Consumer-focussed insurance technology startup CoverSure has raised $4 million in its pre-series A funding round led by Enam Holdings, investor in private and listed firms, the company announced on Monday. CoverSure said it will invest the capital in building a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities along with business expansion in the country.
Founded in January 2023, the company helps automate insurance policy management for users, analyses its coverage with insights into benefits and where it lacks, renewals, claim assistance and more across health, life, motor, and travel segments.
Speaking on the development, Saurabh Vijayvergia, Founder & CEO, CoverSure, said the goal is to address the insurance penetration problem by empowering millions of Indians who are uncertain about their insurance coverage.
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“Insurance problems of a family need an unbiased approach to solve and to that extent, we have built digital solutions with an intuitive app-first approach. At CoverSure, we are navigating people through personalized risk management dynamically, streamlined policy management, family care etc while bridging protection gaps,” he said.
The Indian insurance industry, said CoverSure, is expected to grow at a compound annual growth rate of more than 14 per cent in the coming 10 years. It is widely expected that the momentum of relaxations in insurance regulations would continue, making insurance a lot more consumer-centric to achieve higher insurance adoption, the company said.
According to the insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) annual report 2022-23, India was the 10th largest insurance market globally with a premium volume of $131 billion (with a 1.9 per cent share in global insurance premium).
The Indian insurance sector is projected to become the sixth largest by the year 2032 as India’s insurance market is one of the fastest growing insurance markets in the world on the back of strong economic growth, rising disposable incomes, a young population, increased risk awareness, digital penetration, and regulatory developments, the report had noted.
