Gurugram and Bengaluru-based insurtech firm Ensuredit has raised $4.2 million in a pre-Series A funding round led by Cover Genius, a US-based insurtech firm for embedded insurance.
The funding round saw participation from leading investors such as 9Unicorns, NexStep Discovery, CP Ventures, Venture Catalysts, and IPV. Apart from the new investors, existing investors also participated in the latest round.
Ensuredit plans to use the fresh funds to ramp up product offerings and expand the technology team. The startup will also look to develop and deploy context-driven artificial intelligence (AI), machine learning (ML), and computer vision-based products.
Founded in 2019 by Amit Boni, Rohit Sadhu, and Vikas Ranga, the platform aims to disrupt the insurance industry by utilising technology and working closely with insurance brokers, banks, and non banking finance companies (NBFCs) to enhance their acquisition.
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While speaking about the investment Amit Boni, founder and CEO of Ensuredit quoted, “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.”
Ensuredit started by digitizing journeys in retail insurance and then moved to micro insurance and sachet-sized products, which are like group insurance-led products. “We are adding a lot of insurance categories and new channels to the platform,” said Amit.
Ensuredit, which operates on a platform-as-a-service (PaaS) model, aims to deliver 1 million insurance policies in the current fiscal year, through a technology-first approach.
The company plans to expand its playbook to include motor insurance service providers (MISP) and OEMs. The addition of MISP and OEMs will go live in August, and other categories of insurance players, including those in commercial lines of insurance, are also set to come in.
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