AI-based Insurance start-up, Ensuredit raises INR 2.5 Cr in Pre-Series A funding round led by Venture Catalysts

Ensuredit Technologies Private limited is a maker of Artificial Intelligence-based products that transform user experience and empowers end customers in the Insurance-technology segment of the industry.

Well, as a recent update in the company’s operations, Ensuredit has announced to raise funds worth INR 2.5 crore ($338, 100) in its latest pre-Series A funding round which was led by one of India’s top incubator for start-ups, Venture Catalyst.

Source: Technology Times

How is Ensuredit planning to utilize these funds?

On being asked, the company mentioned that the latest infusion of funds will be utilized in establishing Ensuredit as a market leader in the insurance technology industry. Other than this, a major fraction of this funding will be used to expand the company’s outreach and develop advanced technology infrastructure.

CEO and Co-founder Amit Boni’s vision for Ensuredit:

“Ensuredit’s vision is simple: To digitally transform the Indian insurance industry using our AI-based, API-integrated platform and deliver a more enhanced customer experience to all the stakeholders across the sector,” said Amit Boni, Founder and CEO, Ensuredit in an exclusive interview, according to YourStory.

Amit Boni is also a former Motorola India Executive.

Amit Boni: Co-founder Ensuredit
Source: NDTV Gadgets 360

About Ensuredit:

Ensuredit Technologies Private limited was co-founded in 2019 by Vikas Ranga, Rohit Sadhu (COO), Rohit Rathi and Amit Boni (CEO).

The company aims to leverage technology and Artificial Intelligence to turn the traditional pages of Insurance Industry in India. The country is advancing day-by-day and with the current wave of digitisation, India is already leaping years ahead and Insurance-technology is the future game which Ensuredit eyes to be a leader of.

Ensuredit uses Application Programming Interface (API)-integrated software to power its AI-based systems, distribution technology, Open API’s, maintain workflow efficiency and run analytics for a completely unique end-consumer experience.

Ensuredit logo
Source: www.ensuredit.com

The company runs on a PaaS (Platform as a Service) business model which aims to help insurance intermediaries like brokers, insurance companies and corporate agents to significantly enhance their revenue generation.

streamlined services as mentioned on the company’s website include generating quotes, hiring insurance agents, processing payments, running comparison analytics on insurance policies and creating proposals.

CEO Boni’s words on Venture Catalysts backing Ensuredit Technologies:

Furthermore, CEO Boni says, “Venture Catalysts’ support and confidence in our idea gives 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.”

Venture Catalysts on backing Ensuredit:

Apoorv Ranjan: Venture Catalysts
Source: TechCircle

Venture Catalysts’ co-founder and President, Apoorv Ranjan Sharma says that Ensuredit’s strong Intellectual Property and confident team of co-founders make this investment a good bet on the start-up.

This investment ensures Venture Catalysts seeking interests in the growth potential of Insurance-technology industry in India.