Bengaluru-based Insurtech Onsurity has secured $24 million in Series B funding led by the World Bank’s International Finance Corporation (IFC). The funding brought the startup’s total raised capital to $40 million, a significant leap forward in employee healthcare saw participation from existing investors, Nexus Venture Partners and Quona Capital.
Onsurity, founded in 2020 by Yogesh Agarwal and Kulin Shah, has swiftly become a frontrunner in providing innovative employee insurance solutions. With an impressive clientele encompassing over 5,000 companies, including notable names like Jupiter Money, CleverTap, and DBS Bank, the startup is making waves in the insurtech sector.
Yogesh Agarwal, founder and CEO of Onsurity, said, “Our goal has always been to revolutionize employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform.”
AI-Powered Solutions for Seamless Claims Experience
Aiming to revolutionize the often-cumbersome process of insurance claims, Onsurity plans to leverage the funding to develop a cutting-edge technology solution infused with artificial intelligence (AI). This development is poised to eliminate prolonged waiting periods and uncertainties typically associated with insurance claims, enhancing the overall customer experience.
“The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry,” Kulin Shah, co-founder and COO of Onsurity, added.
Apart from bolstering its technological capabilities, a portion of the newly acquired funds will be allocated to Onsurity’s strategic efforts to chart its path to profitability. This financial maneuver aligns with the company’s goal to expand its services and establish a robust and sustainable business model.
Driving Partnerships and Coverage Expansion
Onsurity’s vision extends beyond technology enhancement. The company aims to strengthen its partnerships, targeting an impressive 50,000 companies while providing coverage to over 5 million lives by 2026. This ambitious goal underscores Onsurity’s commitment to making comprehensive employee healthcare accessible to a broader demographic.
“The availability of insurance coverage is vital for economic risk management and bolstering social security. Our recent funding underscores our dedication to a technology platform that improves the accessibility of employer-sponsored health insurance services,” said Wendy Werner, IFC Country Head India.
Onsurity’s impact on the market is evident, with a staggering 80 percent of businesses purchasing healthcare memberships from the startup venturing into employee healthcare for the first time. This statistic highlights the company’s pivotal role in encouraging businesses, from small enterprises to large corporations, to prioritize the well-being of their workforce.
Onsurity is leading the charge in transforming India’s employee healthcare landscape. Focusing on technological innovation, strategic partnerships, and enhanced customer experiences, Onsurity is not just an insurtech startup; it is a catalyst for positive change in employee healthcare.
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