The insurance sector is undergoing major transformation with the ever-evolving technology. A new term has been coined to merge the two. It is called insurtech. CoverSure is one of the newest players in the new sector and has lately raised $4 million in a pre-series A funding round that was led by Enam Holdings. The investment is a significant milestone for the company and it aims to transform how consumers in engage with insurance in India.
CoverSure was founded by Saurabh Vijayvergia in January 2023. It mainly focuses on providing personalized insurance advisory services. It caters to existing policyholders as well as to those who are new to insurance. It offers guidance across various insurance segments like health, life, motor and travel.
It is learned the startup has plans to use the new investment to develop a consumer-friendly insurance platform in the country by utilizing data intelligence as well as machine learning. The advanced technology will offer it more personalized and efficient insurance services. Moreover, the new capital will also support it expansion efforts across India.
One of the key strengths of is its use of machine learning as the technology analyzes data to offer tailored insurance portfolios consumers. Its platform offers clear and unbiased information about policies and as an aftermath the consumers are able to make informed decisions. The platform also simultaneously aims to simplify risk management. It assess risk profiles of users and provide them customized insurance solutions.
The Indian insurance market has witnessed good growth in recent years. Experts are predicting a compound annual growth rate (CAGR) of over 14% in the next decade.
CoverSure is learned to be well-positioned to capitalize on the predicted growth by offering innovative solutions to Indian insurance consumers.
