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CoverSure Raises $4M in Pre-Series A Round Led by Enam Holdings

Funding Alert

Consumer-focused insurance technology startup CoverSure has successfully raised $4 million in its pre-Series A funding round. The funding round was led by Enam Holdings, a major investor in both private and public companies, the company announced on Monday.

Founded in January 2023, CoverSure is poised to use the newly raised capital to develop a consumer-focused insurance platform. This platform will leverage data intelligence and machine learning capabilities to enhance business expansion in India. The startup specializes in automating insurance policy management for users, offering insight into coverage benefits and gaps, processing renewals and providing claims assistance across segments including health, life, motor and travel.

On the recent development, Saurabh Vijayvergia, Founder and CEO of CoverSure highlighted the company’s mission to improve insurance penetration in India. He said: “A family’s insurance problems require an unbiased approach to solutions and to that extent we have created a digital solution with an intuitive, app-first approach. At CoverSure, we dynamically guide people through personalized risk management, effective policy management, family care etc. while bridging the protection gaps.”

Vijayvergia further elaborated on the company’s goals and said, «The aim is to address the insurance penetration issue by empowering millions of Indians who are unsure of their insurance coverage.»

The Indian insurance industry is poised for significant growth, with CoverSure citing expectations of a compound annual growth rate of over 14% over the next decade. The company expects continued momentum in regulatory liberalization, which it forecasts should make insurance more consumer-focused and increase adoption rates.

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According to the Insurance Regulatory and Development Authority of India’s (IRDAI) Annual Report 2022–23, India was the 10th largest insurance market in the world, boasting $131 billion in premiums, accounting for a 1.9% share of global premiums. The report also highlighted the rapid growth trajectory of the Indian insurance sector, projecting it to become the sixth largest market by 2032. Factors contributing to this growth include strong economic performance, rising disposable incomes, a young population, increased risk awareness, digital penetration and favorable regulatory developments.

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