SecureNow, an end-to-end insurtech platform that currently serves 25,000 small businesses across 150 locations, has raised a total of US$ 6 million in its most recent funding round, which was led by Apis Insurtech Fund I – managed by Apis Partners LLP – and Charan Singh – founder of SelectQuote Inc.
According to a press release, the company plans to expand its coverage to over a million businesses over the next three years, which is also when it expects to reach profitability.
Both Apis Partners and Charan have extensive experience in the investment and insurance industries, and the investment will aid in the further development of the platform, the bundling of value-added services for clients, and the expansion of client outreach. Elevar Equity was SecureNow’s first institutional investor.
SecureNow’s platform covers the full range of commercial insurances, including group health insurance, property, marine, and liability coverage, and serves as its clients’ single point of contact for all insurance matters, including claims.
During the covid-19 pandemic, traffic to SecureNow’s platform increased significantly as traditional distribution channels that required face-to-face selling were stressed. The company responded by offering covid-specific insurances, further automating the digitised user journeys, and expediting the digital enablement of group health insurance wellness, OPD, and claims processes.
Small businesses can use the SecureNow self-service platform to purchase insurance, with one out of every seven customers now completing their transaction without the assistance of a human, a figure that is rapidly increasing month after month. The platform also meets the growing needs of medium and large businesses, which can use the SecureNow proprietary insurance dashboard to manage multiple corporate insurances, file and track claims.
Udayan Goyal, Co-founder and Managing Partner, Apis Partners said “We see a big opportunity in India to meet the needs of underserved businesses. Since there are so many different stakeholders in the insurance ecosystem, a successful venture must have deep insurance domain knowledge and know-how to leverage technology effectively. These are SecureNow’s strengths. They have a strong track record and are well placed to rapidly scale up.”
“Businesses bravely face material risk every day. A quick look at our risk diagnostic tool would show you how some risks are existential and vary by industry. Still, insurance remains a low-involvement purchase. Clients want to quickly evaluate insurance plans for value and transparency. The only way to deliver this consistently is by the ubiquitous use of technology across the buying journey. The proof of this is in our net retention rate, which is well over 100%. There are over 60 million firms registered in the country, the majority of which are underinsured. So, we have some ground to cover. Commercial insurance for businesses is likely to be one of the fastest-growing segments within insurance”, said Kapil Mehta, co-founder of SecureNow.
Attend the “INDIA FIRST TECH STARTUP CONCLAVE & AWARDS’22-Delhi Chapter,” organised by the All India Council for Robotics and Automation and supported by the Ministry of Electronics and Information Technology, to get a feel for the pulses of the Indian startup ecosystem in reality.
The event is set to take place on the 17th and 18th of February 2022, making it the largest tech startup event of the year. The event brings together the best entrepreneurs, innovators, venture capitalists, government department representatives, business model creators, consultants, policymakers, academicians, support groups, business coaches, and business practitioners.
The Platform assists startups in scaling up their innovative ideas and showcasing their services and products in order to attract investors. The industry experts will address and discuss all of the innovations happening in the startup environment that can foster youth empowerment and new-age tech business ideas.
Click to know more about India’s biggest tech startup event: IndiaFirst Tech Start up | AICRA
