Insurtech startup Ensuredit raises $4.2 million in funding from Cover Genius, others

Other investors including 9Unicorns, NexStep Discovery, CP Ventures, Venture Catalysts, IPV along with existing investors, also participated as a part of the round.

Ensuredit plans to use the fresh funds to ramp up product offerings and expand the technology team. The startup will also look to develop and deploy context-driven artificial intelligence (AI), machine learning (ML), and computer vision-based products.

Founded in 2019 by Amit Boni, Rohit Sadhu, and Vikas Ranga, the platform aims to disrupt the insurance industry by utilising technology and working closely with insurance brokers, banks, and non banking finance companies (NBFCs) to enhance their acquisition.

“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, chief executive officer (CEO) and co-founder, Cover Genius. “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.”

While speaking about the investment Amit Boni, founder and CEO of Ensuredit quoted, “We are passionate about delivering innovative technology and digitisation solutions to the insurance industry, with a special focus on insurance intermediaries and distributors. We believe that empowering them with this technology is critical to the industry’s goal of making insurance available to every Indian.”

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Ensuredit, which operates on a platform-as-a-service (PaaS) model, aims to deliver 1 million insurance policies in the current fiscal year, through a technology-first approach.