Insurtech firm CoverSure raises $4 million funding, led by Enam Holdings

(L-R) Co-founders Mayank Mishra, Rohan Gaikwad, Saurabh Vijayvergia, Prakash Dubey, and Harshit Jain

Mumbai-based insurtech platform CoverSure has raised $4 million in a pre-series A funding round led by investment group Enam Holdings.

The company plans to use the funds to build a consumer-centric insurance engagement platform leveraging data-intelligence and machine learning capabilities, it said in a statement.

Founded in January 2023, CoverSure offers personalised insurance portfolio besides claim assistance and other services, to customers across health, life, motor, and travel segments in an "unbiased manner".

"Unlike many insurance platforms that focus on sales, CoverSure offers a personalised, spam-free advisory service to existing policy holders as well as new to insurance," the firm said.

"Insurance problems of a family needs an unbiased approach to solve and to that extent we have built digital-solutions with an intuitive app-first approach. At CoverSure, we are navigating people through personalised risk management dynamically, streamlined policy management, family care etc while bridging protection gaps," said founder and CEO Saurabh Vijayvergia.

The Indian insurance industry is estimated to record a CAGR of more than 14 percent over the next 10 years.

Recently, a fellow insurtech startup BimaPay Finsure Private Limited, a fintech company under the Mufin Group umbrella, raised $2 million round led by LC Nueva Investment Partners.