Coversure raised $4M to build insurance engagement before pushing sales

Mumbai insurtech corporate agent offering health, life, motor and travel insurance with claims assistance and advisory services

An engagement platform built on data and machine learning, not direct sales, can solve core insurance problems and enable personalised products in India

$4M pre-Series A led by Enam Holdings; its first institutional fundraise

Saurabh Vijayvergia founded Coversure in January 2023. He told ET insurance is a long game and that the company is not jumping directly into sales like several other insurtechs or intermediaries.

On 2024-05-27 Coversure announced the $4M round to build a consumer-centric engagement platform using data intelligence and machine learning, alongside personalised insurance products. It offers integrated insurance across health, life, motor and travel, holds a corporate agent licence from IRDAI, and partners with ICICI Lombard, HDFC Life, HDFC Ergo and Tata AIG. Vijayvergia said it would analyse digital metrics such as volume, engagement and user preference before establishing business in other cities.

Many insurtechs and intermediaries jump straight to sales, leaving core consumer problems unsolved

Personalised products at scale had not been done in India, per the founder

An IRDAI licence and carrier partnerships allow it to offer policies while building the platform

It planned city-by-city expansion guided by usage metrics, not a blanket launch

Choosing to build engagement before sales is a patient bet in a category where intermediaries chase premiums, but no traction numbers were reported.

As of 2024-05-27, Coversure had closed a $4M pre-Series A, held an IRDAI corporate agent licence and had carrier partnerships, with no user or revenue figures disclosed.