SecureNow bags USD 6 mn funding from Apis Insurtech Fund I, others
Tech-enabled insurance broking firm SecureNow has raised USD 6 million from Apis Insurtech Fund I and Charan Singh, founder of SelectQuote Inc. The company will use the proceeds to develop the platform further, bundle value-added services for clients, and increase client outreach.
In a press release, Delhi-NCR based insurtech startup said that it has reinforced its focus on commercial insurance issuance by building an end-to-end insurtech platform currently serving 25,000 small businesses across 150 locations. Founded in 2011 by Kapil Mehta and Abhishek Bondia, the platform focuses on selling commercial insurance policies to small and medium-sized enterprises (SMEs) and mid-market clients.
Earlier in December, Mehta said the company is aiming to scale up its clientele base to 50,000 by the end of this fiscal and further to 10 lakh in the next three years.
“Selling insurance to SMEs in the traditional way is too expensive. So we have created a digital platform over the last 4-5 years where buyers can look at various options and see what is suitable to their requirements. We are now hitting over 30,000 (SME) clients,” he had said.
SecureNow has onboarded around 15-20 general insurers on its platform. He said the company is all set to turn profitable in the next one-and-a-half years.
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The platform covers a full range of commercial insurances including group health insurance, property, marine and liability covers and is the single-window for all insurance matters for its clients, including claims.