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Insurtech startup Insurmile raises pre-seed funding of $350,000
- The company plans to use the fund to add 1 lakh associates over the next 2 years and sell over 10 million policies
Insurmile on Tuesday announced that it has raised pre-seed funding of $350,000 led by early-stage angel group Seeders. Parthiv Neotia, director, Ambuja Neotia Group and Abhishek Rungta, CEO, Indus Net Technologies from Seeders led the round.
Founded in 2017 by Mallesh Reddy and Vijay Krishnamurthy, Insuremile is an insurance web aggregator that enables financial protection to 96% of Indians who are under risk, providing simple, fast and reliable services. The company said it aims to empower over 200 million gig-workforce in the country by extending them insurance protection.
"India’s gig economy comprising more than 200 million workforces generates significant traction across various industries. At Insuremile, our vision is to provide these gig 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, Insuremile.
As an insurance web aggregator, the primary aim of the 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, the company said in its statement.
The company claimed it has sold over 25,000 policies in its beta phase and so far onboarded 2,000 associates to enable last mile insurance education, awareness and sales. The company has tie-ups with over 20 leading insurance companies such as HDFC, Bajaj, Reliance, Tata, ICICI and New India amongst others.
The Bengaluru-based company plans to use the fund to add 1 lakh associates over the next 2 years and sell over 10 million policies. It said it looks to leverage artificial intelligence and machine learning to improve product recommendation, ease the buying process for the masses, and hence increase penetration in Bharat primarily targeting tier 2 and tier 3 cities.
“The next wave of growth will come through deeper penetration of Insurance among the underserved, especially in the rural markets. Among the new channels, social selling will be key disruptors in this segment. We are excited to be a part of Insuremile’s journey where we believe the team has cracked the secret sauce of executing it,” said Abhishek Rungta, founder Indus Net Technologies.
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First Published:15 Feb 2022, 04:47 PM IST
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