Digital insurance startup McXtra has raised a pre-Series A round of $1.3 Mn funding from a clutch of twelve investors whose names were undisclosed.
McXtra is essentially an insurtech platform which helps the user create a policy vault of all his insurance policies. Launched in April 2014 by A S Narayanan and Nimish Airon, the startup claims to provide 24/7 emergency services to the family of its users.
As mentioned on its website, “While India’s insurable population is set to touch 750 Mn by 2020, the systems surrounding it continue to be stagnant, and even regressive. Insurance can be confusing or complicated. McXtra leverages ‘Intelligent solutions’ to deliver a seamless insurance experience, Driven by our twin-mission of empathy and convenience.”
The startup will be using the raised funds to scale up its tech platform and to reach out to more users.
How McXtra Works?
MnXtra aims to empower organisations and their employees to get maximum benefits out of their existing policies by offering services and assistance across health, motor, life, and travel insurances.
It allows organisations to extend insurance services and assistance to their employees and their immediate family members. From decoding the policies for easy understanding in helping them get their claims settled, McXtra does it all.