Gurugram and Bangalore, India-based insurtech startup Ensuredit raised USD 4.2 million in Pre-Series A funding. The round took place on July 5, 2022. The U.S-based Cover Genius led the financing for Ensuredit. The pre-Series A round also saw participation from 9Unicorns, NexStep Discovery, CP Ventures, Venture Catalysts, and IPV. Besides, existing investors joined in the investment.
Purpose of Funding by Ensuredit
The recent capital infusion will aid in ramping up product offerings. Ensuredit will also expand the technology team.
Meanwhile, the platform seeks to build more consumer-centric products. For this, the company will develop and deploy context-driven artificial intelligence (AI), machine learning (ML), and computer vision-based products. The company aims to deliver 1 million insurance policies via its technology-driven approach.
What the founder has to say
“We look to deliver innovative technology and digitization solutions to the insurance industry, with a special focus on insurance intermediaries and distributors. Ensuredit believes 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 chief executive officer of Ensuredit.
“We are adding a lot of insurance categories and new channels to the platform. We are using computer vision as a solution to create break-in solutions so that the process and the system can still be entirely digital. This will allow the insurer to complete any journey digitally without any breaks. In the next 12 to 18 months, we should be the de facto product company. Anyone who thinks about digital distribution should reach out to us, and we can help them become a digital company,” the founder further said.
What the investor has to say
Angus McDonald, CEO and Co-founder of Cover Genius, said, “As Cover Genius deepens its global capabilities, especially in the Indian market, which is highly underinsured, we are eager to help Ensuredit the use of 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.”
About Ensuredit
Amit Boni, Rohit Sadhu, and Vikas Ranga brought the company into existence in 2019. Ensuredit is the insurance-tech platform that disrupts the insurance industry by leveraging technology-driven methodologies. In order to enhance its sales force acquisition and productivity, the firm works closely with insurance brokers, banks and NBFCs. The company offers a wide array of services such as agent on-boarding, quote generation and processing payments.
It also compares policy insurance, identifies cross-sell and upsell opportunities, and creates proposals. The company serves as a platform-as-a-service (PaaS) model.
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