Insuretech firm- Ensuredit raises $4.2M

Ensuredit is a Gurugram and Bengaluru-based insurtech firm that has raised funding amounting to $4.2 million in a pre-Series A funding round. The funding round was led by Cover Genius, 9Unicorns, NexStep Discovery, CP Ventures, Venture Catalysts, and IPV.

Ensuredit is planning to utilize the fresh funding capital in the following ways:

To ramp up product offerings, and
Expand the technology team.

Ensuredit was founded by Amit Boni, Rohit Sadhu, and Vikas Ranga in the year 2019. The company is focused on working closely with insurance distributors that are- brokers, NBFCs, banks, etc. The motive of the company is to enhance its sales force acquisition, and productivity and enable them to onboard more insurance manufacturers and channel partners.

Primarily Ensuredit used to deal in retail insurance and later moved to micro-insurance and sachet-sized products.

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

The company mentioned that they are building a computer-vision-based solution for break-ins in the digital insurance journey. Break-in, in-insurance, takes place when an insurer fails to renew the insurance.

As per the founders of the company, it is important to find the solution, as 30-40% of cases in motor insurance renewal have break-ins.

EXECUTIVE OPINION:

Amit Boni said, “We are passionate about delivering innovative technology and digitization 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.”

“We are adding a lot of insurance categories and new channels to the platform,” said Amit.

“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.

Tags : Ensuredit , StartupsDekho

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Insuretech firm- Ensuredit raises $4.2M

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