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

Leading investors such as 9Unicorns, NexStep Discovery, CP Ventures, Venture Catalysts, and IPV also participated in the latest round.

As per the startup, the raised funds will be used to ramp up product offerings and expand the technology team. The startup will also invest in AI, ML and computer vision-based products that streamline customers’ experience, optimise sales teams, provide business analytics and prevent leakage in financial reconciliation.

Ensuredit | AI-Powered Platform

Founded by Amit Boni, Rohit Sadhu, and Vikas Ranga in 2019, Ensuredit works on a platform-as-a-service (PaaS) model, enabling and empowering end customers and insurance intermediaries with AI-based product platforms for transformational customer experience.

Speaking about the development, Amit Boni, Co-founder of Ensuredit, said,

“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.”

The startup 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.

With close to 90 clients, the startup aims to enable tech-led delivery of more than a million insurance policies in the current fiscal year. Also, the startup plans to expand its playbook to include motor insurance service providers (MISP) and OEMs.

Commenting on the development, Angus McDonald, CEO and Co-founder of Cover Genius, said,

“As Cover Genius deepens its global capabilities, especially in the Indian market, which is highly underinsured, we are eager to help Ensuredit use its technology to bring relevancy to the traditional insurance market. Having successfully partnered with some of India’s largest digital companies such as Flipkart and Pepperfry, we believe this region is poised to adopt an embedded protection model.”

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