CoverSure Nets $4 Mn To Help Insurance Holders With Customisation Facility

Insurtech platform CoverSure, operated by Claycove23 Insurance Tech Pvt, has secured $4 Mn (around INR 33 Cr) in its Pre-Series A funding round from Enam Holdings Pvt Ltd.

The Mumbai-based company will deploy the fresh proceeds to build a consumer-centric insurance engagement platform while leveraging data intelligence and machine learning capabilities. 

CoverSure claims to provide personalised and advisory insurance services using machine learning across several segments, including health, life, motor and travel. 

Founded in 2023, CoverSure claims to be an AI-first insurance platform to assist insurance holders to effectively use their policies with the help of its data-led customisation facility. 

“Through our platform, we aim to simplify the user’s lifetime experience towards insurance, not just the sales,” said Saurabh Vijayvergia, founder and chief executive officer, CoverSure.

India reportedly stands at the insurance penetration level of 4.2% which is comparatively less to the global average of 7-8%. To bridge this gap, the industry is transiting and expanding its dependence on tech.  

The space has been gaining traction from a lot of investors for quite sometime now.

Recently,insurtech startup BimaPay raised $2 Mn led by LC Nueva Investment Partners LLP to expand its footprint in the insurance ecosystem by leveraging technology. The company aims at enhancing its technology infrastructure.

As per Inc42’s, State Of Indian Fintech Report Q4 2023, by 2030, insurtech ecosystem is expected to cross the market size of $304 Bn at a 17% CAGR from $87 Bn+ in 2022.