iCover, a Missouri-based insurtech that gives algorithmic underwriting for insurance coverage corporations, has raised $5 million in Pre-Sequence A investment.
The lead investor for the spherical was once Kesan Parasuraman, a non-public investor who additionally led iCover’s seed spherical in August 2021. The corporate will use the budget raised in the newest spherical to extend technical personnel, increase gross sales and advertising, and bolster analysis and building efforts associated with its AI underwriting framework and personal blockchain community.
iCover is recently running with six insurance coverage corporations and launching a spread of goods, together with source of revenue coverage, ultimate expense, and time period and entire existence. Insurance coverage corporations will use iCover’s proprietary AI/algorithmic underwriting platform and patent-pending QUI eApp era to ship a five-minute, point-of-sale purchasing adventure for customers, the corporate mentioned.
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The corporate’s omnichannel features will permit insurance coverage corporations to release merchandise and promote thru company, direct-to-consumer, and embedded channels.
“Relating to transaction and momentum, 2022 has been a super yr to this point,” mentioned Hari Srinivasan, founder and CEO of iCover. “Speedy and correct point-of-sale underwriting has grow to be extra related than ever ahead of. With this capital infusion, we will gas our gross sales and advertising efforts thru 2023 and increase iCover’s highbrow assets with greater R&D within the spaces of AI and blockchain.”