Gurgaon and Bengaluru-based insurtech firm, Ensuredit has raised $4.2 million in Pre-Series Round A led by Cover Genius, the global insurtech for embedded insurance, with participation from other leading investors including 9Unicorns, NexStep Discovery Pte, CP Ventures, Venture Catalysts & IPV. Apart from the new investors, existing investors also participated in the current round.
Ensuredit aims to utilize this funding to ramp up product offerings and expand the technology team.
The insurtech firm in a statement said, it will deploy more context-relevant artificial intelligence (AI)/machine learning (ML) and computer vision-based products that will make customer journeys easy, while also optimizing sales teams and customer onboarding, providing deep business analytics and preventing leakage in financial reconciliation.
Founded in 2019 by Amit Boni, Rohit Sadhu, and Vikas Ranga, Ensuredit aims to enable the tech-led delivery of 1 million+ insurance policies in the current fiscal year.
“As Cover Genius deepens its global capabilities, especially in the Indian market which is highly underinsured, we are eager to help Ensuredit use its technology to bring relevancy to the traditional insurance market,” said Angus McDonald, CEO and co-founder, Cover Genius. “Having successfully partnered with some of India’s largest digital companies, such as Flipkart and Pepperfry, we believe this region is poised to adopt an embedded protection model.”
While speaking about the investment Amit Boni, founder and CEO of Ensuredit said in a statement, “We are passionate about delivering innovative technology and digitization solutions to the Insurance industry, with a special focus on Insurance intermediaries and distributors. We believe that empowering them with this technology is critical to the industry’s goal of making insurance available to every Indian.”