Insurtech Start-Up Coversure Raises USD 4 Mn To Develop Data-Driven Insurance Platform

New Delhi, May 27 (KNN) In a funding announcement made on Monday, Mumbai-based insurtech start-up Coversure revealed that it has secured USD 4 million in a pre-series A funding round led by Enam Holdings.

According to the company, the newly raised capital will be utilised to develop a consumer-centric insurance engagement platform that leverages data intelligence and machine learning capabilities.

Established in January 2023, Coversure offers integrated insurance services spanning health, life, motor, and travel segments.

Additionally, the start-up provides claims assistance across these verticals.

Saurabh Vijayvergia, Founder and CEO, Coversure, stated that the company's primary objective is to address the low insurance penetration in India by empowering millions of individuals who lack clarity regarding their insurance coverage.

Through its platform, Coversure aims to simplify the user's lifetime experience with insurance, not just the sales process.

The company constructs personalised insurance portfolios for individuals and families, providing clear policy information.

It assesses users' risk profiles and plans to introduce tailored insurance solutions in the upcoming months.

According to the statement, the Indian insurance industry is projected to grow at a combined annual growth rate exceeding 14 per cent over the next decade.

Furthermore, it is expected that the momentum of regulatory relaxations in the insurance sector will continue, making the industry more consumer-centric and achieving higher adoption rates.

(KNN Bureau)