Ensuredit, an insurtech firm has raised $4.2 million in Pre-Series Round A led by Cover Genius. The round saw participation from investors — 9 Unicorns, NexStep Discovery Pte, CP Ventures, Venture Catalysts and IPV. Besides, existing investors also participated in the current round.

The company aims to utilise this funding to ramp up product offerings and expand the technology team. Ensuredit aims to enable the tech-led delivery of 1 million+ insurance policies in the current fiscal year.

The start-up will deploy more context-relevant artificial intelligence (AI)/machine learning (ML) and computer vision-based products that will make customer journeys easy while optimising sales teams and customer onboarding, providing deep business analytics, and preventing leakage in financial reconciliation.

Amit Boni, Founder and CEO, Ensuredit, said, “We deliver innovative technology and digitisation solutions to the insurance industry, with a special focus on insurance intermediaries and distributors. Empowering them with this technology is critical to the industry’s goal of making insurance available to every Indian.”

“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,” said Angus McDonald, CEO, and Co-founder, Cover Genius.

The platform aims to disrupt the insurance industry in India and unlock the next chapter of its development by utilising the power of technology. To achieve this, the company focuses on working closely with insurance distributors (brokers, NBFCs, banks, etc.) to enhance their sales force acquisition and productivity while enabling them to onboard many insurance manufacturers and channel partners. 

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