iCover, a Missouri-based insurtech that gives algorithmic underwriting for insurance coverage corporations, has raised $5 million in Pre-Collection A investment.
The lead investor for the spherical used to be 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 most recent spherical to extend technical body of workers, 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 lifestyles. 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 stated.
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The corporate’s omnichannel functions will permit insurance coverage corporations to release merchandise and promote thru company, direct-to-consumer, and embedded channels.
“In the case of transaction and momentum, 2022 has been a super 12 months to this point,” stated Hari Srinivasan, founder and CEO of iCover. “Rapid and correct point-of-sale underwriting has turn out to be extra related than ever earlier than. With this capital infusion, we will gasoline our gross sales and advertising efforts thru 2023 and increase iCover’s highbrow belongings with higher R&D within the spaces of AI and blockchain.”