India-based consumer-centric insurtech platform CoverSure has secured $4m in a pre-Series A funding round.

The Enam Holdings-led investment will be utilised to bolster the company’s development of a consumer-centric insurance engagement platform, leveraging data intelligence and machine learning.

This infusion will be used to propel the insurtech’s expansion across India.

Founded in January 2023, CoverSure offers a comprehensive platform designed to cater to the diverse insurance requirements of consumers.

The company’s use of machine learning technology enhances the insurance experience across various segments, including health, life, motor, and travel.

This platform’s unique approach allows for the creation of personalised insurance portfolios for individuals and families.

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CoverSure founder and CEO Saurabh Vijayvergia said: “Our primary goal is to address the insurance penetration problem by empowering millions of Indians who are uncertain about their insurance coverage.

“Through our platform, we aim to simplify the user’s lifetime experience towards insurance, not just the sales. Insurance problems of a family need an unbiased approach to solve and to that extent, we have built digital solutions with an intuitive app-first approach.”

CoverSure simplifies risk management by evaluating users’ risk profiles and plans to roll out tailored insurance solutions shortly.

BimaPay Finsure, an Indian fintech company under the Mufin Group umbrella, recently secured $2m in a round led by LC Nueva Investment Partners.