InsurTech Startup SecureNow Raises $6 Million In Funding
SecureNow, a tech-enabled insurance broker, has raised $6 million (around Rs 45 crore) from Apis Insurtech Fund I, managed by Apis Partners LLP, and Charan Singh, Founder of SelectQuote Inc.
As per the startup, the freshly raised capital will be used to develop the platform further, bundle value-added services for clients, and increase client outreach.
The tech-enabled insurance broker will focus on commercial insurance issuance by developing an end-to-end insurtech platform that, presently, serves 25,000 small businesses in 150 locations. Additionally, over the next three years, SecureNow aims to grow to over one million enterprises and the same timeframe in which it expects to reach profitability.
SecureNow | Tech-enabled Insurance Intermediary
Founded by Kapil Mehta and Abhishek Bondia, SecureNow is a tech-enabled insurance broking firm that is bridging a vital gap by distributing pure-risk, commercial insurances to small and medium enterprises and mid-market clients.
Its platform provides a single-window for all insurance problems for its clients, including claims, and covers the complete range of commercial insurances, including group health insurance, marine, property, and liability coverage.
Speaking on the development, Kapil Mehta, Co-founder of SecureNow, said,
“Businesses bravely face material risk every day. A quick look at our risk diagnostic tool would show you how some risks are existential and vary by industry. Still, insurance remains a low-involvement purchase. Clients want to quickly evaluate insurance plans for value and transparency. The only way to deliver this consistently is by the ubiquitous use of technology across the buying journey. The proof of this is in our net retention rate, which is well over 100%.”
Lately, there has been an increase in investments in new-age insurance companies. In August 2021, Gurugram-based insurtech startup RenewBuy raised an additional $10 million in its Series C round.
Additionally, Bengaluru-based Riskcovry raised $5 million (around Rs 36.6 crore) in a Series A round of funding from Omidyar Network India, Pune-based Pentathlon Ventures and Delhi-based DMI Sparkle Fund.
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