Ensuredit raises $4.2M in Pre-Series A funding

Gurugram and Bengaluru-based insurtech firm Ensuredit has raised $4.2 million in a pre-Series A funding round led by Cover Genius, a US-based insurtech firm for embedded insurance.

The funding round saw participation from leading investors such as 9Unicorns, NexStep Discovery, CP Ventures, Venture Catalysts, and IPV. Apart from the new investors, existing investors also participated in the latest round.

The company said it aims to utilise the funds to ramp up product offerings and expand the technology team.

Founded in 2019 by Amit Boni, Rohit Sadhu, and Vikas Ranga, Ensuredit focuses on working closely with insurance distributors (brokers, NBFCs, banks, etc.) to enhance their sales force acquisition and productivity and enable them to onboard more insurance manufacturers and channel partners.

Amit Boni told YourStory, “We are passionate about delivering innovative technology and digitisation solutions to the insurance industry, with a special focus on insurance intermediaries and distributors. We aim to empower them with technology, which is critical to the industry’s goal of making insurance available to every Indian.”   

Ensuredit started by digitising journeys in retail insurance and then moved to micro insurance and sachet-sized products, which are like group insurance-led products. “We are adding a lot of insurance categories and new channels to the platform,” said Amit.

The company plans to expand its playbook to include motor insurance service providers (MISP) and OEMs. The addition of MISP and OEMs will go live in August, and other categories of insurance players, including those in commercial lines of insurance, are also set to come in.

Ensuredit is planning to deploy more context-relevant artificial intelligence, machine learning, and computer-vision-based products, which will make the customer journey easy.

The company said it is building a computer-vision-based solution for break-in in the digital insurance journey. Break-in, in insurance, happens when an insurer fails to renew the insurance, with the surveyor having to survey the vehicle. This breaks the process by making the digital journey go offline.

According to Amit, it is important to come out a with a solution for this, as 30-40 percent of cases in motor insurance renewal have break-ins.

“We are using computer vision as a solution to create break-in solutions so that the process and the system can still be entirely digital. This will allow the insurer to complete any journey digitally without any breaks,” said Amit.

Ensuredit seems to be a fascinating startup with motivating advancement on insurance platform. I’m sure this startup would continue to flourish in its journey ahead. All the very best to the entire group of Ensuredit. This will give them tremendous accomplishments in the future.

Shishir Gupta, Founder and CEO, StartupLanes

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