[Funding Alert] Ensuredit Raises INR 2.5 Cr In Pre-Series A Funding Led By Venture Catalysts The platform aims to leverage the capital infusion to establish its position as a market leader by bolstering its tech infrastructure and outreach
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Venture Catalysts has announced on Wednesday to have led an INR 2.5 crore pre-Series A investment in Ensuredit, an insurance technology startup. Leveraging its platform-as-a-service business model, the platform is committed to helping brokers, corporate agents, and insurers to bolster their revenue generation.
Founded in 2019 by Amit Boni, Rohit Sadhu, and Vikas Ranga, the platform aims to disrupt the insurance industry in India and unlock the next chapter of its development by utilizing the power of technology.
To achieve this, the brand focuses on enhancing the sales force while enabling insurance players to onboard a greater number of insurance manufacturers and channel partners.
"Ensuredit's vision is simple: To digitally transform the Indian insurance industry using our artificial intelligence (AI)-based, API-integrated platform and deliver a more enhanced customer experience to all the stakeholders across the sector. Venture Catalysts' support and confidence in our idea give us the much-needed motivation for making greater strides in our journey. We intend to use the funding to hit our next growth curve by significantly expanding our technology team and outreach capabilities," said Amit Boni, founder, and chief executive officer, Ensuredit, while speaking on the investment.
The market that the company is addressing is currently valued at $100 billion. The efficiency, clarity and scalability of its vision make the platform well-equipped to step up evolution for the entire insurance sales and distribution network.
"Using an AI-powered platform for empowering customers and insurance intermediaries is an innovative approach with great disruptive potential. Their robust IP, backed by the brilliance and relentless dedication of the founding team, makes us confident in our investment. Equipped with the right combination of innovation and determination, we are sure Ensuredit's future will be nothing short of extraordinary," commented Dr. Apoorv Ranjan Sharma, co-founder, and president, Venture Catalysts.
The API-integrated platform provides access to an AI-powered distribution system, streamlined workflows, open APIs, and an AI-based analytics suite for a transformational customer experience. Its wide range of services includes agent onboarding, quote generation, processing payments, policy insurance and comparison, identifying cross-sell and upsell opportunities, and creation of proposals.