SecureNow Raises $6 Million In Series B
The platform covers a full range of commercial insurances including group health insurance, property, marine and liability covers
SecureNow has raised $6 million in series B funding led by ApisInsurtech Fund I, managed by Apis Partners LLP and Charan Singh, founder of SelectQuote Inc.
SecureNow has reinforced its focus on commercial insurance issuance by building an end-to-end insurtech platform currently serving 25,000 small businesses across 150 locations. The platform covers a full range of commercial insurances including group health insurance, property, marine and liability covers, said a statement.
“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 ubiquitous use of technology across the buying journey. The proof of this is in our net retention rate, which is well over 100 per cent. With scale, we increase our ability to consolidate demand and deliver better value for our clients. There are over 60 million firms registered in the country, the majority of which are underinsured. So, we have some ground to cover. Commercial insurance for businesses is likely to be one of the fastest growing segments within insurance,” said Kapil Mehta, co-founder of SecureNow.
“We see a big opportunity in India to meet the needs of underserved businesses. Since there are so many different stakeholders in the insurance ecosystem, a successful venture must have deep insurance domain knowledge and know-how to leverage technology effectively. These are SecureNow’s strengths. They have a strong track record and are well placed to rapidly scale up,” said UdayanGoyal, co-founder and managing partner at Apis Partner.
The SecureNow Group consists of SecureNowTechServices and SecureNow Insurance Broker, an insurance broker focused on selling commercial insurances to SMEs and mid-market clients. SecureNow was co-founded by AbhishekBondia and Kapil Mehta and has fast become the go-to site for small businesses buying insurance. It is the one-stop provider for commercial establishments for all their insurance requirements, added the statement.