Rural India focused Insurtech startup Insurmile raises pre-seed funding led by Seeders VC
Insurmile, India’s first rural India focused financial protection marketplace, has raised Pre-Seed funding of $350k with an aim to take insurance services to the hinterland while empowering over 200 million gig-workforce in the country to be part of this success story.
The funding round was led by Seeders, an early-stage angel group. Parthiv Neotia, Director, Ambuja Neotia Group and Abhishek Rungta, CEO, Indus Net Technologies from Seeders led this funding round.
Mallesh Reddy, Co-Founder, Insuremile said, ‘’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.’’
Based in Bengaluru, Insurmile was founded in 2017 by Mallesh Reddy and Vijay Krishnamurthy with the intent to change the dynamics of the insurance sector in India through a unique distribution model. As an insurance web aggregator, the primary aim of this 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.
So far, the company has onboarded 2000 associates to enable last mile insurance education, awareness and sales. The team has sold 25000+ policies in its beta phase. It has built a strong platform to
enable social selling of policies through its associates. Insuremile has tie-ups with over 20 leading insurance companies such as HDFC, Bajaj, Reliance, Tata, ICICI and New India amongst others.
With this funding, Insuremile plans to hit 10 million policies and add 1 lakh associates over the next 2 years. It looks to harness 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.
Abhishek Rungta, founder Indus Net Technologies said, ‘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.”
Parthiv Neotia added, “InsureMile’s technology platform harnesses Artificial Intelligence to discover policy benefits and help insurers create unique products with these insights. Insuretech as a business is flourishing worldwide and its value proposition makes it a unique initiative.’’