Mumbai-based insurtech startup CoverSure has successfully raised $4 million in a pre-series A funding round led by Enam Holdings. The company plans to utilize the funds to develop a consumer-centric insurance engagement platform that leverages data intelligence and machine learning capabilities.
Founded in January 2023 by Saurabh Vijayvergia, Mayank Mishra, Rohan Gaikwad, Prakash Dubey, and Harshit Jain, the startup aims to revolutionize the insurance landscape in India by addressing practical problems faced by insurance holders and helping them manage their policies more effectively.
CoverSure’s platform is designed to automate insurance policy management, providing users with insights into coverage benefits and gaps, renewals, and claim assistance. The startup also offers advisory services to both existing policyholders and newcomers to insurance.
“Insurance problems of a family need an unbiased approach to solve, and to that extent, we have built digital solutions with an intuitive app-first approach. At Coversure, we are navigating people through personalized risk management dynamically, streamlined policy management, family care, etc., while bridging protection gaps,” said co-founder & CEO Saurabh Vijayvergia.
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Operating across health, life, motor, and travel insurance segments, the startup leverages data intelligence and machine learning to enhance its services. The startup holds a corporate agent insurance licence from the Insurance Regulatory and Development Authority (IRDAI) and has partnered with major insurance companies such as ICICI Lombard, HDFC Life, HDFC Ergo, and Tata AIG.
This marks the first institutional fundraise for CoverSure. Discussing the company’s expansion strategy, Vijayvergia mentioned that they will analyze digital metrics like volume, user engagement, traction, and user preference to establish and develop business in various cities.
CoverSure’s vision is to become India’s most loved insurance platform by providing innovative solutions and superior user experience in the insurance sector.
