Insurmile Raises $350,000 In Pre-Seed Round

The platform plans to hit 10 million policies and add one lakh associates over the next two years

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Insurmile, a rural India focused financial protection marketplace, has raised $350,000 in its pre-Seed round. The funding round was led by Seeders, an early-stage angel group, among other investors.

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"At Insuremile, our vision is to provide the workers with targeted insurance products aiming at financial security. We will accomplish this using our unique products, distribution model and touchpoints with partners,'' said Mallesh Reddy, co-founder of Insuremile.

With this funding, Insuremile plans to hit 10 million policies and add one lakh associates over the next two years. It looks to harness artificial intelligence and machine learning to improve product recommendation, ease the buying process for the masses. So far, the company has boarded 2,000 associates to enable last mile insurance education, awareness and sales. The team has sold 25000-plus policies in its beta phase, said a statement.

Based in Bengaluru, Insurmile was founded in 2017 by Mallesh Reddy and Vijay Krishnamurthy with the intent to change the dynamics of the insurance sector in India through a unique distribution model. As an insurance web aggregator, the primary aim of this phygital platform is to enhance the user experience by letting customers compare multiple policies at a time before making a choice based on their individual needs.