.
Insurance is globally undergoing a major transformation – moving from fragmented outreach models to deploying AI, Blockchain and IOT based business models. At the heart of this transformation is a multiverse of insurance services’ intermediaries. From solving problems of diminishing returns on distribution expansion, increasing affordability, enabling better product-market fit and financial inclusion – ENSUREDIT enables and empowers end customers and Insurance Intermediaries with AI-based product platforms for transformational customer experience.
Their partners include all major insurance companies, key brokerages, NBFCs, and Insurance Intermediaries.