Enam Holdings, an investor in both private and public companies, led a $4 million pre-series A investment round for CoverSure, a consumer-focused insurance technology business.
With the goal of automating insurance policy administration for consumers, CoverSure was founded in January 2023 by Saurabh Vijayvergia, Mayank Mishra, Rohan Gaikwad, Prakash Dubey, and Harshit Jain. The platform offers insights into coverage benefits and gaps, renewals, claim support, and more.
The business uses data analytics and machine learning skills to operate in the health, life, auto, and travel insurance categories.
What does fundraising aim to achieve?
With the $4 million received, CoverSure intends to develop a platform for customer-focused insurance interaction.
To improve the insurance experience, the platform will make use of machine learning and data intelligence. Additionally, this funding will help the firm expand its operations across India.
A news statement states that the platform would dynamically guide customers through their insurance requirements with an emphasis on family care, simplified policy administration, and tailored risk management.
remarks from the leadership
The goal of CoverSure, according to its founder and CEO Saurabh Vijayvergia, is to solve the issue of insurance penetration in India.
Family insurance issues need an objective approach to be resolved, which is why we have developed digital solutions using an easy-to-use app-first methodology. "At CoverSure, we help consumers bridge protection gaps by guiding them via dynamic, individualized risk management, simplified policy administration, family care, etc.
How big of a market is it?
Over the next 10 years, the insurance sector in India is expected to expand at a compound annual growth rate (CAGR) of more than 14%.
With $131 billion in premium volume, or 1.9% of the world's insurance premium, India ranked as the 10th biggest insurance market worldwide, according to the Insurance Regulatory and Development Authority, also known as the of India (IRDAI) annual report 2022–2023.
The survey also said that robust economic growth, growing disposable incomes, a youthful population, more risk awareness, digital penetration, and regulatory improvements are all likely to propel India's insurance business to become the sixth biggest by 2032.
aims to launch specialized insurance products
Over the next several months, CoverSure intends to provide customized insurance options.
The software creates individual and family-specific insurance portfolios and offers objective, understandable policy information. In order to provide consumers with customized insurance solutions, CoverSure evaluates their risk profiles with an emphasis on simpler risk management.
"Tackling the issue of insurance penetration is our main objective. Our platform aims to streamline the user's whole insurance experience, not simply the sales process." As Vijayvergia pointed out
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