Insurtech startup Coversure has raised $4 million in a pre-series A funding round led by Enam Holdings. The Mumbai-based company announced it will use the funds to create a consumer-focused insurance engagement platform using data intelligence and machine learning.
Founded in January 2023, Coversure provides integrated insurance services across health, life, motor, and travel segments, including claims assistance.
“Our primary goal is to address the insurance penetration problem by empowering millions of Indians who are uncertain about their insurance coverage. Through our platform, we aim to simplify the user’s lifetime experience towards insurance, not just the sales,” said Saurabh Vijayvergia, founder and CEO, CoverSure.
The company constructs personalized insurance portfolios for individuals and families, offering clear policy information.
It evaluates users’ risk profiles and plans to introduce customized insurance solutions soon.
The Indian insurance industry is expected to grow at an annual rate of over 14% over the next ten years. The industry is expected to become more consumer-centric and achieve higher adoption due to ongoing regulatory relaxations.
