Confirmed to raise $4.2 million in Pre-Series A funding led by Cover Genius
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Ensuredit announced Tuesday that it has raised $4.2 million in a first-round round led by Cover Genius with the participation of other leading investors including 9Unicorns, NexStep Discovery Pte, CP Ventures, Venture Catalyst and IPV. Apart from the new investors, the existing investors also participated in the current round. The funds will be used to ramp up product offerings and expand the technology team. Ensuredit will deploy context-relevant Artificial Intelligence (AI) / Machine Learning (ML) and computer vision-based products that will make customer journeys easy, engage customers onboard, provide deep business analytics and prevent financial settlement leakage.
“We are passionate about bringing innovative technology and digital solutions to the insurance sector, with a particular focus on insurance brokers and distributors. We believe empowering them with this technology is critical to the industry’s goal of making insurance accessible to every Indian,” he said. Amit Boney, Founder and CEO of Ensuredit.
“As Cover Genius deepens its global capabilities, particularly in the severely underinsured Indian market, we are eager to help Ensuredit use its technology to bring convenience to the traditional insurance market. Having successfully partnered with some of India’s largest digital companies, As Angus MacDonald, CEO and co-founder of Cover Genius, said Flipkart and Pepperfry, we believe this region is poised to adopt an embedded protection model.
Founded in 2019 by Amit Boney, Rohit Sadhu and Vikas Ranga, the platform aims to disrupt the insurance industry in India and open the next chapter in its development by harnessing the power of technology. To achieve this, the company is focused on working closely with existing insurance distributors in enhancing sales force acquisition and productivity while enabling them to include a greater number of insurance manufacturers and distribution partners. Ensuredit aims to enable technology-led delivery of more than 1 million insurance policies in the current fiscal year.