Indian insurtech Onsurity has secured $24 million in Series B funding as it aims to revolutionize employee healthcare benefits. The funding round was led by the International Finance Corporation (IFC), with participation from existing investors Nexus Venture Partners and Quona Capital.
Onsurity, a homegrown SME-focused monthly subscription-led employee healthcare benefits provider, plans to use the funding to collaborate with its insurance partners in developing a technology solution to enhance the claims experience for its members. The goal is to eliminate lengthy waiting periods and uncertainties typically associated with claims by implementing a fully digital and transparent process powered by Artificial Intelligence (AI).
In addition to improving the claims journey, the funds will support Onsurity in achieving its vision of partnering with over 50,000 companies and providing coverage to more than 5 million lives by 2026. A portion of the funding will also be allocated towards the company’s efforts to reach profitability.
Yogesh Agarwal, Founder and CEO of Onsurity, expressed his pride in reaching this milestone and emphasized the company’s commitment to making employee healthcare benefits accessible and user-friendly for India’s SMEs. With the support of IFC, Nexus Venture Partners, and Quona Capital, Onsurity aims to scale its tech-based platform, extending insurance coverage to a larger spectrum of SMEs and ensuring comprehensive safety net for their operations.
This latest funding round highlights the increasing importance of insurtech in transforming the employee healthcare benefits landscape in India. With Onsurity’s focus on leveraging technology and AI to drive a seamless claims experience, the company is well-positioned to disrupt and revolutionize the industry.
Frequently Asked Questions (FAQs) Related to the Above News
What is Onsurity?
Onsurity is an Indian insurtech company that provides monthly subscription-led employee healthcare benefits specifically for small and medium-sized enterprises (SMEs).
How much funding has Onsurity secured in its Series B round?
Onsurity has secured $24 million in its Series B funding round.
Who led the Series B funding round for Onsurity?
The International Finance Corporation (IFC) led the Series B funding round for Onsurity.
Which investors also participated in the funding round?
Existing investors Nexus Venture Partners and Quona Capital also participated in Onsurity's Series B funding round.
What is Onsurity planning to do with the funding?
Onsurity plans to use the funding to collaborate with its insurance partners in developing a technology solution to enhance the claims experience for its members. It aims to implement a fully digital and transparent process powered by Artificial Intelligence (AI) to eliminate waiting periods and uncertainties associated with claims.
What are Onsurity's goals for the future?
Onsurity aims to partner with over 50,000 companies and provide coverage to more than 5 million lives by 2026. Additionally, a portion of the funding will be allocated towards reaching profitability.
Who is the Founder and CEO of Onsurity?
Yogesh Agarwal is the Founder and CEO of Onsurity.
How does Onsurity plan to make employee healthcare benefits accessible for India's SMEs?
Onsurity plans to scale its tech-based platform with the support of IFC, Nexus Venture Partners, and Quona Capital. By leveraging technology and AI, Onsurity aims to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations.
What does Onsurity's focus on technology and AI mean for the industry?
Onsurity's focus on leveraging technology and AI to drive a seamless claims experience positions the company to disrupt and revolutionize the employee healthcare benefits landscape in India.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
