Square Insurance, an insurance technology startup, has raised $3 million (Rs 25 crore) in a pre-Series A round that was jointly led by BizDateUp and Negen Capital. Notable investors, including Yogesh Chaudhary and Prashant Kothari, also participated.
The new funds will be allocated to the improvement of the technology infrastructure, the enhancement of the AI-driven insure-tech platform, and the enhancement of the customer experience.
Square Insurance’s objective is to design insurance solutions that offer high-quality protection at a reasonable price. It intends to establish strategic partnerships with fintech and e-commerce companies and collaborate with prominent insurers to develop customized micro-insurance products. These endeavors will broaden its influence and influence, thereby improving insurance accessibility in underserved markets.
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Square Insurance plans to expand its consumer base by opening 25-30 new offices in tier II and tier III cities. The expansion will enhance the post-policy services and insurance product comparisons for both channel partners and customers, according to the company.
The Indian insurance industry is expanding at a remarkable rate of 32-34% annually and has attracted nearly Rs 54,000 crore ($6.5 billion) in foreign direct investment.
About Square Insurance
Founded in 2017 by Rakesh Kumar, Square Insurance is a leading Insurtech life & General insurance aggregator. we empower you to effortlessly compare quotes from top-rated insurance companies and find the perfect policy that caters to your unique needs.
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